Key benchmark indices could rise today, 18 November 2014, tracking positive Asian stocks. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could fall 3.50 points at the opening bell.
Finance Minister Arun Jaitley yesterday, 17 November 2014, said that he is in touch with the various state governments and most of the contentious issues on the implementation of the Goods and Service Tax (GST) have already been resolved. The Finance Minister was delivering the Key Note Address at the Citi's Investor Summit: India - Poised for Higher Growth. Jaitley said there are two areas including liquor and petroleum products where the state governments want to have taxation authority. Jaitley said two state governments want entry tax and octroi to be kept-out of the purview of the GST. The Finance Minster said that all these issues will be sorted-out soon. Jaitley said he will apprise the Empowered Committee of State Finance Ministers' about the draft Constitution Amendment Bill on GST before introducing the same in parliament. Jaitley said that the targets fixed for disinvestment in the current financial year are quite ambitious one but he hopes to achieve that or reach near the same. He said that road shows in this regard are being held in many parts of the world.
The Finance Minister said that inflation, especially food inflation has moderated in last few months and global fuel prices have also come down. Therefore, if RBI which is highly professional organization in its wisdom decides to bring down the cost of capital, it will give a good fillip to the Indian economy.
Shares of insurance companies will be in focus after Finance Minister Arun Jaitley yesterday, 17 November 2014, said he is expecting that Insurance Amendment Bill will be passed in the forthcoming winter session of parliament. He said that he is in touch with the Parliament Select Committee in this regard and will try to persuade it to give its report at the earliest.
Shares of liquor makers and shares of oil refining-cum-marketing firms will be in focus after Finance Minister Arun Jaitley yesterday, 17 November 2014, said that most of the contentious issues on the implementation of the Goods and Service Tax (GST) have already been resolved and that the state governments want to have taxation authority on liquor and petroleum products.
Shares of infrastructure developers will be in focus after Finance Minister Arun Jaitley yesterday, 17 November 2014, said that he is in discussion with the members of opposition parties to make necessary procedural changes in Land Acquisition Act in order to avoid delay in the implementation of the infrastructure projects. Jaitley said that the government has taken series of measures to tackle various challenges being faced by the infrastructure sector in the country. The Finance Minister said that many more such measures are in offing in near future. Meanwhile, a Memorandum of Understanding (MoU) was signed yesterday, 17 November 2014, between Department of Economic Affairs (DEA), Ministry of Finance, Government of India and Department of Commerce, United States of America (USA) on establishing Infrastructure Collaboration Platform. The (MoU) establishes a United States-India Infrastructure Collaboration Platform, under which the governments of the two nations intend to coordinate and cooperate with the goal of facilitating US industry participation in Indian infrastructure projects to improve the bilateral commercial relationship and benefit both the Participants' economies, India's Ministry of Finance said in a statement.
Tata Power Company after market hours yesterday, 17 November 2014 said it has issued and allotted the unsecured, non-cumulative, redeemable, taxable, listed, rated non-convertible Debentures of a face value of Rs 10 lakh each, on a private placement basis viz. 9.32% Series 1 aggregating Rs 1000 crore due November 2017 (Series 1 NCDs) and 9.48% Series 2 aggregating Rs 500 crore due November 2019 (Series 2 NCDs) (Series 1 NCDs and Series 2 NCDs hereinafter collectively referred to as NCDs). These NCDs have been rated ICRA AA (with negative outlook) by ICRA and CARE AA by CARE. These NCDs have been issued on a private placement basis through a private placement offer letter cum information memorandum addressed specifically to certain eligible investors and which is not intended to be an advertisement, invitation, offer, sale or solicitation of an offer to the public at large for investing in the NCDs, Tata Power Company said.
Apollo Hospitals Enterprise after market hours yesterday, 17 November d2014 in a clarification with regard to news item titled "Apollo Hospitals to open 500 sugar clinics by 2019", said that the quote by Mr Gagan Bhalla, CEO of Apollo Sugar referring to the plan to open 500 clinics across the country and outside by 2019 is only a statement of broad intent. The statement relating to the plan to open 50 clinics in the country by the end of the year already appears in the statement communicated to the stock exchanges on 30 September 2014, the company said.
The Reserve Bank of India (RBI) next undertakes monetary policy review on 2 December 2014. The central bank aims to limit consumer-price gains to 8% by January 2015 and 6% by January 2016. Over the longer term, the RBI aims to limit consumer-price gains to 4%, within a 2% band. The annual rate of inflation based on the combined consumer price index (CPI) for urban and rural India eased to 5.52% in October 2014 from 6.46% in September 2014, data released by the government on 12 November 2014 showed.
Resumption of fall in global crude oil prices and data showing continuation of buying of Indian stocks by foreign funds boosted sentiments as key benchmark indices surged to record high on Monday, 17 November 2014. The S&P BSE Sensex advanced 131.22 points or 0.47% to settle at 28,177.88, a record closing high for the index. The CNX Nifty rose 40.85 points or 0.49% to settle at 8,430.75, a record closing high for the index.
Meanwhile, the provisional data released by the stock exchanges after trading hours on Monday, 17 November 2014, showed that foreign portfolio investors (FPIs) bought shares worth a net Rs 656.37 crore on that day.
Most Asian markets were trading marginally higher led by Japan as buyers stepped in to buy shares after the sell-off yesterday. Third quarter GDP data showed that the Japanese economy had stepped back into recession. Key benchmark indices in Japan, Indonesia, Singapore, South Korea and Taiwan were up by 0.04% to 1.68%. However, key benchmark indices in China and Hong Kong were down by 0.56% to 0.59%.
US stocks ended higher on Monday, 17 November 2014, with the S&P 500 edged up to close at a record high as deal activity worth $100 billion and hopes of more European stimulus offset concerns about overseas growth after Japan's economy slipped into recession. The Dow Jones industrial average rose 13.01 points, or 0.07%, to 17,647.75, the S&P 500 gained 1.5 points, or 0.07%, to 2,041.32, a record closing high. Nasdaq Composite dropped 17.54 points, or 0.37%, to 4,671.00.
Powered by Capital Market - Live News
