Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 21 points at the opening bell. The stock market remained closed on Monday, 14 April 2014, on account of Dr. Baba Saheb Ambedkar Jayanti. Infosys announces Q4 results today, 15 April 2014.
Asian stocks rose for the first time in three days on Tuesday after the largest jump in US retail sales since 2012 added to optimism that the recovery in the world's biggest economy is intact.
Reliance Industries (RIL) announced before market hours that it commissioned its new polyester filament yarn (PFY) facility at Silvassa. The entire production from this facility has been successfully placed in the domestic and international markets.
Asian Paints has announced before market hours that Asian Paints (International), Mauritius, (APIL) a wholly owned subsidiary of the company on 14 April 2014 has signed an agreement with the shareholders of Kadisco Chemical Industry PLC, Ethiopia (Kadisco) to acquire either directly or through its subsidiaries, 51% of the equity share capital of Kadisco. This acquisition is subject to applicable regulatory and other approvals, Kadisco is engaged in the manufacturing and selling of paints, other coatings and adhesives in Ethiopia.
State Bank of India (SBI) said after market hours on Friday, 11 April 2014, that it has priced on 10 April 2014 and will issue $1.25 billion unsecured fixed rate notes in two tranches of $750 million having a maturity of 5 years at a coupon of 3.622% payable semi-annually and $500 million having a maturity of 10 years at a coupon of 4.875% payable semi-annually, pursuant to a standalone issue under Rule 144A / Regulation S of the US Securities Act of 1933. The notes will be issued through the London branch of SBI and shall be listed on Singapore Stock Exchange Securities Trading, SBI said.
Tata Motors Group's global wholesales including Jaguar Land Rover declined 17.89% to 95,668 units in March 2014 over March 2013. Global wholesales of Jaguar Land Rover rose 1.47% to 43,311 units in March 2014 over March 2013.
Tata Motors Group's global wholesales including Jaguar Land Rover declined 15.59% to 10.09 lakh units in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013). Global wholesales of Jaguar Land Rover rose 15.53% to 4.29 lakh units in FY 2014 over FY 2013.
United Spirits (USL) will be watched after Diageo Plc, the world's largest distiller, has launched a second round of open offer to the shareholders of USL. The offer is for acquiring up to 3.77 crore fully paid up equity shares of face value of Rs 10 each, constituting 26% of the total fully diluted voting equity share capital of USL. The tender offer will be at a price of Rs 3,030 per share and the total consideration for the increased stake (assuming take-up in full at the announced price) will be Rs 11448.92 crore. Diageo has launched the tender offer through Relay BV (Relay), a wholly-owned indirect subsidiary of Diageo.
Tata Steel said that its total sales rose 6% to 24,07,000 tonnes in Q4 March 2014 over Q4 March 2013. The company's total sales rose 14% to 85,16,000 tonnes in the year ended March 2014 over the year ended March 2013. The company made announcement on Monday, 14 April 2014.
Sun Pharmaceutical Industries (Sun Pharma) after market hours on Friday, 11 April 2014 announced a mandatory open offer to the equity shareholders of Zenotech Laboratories (Zenotech). The open offer is for acquisition of up to 96.93 lakh fully paid-up equity shares of face value of Rs 10 each of Zenotech, constituting 28.1% of the fully diluted voting share capital of Zenotech as of the tenth working day from the date of closure of the tendering period, at an offer price of Rs 19 per share aggregating to Rs 18.41 crore, subject to the terms and conditions mentioned in the open offer document.
The open offer is part of the scheme of arrangement (Scheme) entered into between Sun Pharma and Ranbaxy Laboratories (Ranbaxy) pursuant to their April 6, 2014 announcement of acquisition of Ranbaxy by Sun Pharma in an all-stock transaction.
As on 31 March 2014, Ranbaxy holds 1.61 crore equity shares, representing 46.79% of the fully diluted equity and voting capital of Zenotech. The primary acquisition and the consequential implementation of the Scheme are subject to customary closing conditions including the approval of the shareholders of Ranbaxy and Sun Pharma, High Court approvals, and other regulatory approvals, the offer document stated.
Bharti Airtel after market hours on Friday, 11 April 2014 said that the High Court of Judicature at Bombay, on Friday, 11 April 2014, approved the Scheme of the Amalgamation of Airtel Broadband Services (formerly known as Wireless Business Service) a wholly owned subsidiary with the company. The certified copy of this Order is yet to be received, Bharti Airtel said. The amalgamation will be effective upon completion of requisite statutory requirements, it added.
Tata Consultancy Services (TCS) announced on Monday, 14 April 2014 that it had launched iElect - a gamified app on the Android platform that generates social insights about India's General Elections in 2014.
"The TCS iElect app is a completely new way to observe, analyze and participate in the social conversations around the world's largest general elections. The users of iElect app will have access to fascinating insights and trends on a real-time basis. The app harnesses the power of social media, big data, analytics and mobility to make sense of what seems to be a complex web of conversations.
India has a large amount of smartphone users and almost 100 million first-time voters in general elections 2014. TCS iElect will be new and engaging for them to participate through the entire process with its gamified and interactive features," said Pradipta Bagchi, Vice President & Head corporate communication.
He also added we are excited to partner with Twitter India to make the entire election watching process fun and interactive.
Twitter India Market Director Rishi Jaitly said, We applaud TCS for their innovative iElect app that makes real time Twitter data and analytics around key political events & content accessible to every Indian. The app has opened up a unique engagement opportunity with Twitter content for our users.
TCS has put its expertise in big data, cloud computing, analytics and social media to help the Indian voter understand the General elections 2014 through its app TCS iElect (Beta version) - to cut through the clutter; drown out the noise and make sense of the world's largest democratic event.
Aditya Birla Nuvo before trading hours today, 15 April 2014, said that the company has resumed production at its urea plant at Jagdishpur in Uttar Pradesh with effect from 8 April 2014. The plant was under maintenance shutdown.
Zee Entertainment Enterprises (Zee) after market hours on Friday, 11 April 2014 said that Zee Turner and Star Den Media Services (Star Den) announced their intention to discontinue the distribution of their channels through the three year old distribution joint venture (JV) Media Pro Enterprises India (MediaPro), pursuant to the change in regulation regarding aggregators. TRAI's Telecommunication (Broadcasting and Cable Services) Interconnection (Digital Addressable Cable Television System) (ThirdAmendment) Regulation, 2014 dated 10 February 2014, does not allow aggregators to bundle channels of multiple broadcasters in one bouquet. In light of this new development, Star Den and Zee Turner have decided to discontinue the distribution of their respective channels through the 50:50 distribution JV, MediaPro.
Going forward, Zee and Star would set up their independent Affiliate Sales team for their respective channels. The latest tariff order dated 31 March 2014, which permitted the inflation-linked hike of 27.5% in Reference Interconnect Offer rates (in two stages), is likely to provide a positive fillip to the subscription revenues, Zee said in a statement.
Mr. Punit Goenka, MD & CEO, Zee Entertainment Enterprises said, We had created this joint venture to address various anomalies in the analog market, curb piracy and introduce transparency for the benefit of all stakeholders. I must say that we have been very satisfied with the outcome of the partnership. In the last three years, with DAS getting implemented, India is truly on the path to digitization. First two phases of DAS have already been implemented. Given the new regulation, Uday and I have taken a call to continue the business at an independent level. I wish our JV partners all the very best in their future endeavors.
Mr. Uday Shankar, CEO, Star India said, MediaPro has been a truly delightful and path breaking partnership. Punit and I created MediaPro with the objective of accelerating digitization, promoting transparency and introducing best practices in distribution. Thanks to the commitment of both parties the JV has delivered exceptionally well on each of these. I am proud to say that MediaPro also led the industry consensus for the most efficient way of moving to a digital domain. This in turn allowed us to offer better content to our viewers. In the light of new regulation, both partners have decided to build independent affiliate sales. I take this opportunity to compliment the entire MediaPro team lead by Arun Kapoor for creating a best-in-class organization that helped pioneer digital transformation of cable.
Jaiprakash Power Ventures on Saturday, 12 April 2014, said that the company's 400 megawatts (MW) Vishnuprayag hydro power plant, which was shut down due to unprecedented floods of very high intensity in the Alaknanda river on 16 June 2013, has resumed power generation with effect from 12 April 2014.
Financial Technologies (India) (FTIL) on Saturday, 12 April 2014, said that the company has received non-binding bids from 9 prospective investors, which includes marquee Indian and global conglomerates for the proposed sale of its 24% equity stake in commodity futures exchange -- the Multi Commodity Exchange of India (MCX). The company said that the Restructuring Committee constituted by the board of directors of the company has completed the process of shortlisting of the parties with whom FTIL's appointed banker JM Financial will take the discussion forward. The Restructuring Committee also noted that every shortlisted bidders has requested for management interaction with MCX and customary due diligence of MCX as a pre-condition.
The Restructuring Committee has decided that it will finalize the bidder(s) by 25 April 2014 and will recommend the same to the board of FTIL, subject to the above mentioned management meeting and customary due diligence request of bidders being completed by MCX. FTIL said that the company is making all efforts with a view to complete the proposed sale of its 24% equity stake in MCX by 25 April 2014 and has now called for a meeting of its board of directors on 25 April 2014 for selecting the final bidder(s).
FTIL will write to the board of MCX seeking their co-operation for management interaction with the shortlisted bidders and the customary due diligence to enable the proposed sale within the defined timelines, FTIL said. FTIL will also write separately to the Forward Markets Commission (FMC) to seek their support and co-operation in the matter and will update them periodically on the progress of customary due diligence and interaction with management of MCX.
FTIL said that the company is confident that with the full support of the FMC and MCX it will be able to select the final investor(s) within the defined timeline of 25 April 2014, FTIL said in a statement.
FTIL currently holds 26% stake in MCX. After the Rs 5600-crore crisis at the National Spot Exchange last year, a former exchange of FTIL group, the FMC has said that FTIL cannot hold more 2% in any commodity bourse in India.
Multi Commodity Exchange of India (MCX) after trading hours on Friday, 11 April 2014, said that foreign institutional investors (FIIs) and Qualified Foreign Investor-Corporate hold a combined 19.86% stake in MCX on 4 April 2014, which is within the cap of 23% for this category. Foreign corporate bodies hold 7.54% stake in MCX as on 4 April 2014, which is within the cap of 26% for this category, MCX said.
Roto Pumps on Saturday, 12 April 2014, said that the board of directors of the company at its meeting held on 11 April 2014 has approved setting-up of a joint venture company in Singapore. The joint venture company would further make strategic investments in the related field including business development of company's products in African continent.
The board has also approved setting-up of a wholly owned subsidiary company in United States to establish and grow significantly the sales and marketing of the company's products in North America, Roto Pumps said.
Swelect Energy Systems on Monday, 14 April 2014, said that the company has successfully completed design, installation and commissioning of its 15 megawatts (MW) SPV Solar Park on 11 April 2014 at Monjanur Village, Aravakurichi Taluk, Karur District, Tamil Nadu. The park is generating power to its near full capacity and evacuation of power made through a 33 KV dedicated feeder to TANGEDCO sub-station and further stepped - up to 110 KV in to the grid.
The final overall cost of the SPV park with all the other remaining civil works will cost about Rs 110 crore, Swelect Energy Systems said.
Cimmco, a railway wagons manufacturer, on Saturday, 12 April 2014, said its board of directors has approved issue of 8% non cumulative redeemable preference shares aggregating to the extent of Rs 50 crore to its promoter group entity viz. Titagarh Wagons on private placement basis. Cimmco said that the funds raised from the issue would be utilized for general corporate purposes including derisking the business by diversification into related areas of operations for which the plant at Bharatpur is fully equipped. Cimmco's board has also decided to extend the financial year ended 31 March 2014 to end on 30 June 2014.
AstraZeneca Pharma India said it has on Friday, 11 April 2014, received intimation from AstraZeneca Pharmaceuticals AB, Sweden (AZP AB), the promoter of the company that the floor price for delisting of equity shares of AstraZeneca Pharma India has been fixed at Rs 854.10 per share. Public shareholders of AstraZeneca Pharma India are free to tender their shares in the reverse book building process at a price they elect, at or above the floor price, the statement said.
Patel Engineering after market hours on Friday, 11 April 2014 said that the meeting of Allotment Committee will be held on Tuesday, 15 April 2014, to consider the letter received from the Patel Corporation LLP holding zero coupon optionally convertible preference shares (OCPS) exercising his option to convert the balance 5,61,957 OCPS allotted on 21 March 2014 into 5,61,957 equity shares of Re 1 each at premium of Rs 56.50 per share as per the terms and conditions of OCPS.
Gujarat Gas Company (Gujarat Gas) after market hours Friday, 11 April 2014 said that its board of directors will meet on 21 April 2014, to consider and approve the proposed consolidation of the company with GSPC Distribution Networks (GDNL), GSPC Gas, Gujarat Gas Financial Services (GFSL) and Gujarat Gas Trading Company (GTCL), viz., the companies involved in city gas distribution business by way of proposed amalgamation.
Further the company said its Board had already granted its inprinciple approval to the aforesaid proposal at its meeting held on 24 February 2014.
Indiabulls Securities said that on Friday, 11 April 2014, the company has issued and allotted 1.41 crore equity shares of face value Rs 2 each, upon conversion of equivalent number of warrants.
Shilpa Medicare after market hours on Friday, 11 April 2014 said that its board of directors at a meeting held on Friday, 11 April 2014, in accordance with Regulations of Chapter VII of the SEBI (ICDR) Regulations, 2009 and section 42 of the Companies Act, 2013 and Rule 14 of the Companies (Prospectus and Allotment of Securities) Rules, 2014, and subject to the approval of shareholders, stock exchanges, central government and other regulatory authorities if necessary, to raise funds upto Rs 75 crore by issuing equity shares on preferential basis to FIIs/FCBs/any other investor at the price calculated as per the regulation 76 of Chapter VII of the SEBI (ICDR) Regulations, 2009.
The Board also proposed to increase the Limit for FIIs' holding up to 30% from the existing general limit of 24% as prescribed under the FDI Policy subject to the approval of shareholders and prior intimation to Reserve Bank of India.
In this regard the Board authorized the Managing Director to issue notice to the shareholders of the company as required under the Companies Act and the applicable Regulations of SEBI and Listing Agreement and also to obtain necessary approvals from shareholders and various statutory bodies as required and to do all the needful thereto, Shilpa Medicare said.
Balasore Alloys after market hours on Friday, 11 April 2014 said that a meeting of the Committee for preferential issue of warrants of the board of directors will be held on Wednesday, 16 April 2014, for allotment of 66 lakh equity shares of Rs 5 each at price of Rs 16 including premium of Rs 11 per equity shares in lieu of 66 lakh convertible warrants to the promoters on preferential basis, pursuant to the authority given by the shareholders in the Annual General Meeting (AGM) held on 26 September 2012.
Gruh Finance's net profit rose 16.71% to Rs 73.60 crore on 31% growth in total income to Rs 254.42 crore in Q4 March 2014 over Q4 March 2013. The result was announced after market hours on Friday, 11 April 2014.
Gruh Finance's net profit surged 21.3% to Rs 176.96 crore on 30.08% growth in total income to Rs 846.16 crore in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013).
Revenue from operations for Q4 March 2014 includes write back of excess provision of Rs 19.22 crore made in the earlier quarters of the year as against Rs 14.94 crore written back in the corresponding quarter in the previous year, Gruh Finance said.
The Gross non-performing assets (NPAs) of the company are at Rs 18.87 crore (0.27% of the loan assets) as on 31 March 2014, as against Rs 17.64 crore (0.32% of the loan assets) as on 31 March 2013. Net NPAs of the company are Nil as on 31 March 2014, as against Rs 2.70 crore (0.05% of the loan assets) as on 31 March 2013, Gruh Finance said.
Disbursements during FY 2014 amounted to Rs 2577.47 crore as compared to Rs 2174.39 crore during FY 2013, representing a growth of 19%. Loan assets have increased from Rs 5437.80 crore as on 31 March 2013 to Rs 7009.04 crore as on 31 March 2014, registering a growth of 29%, Gruh Finance said.
Gruh Finance's board of directors at its meeting held on Friday, 11 April 2014, approved bonus issue in the ratio of 1:1 i.e. one equity share of Rs 2 each for every equity share held as on the record date to be fixed for the purpose to the shareholders of the company. The issue of bonus shares is subject to the approval of the shareholders of the company. The Board also recommended dividend of Rs 3 per share for FY 2014.
Global credit rating agency Fitch Ratings after trading hours on Friday, 11 April 2014, affirmed India's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'BBB-'. The issue ratings on India's senior unsecured foreign and local currency bonds are also affirmed at 'BBB-', Fitch said. The outlooks on the Long-Term IDRs are stable, the rating agency said. The Country Ceiling is affirmed at 'BBB-' and the Short-Term Foreign Currency IDR at 'F3', it said.
India's sovereign ratings benefit from relatively high real GDP growth: the five-year average is 6.7%, compared with the median of 3.2% for peers in the 'BBB' rating category (sovereigns rated 'BBB-', 'BBB' and 'BBB+'). However, the Indian economy has lost much of its dynamism in recent years and the average is coming down, the rating agency said. Fitch forecasts real GDP growth to rise to 5.5% in the year ended 31 March 2015 (FY 2015) and 6% in the year ended 31 March 2016 (FY 2016), from 4.7% in the year ended on 31 March 2014 (FY 2014).
The course of the Indian economy is uncertain in light of the on-going parliamentary elections, with the results due to be announced on 16 May 2014, the rating agency said. Once the next coalition starts implementing its economic policies, it will become clearer whether the economy can return to a higher sustainable growth path or whether it remains stuck at current levels, it said. A policy push that includes structural and governance reforms, fiscal consolidation and efforts to rein in inflationary pressures would likely require a coherent coalition with a strong electoral mandate, the rating agency said.
Fiscal consolidation remains critical to the rating, as both the general government budget deficit of the Centre and the States combined (7.3% of GDP) and the gross general government debt (64.7%) are much higher than 'BBB' category medians (respectively -2.5% of GDP and 40% of GDP), Fitch said. The central government seems to have met its budget deficit target of 4.8% of GDP (including privatization receipts) for FY 2014, despite the looming elections. But this was only achieved through substantial one-off measures, such as special dividends by state companies, and deferral of bill payments and capital expenditure, which raise questions about the feasibility of a fiscal consolidation process over the long run, Fitch said. Credibility of the government's fiscal policy would be strengthened through the implementation of a clear strategy to reach the Fiscal Responsibility and Budget Management Act's consolidation path towards a general government deficit of 3% of GDP by FY 2017, Fitch said.
India's standards of governance and business environment are relatively weak and constrain its investment potential. Fitch expects a gradual pick-up in investment in its baseline scenario once the election uncertainty dissipates. The clearance of close to 300 investment projects by the Cabinet Committee on Investment should facilitate investment activity. However, some of these projects may no longer be viable or may still face difficulties at the state level, Fitch said. More structural measures could cause investment to take off decisively, as illustrated by India's low score for World Bank indicators related to the ease of doing business (28.3 percentile compared with 70.7% for 'BBB' peers) and governance (48.3 percentile compared with 54.6).
India's inflation is high at a five-year average of 10.2% compared with the 'BBB' peer median of 4.2%. However, the Reserve Bank of India (RBI) seems more determined than in the past to bring down inflation, as evidenced by recent policy rate hikes. Clarity on potentially a new monetary policy framework would likely contribute to lower inflation expectations, subsequently feeding through to lower actual inflation levels. Nonetheless, some structural factors driving inflation, including inefficiencies in food distribution, are in the realm of the government rather than the RBI, Fitch said.
The rating agency said that India's external position continues to be strong, given the high level of foreign exchange reserves of $304 billion or 6.1 months of current account receipts cover (compared with the 'BBB' peer median of 4.8 months) and low net external debt of 4.4% of GDP (compared with a 9.2% 'BBB' peer median). This provides a thick cushion in case of renewed pressures on the rupee and other asset markets. The authorities reacted effectively to the market jitters in 2013 related to the expectations surrounding the US Federal Reserve tapering its stimulus, helping lower the current account deficit from 4.8% of GDP in FY 2013 to an expected 1.9% of GDP in FY 2014, Fitch said.
In a number of respects the Indian economy is less developed than investment grade peers, Fitch said. India's average per capita income remains low at $1,543 in 2013 compared with the 'BBB' range median of $10,778. The UN Human Development Index indicates relatively low basic human development.
The profitability and capital position of the banking sector will likely remain under pressure, especially for public sector banks, as asset quality continues to deteriorate in the context of a weak macro environment, Fitch said. Non-performing loans increased to 4.2% of total assets in September 2013. Nonetheless, Fitch does not view banks' balance sheets as a material risk to the public finances at this stage, the rating agency said.
Since the rating outlook is stable, Fitch does not currently anticipate developments with a high likelihood of leading to a rating change. However, future developments that could individually or collectively, result in negative rating action include deviation from the fiscal consolidation path in such a way that it results in continuation of large general government budget deficits, a prolonged period of disappointing real GDP growth, a loose macro policy setting that would cause inflationary pressures to persist and/or the current account to widen to such an extent that it would lead to external funding stress, greater-than-expected deterioration in the banking sector's asset quality that would prompt large-scale financial support from the sovereign, Fitch said.
Future developments that could individually or collectively result in positive rating action include sustained fiscal consolidation or fiscal reforms which lead to a sharp decline in the ratio of gross general government debt to GDP, new reform momentum with the implementation of far-reaching reforms that raise the potential growth rate, establishing a credible low inflation environment, Fitch said.
India's Index of industrial production (IIP) dipped 1.9% in February 2014, snapping 0.8% growth recorded in the previous month. IIP recorded decline for six out of 11 months in FY2014 till February 2014. The sharp decline in the output of manufacturing sector at 3.7% in February 2014, mainly led to dip in IIP during February 2014. Meanwhile, the output of mining sector rose 1.4%, while the electricity generation surged 11.5% in February 2014. The data was announced after market hours on Friday, 11 April 2014.
The rate of inflation based on the wholesale price index (WPI) is seen edging up to 5.3% in March 2014, from 4.7% in February 2014, as per the median estimate of a poll of economists carried out by Capital Market. The government is scheduled to announce WPI inflation data for March 2014 at 12 noon today, 15 April 2014.
The rate of inflation based on the consumer price index (CPI) is seen inching up to 8.2% in March 2014, from 8.1% in February 2014, as per the median estimate of a poll of economists carried out by Capital Market. The government is scheduled to announce CPI inflation data for March 2014 at 17:00 IST today, 15 April 2014.
The Reserve Bank of India (RBI) next undertakes monetary policy review on 3 June 2014. The RBI left its main lending rate viz. the repo rate unchanged at 8% after a monetary policy review on 1 April 2014, as consumer-price inflation eased to a two-year low and as the rupee firmed up against the dollar.
The next major trigger for the stock market is Q4 March 2014 and year ended 31 March 2014 (FY 2014) corporate earnings. Investors and analysts will closely watch the management commentary that would accompany the results to see if there is any revision in their future earnings forecast of the company for the year ending 31 March 2015 (FY 2015) and/or for the year ending 31 March 2016 (FY 2016). Indian companies will start reporting their Q4 and full year results from mid-April 2014. The results season will conclude in end-May 2014.
A major near term trigger for the stock market is the outcome of the upcoming Lok Sabha elections. The 36 days long voting process began on 7 April 2014 and will conclude on 12 May 2014. The results will be declared on 16 May 2014 after which India will get a new government. The term of the current Lok Sabha expires on 1 June and the new House has to be constituted by 31 May.
Key benchmark indices edged lower in choppy trade on the last trading session of the week on Friday, 11 April 2014 after the latest data showed that India's merchandise exports fell for the second month in a row in March 2014. The S&P BSE Sensex shed 86.37 points or 0.38% to settle at 22,628.96 on that day, its lowest closing level since 7 April 2014.
Foreign Institutional Investors (FIIs) sold shares worth a net Rs 362.29 crore on Friday, 11 April 2014, as per provisional data from the stock exchanges.
Asian stocks rose for the first time in three days on Tuesday after the largest jump in US retail sales since 2012 added to optimism that the recovery in the world's biggest economy is intact. Key benchmark indices in Japan, Singapore, Indonesia, South Korea and Taiwan were up 0.11% to 0.82%. Key benchmark indices in Hong Kong and China fell 0.46% to 0.83%.
China's broadest measure of credit fell 19% from a year earlier in March and money supply grew at the slowest pace since 2001, data from the People's Bank of China showed today. Aggregate financing was 2.07 trillion yuan ($333 billion) from 2.55 trillion yuan a year earlier. New yuan loans were 1.05 trillion yuan. M2, China's broadest measure of money supply, rose 12.1% in March from a year earlier.
US stocks rebounded from the worst weekly losses in two years on Monday, weathering a selloff at the start of the final hour, after data showed retail sales increased the most since 2012 and Citigroup Inc. earnings unexpectedly rose.
American retailers warmed up in March as the winter chill faded -- and it wasn't just car dealers who benefited. Sales jumped a greater-than-forecast 1.1%, the biggest gain since September 2012, following a 0.7% advance in February that was more than twice as large as previously reported, Commerce Department figures showed.
The Federal Open Market Committee (FOMC) next undertakes monetary policy review at a two-day meeting on 29-30 April 2014. The Federal Reserve on 19 March 2014 decided after the conclusion of a monetary policy review to trim its monthly bond purchases by $10 billion to $55 billion.
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