The market may open higher on firm Asian stocks. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 17 points at the opening bell. Asian stocks climbed with emerging-market currencies and metals on Thursday before Chinese factory data. The domestic data showing industrial output inching up in January 2014 and consumer inflation easing to 25-month low in February 2014 may also support domestic bourses.
L&T Finance Holdings and Just Dial will be in focus as the National Stock Exchange (NSE) has added these two stocks for trading in the futures & options (F&O) segment starting today, 13 March 2014. NSE has set the lot size for futures and options contracts of L&T Finance Holdings at 4,000 and that of Just Dial at 250.
Mcleod Russel India announced that at the separate Extraordinary Meetings held on 11 March 2014 in Uganda, the shareholders of Rwenzori Tea Investments and McLeod Russel Uganda have approved the proposal to amalgamate Rwenzori Tea Investments (a wholly owned step-down subsidiary of the Company) with its wholly owned subsidiary McLeod Russel Uganda with effect from the date shown in the Certificate of Amalgamation to be issued by the Registrar of Companies, Kampala.
Thomas Cook (India) announced an agreement with Corporation Bank to distribute its unique multi currency borderless prepaid card via the bank's foreign exchange branches across its impressive 2009 strong branch network, pan India. In a first mover advantage, this pioneering initiative will see a card issued by a non-banking entity being distributed by a bank.
Launched in November 2012, Thomas Cook India's Borderless Prepaid Card in collaboration with MasterCard Worldwide has witnessed impressive uptake- with over 60,000 of cards sold; a loaded value of US$ 205 million and a market share of more than 12%, merely a year from launch - making it the largest non bank player in the space.
UNWTO research has highlighted the powerful potential of India's outbound travel sector- estimated to account for 50mn outbound tourists by 2020. This, coupled with the strong consumer demand for its Borderless Prepaid Card, propelled Thomas Cook India to seek a strong distribution partner to fulfill its aggressive expansion strategy, and in Corporation Rank it found an ideal match. Corporation Bank's unerring focus on both technology and its consumer saw resonance with Thomas Cook India's pioneering innovation and consumer empowering product development.
The association, extends the reach of Thomas Cook India's borderless prepaid card via Corporation Bank's impressive network, across India's metros, mini metros and the emerging Tier II & III Regional markets; also rural India.
The borderless prepaid card empowers travellers with the option of loading eight currencies on a single card (US Dollars, British Pounds, Euro, Australian Dollars, Canadian Dollars, Swiss Francs, Singapore Dollars & Japanese Yen) enabling the cardholder to use the appropriate currency, basis the country being visited - effectively saving money and time. Customer-centric features on the card include instant loading, emergency cash disbursement and free replacement card in case stolen or lost and 24x7 global emergency assistance available via toll free access in over 80 countries. The chip and pin security features of the card ensures additional safety for the traveler.
Mr. S R Bansal, Chairman & Managing Director, Corporation Bank said, "Corporation Bank is delighted to partner with Thomas Cook and MasterCard in introducing a secure EMV Compliant Forex Travel Card in keeping with its tradition of introducing tech-savvy and customer friendly products and services. With the number of Indians travelling abroad for business or leisure, the single Card with 13 currency pockets will certainly increase customer convenience and enhanced security and the Bank's pan India presence would be leveraged to market this product to a large number of customers."
Commenting on the partnership, Mr. Mahesh lyer, COO, Foreign Exchange, Thomas Cook (India) said, "We are truly delighted to partner with Corporation Bank, a stalwart in the Indian banking industry, to give India's outbound traveller far greater access to our unique 13orderless Prepaid Card via the Bank's impressive reach countrywide. With this tie-up, we will take our legacy as innovators & pioneers in the travel and payment solutions business an emphatic step forward," he added.
Noida Toll Bridge Company turns ex-dividend for an interim dividend of Rs 1.50 per equity share for the financial year ending March 2014.
Hotel Leelaventure announced after market hours on Wednesday, 12 March 2014, that the board of directors of the company at its meeting held today, 12 March 2014, considered the progress on the sale of assets and indicative term sheets for a bridge loan and resolved that the terms of the loan do not meet the company's requirements and are to be negotiated. The board also authorised Mr. Vivek Nair, Chairman & Managing Director and Mr. Dinesh Nair, Co-Chairman & Managing Director to negotiate and finalise the terms and conditions of the bridge loan for meeting the debt service obligations of the company.
Index of industrial production (IIP) rose 0.1% in January 2014, with the index snapping a decline for last three sequential months, data released by the government after trading hours on Wednesday, 12 March 2014, showed. The moderation in pace of decline in the output of manufacturing sector to 0.7% in January 2014 from 1.2% in December 2013, mainly led to marginal improvement in IIP during January 2014. Meanwhile, the output of mining sector rose at steady pace of 0.7%, while the electricity generation growth eased to 6.5% in February 2014. As per the used based classification, the output of basic goods rose 0.9% in January 2014, with the increase in mining output and healthy growth in electricity generation. The output of intermediate goods rose 3.4%, but that of capital goods and consumer goods declined 4.2% and 0.6%, respectively in January 2014. The decline in the output of consumer goods was driven by 8.3% plunge in consumer durable goods production recording fall for fourteenth straight month. The output of consumer non-durable goods moved up 4.4% in January 2014. The IIP growth for the month of December 2013 has been revised upwards to (-) 0.2% from (-) 0.6% reported earlier, while the growth for the month of October 2013 has also been revised upwards to (-) 1.2% from -1.6% reported at first revision and (-) 1.8% at the provisional level.
Inflation based on the consumer price index eased to a 25-month low last month, data released by the government after trading hours on Wednesday, 12 March 2014, showed. The rate of inflation based on the combined consumer price index (CPI) for urban and rural India eased to 8.1% in February 2014, from 8.79% in January 2014. Core CPI inflation, which excludes food and fuel prices fell below the 8% mark for the first time in 7 months. Core CPI inflation stood at 7.9% in February 2014, lower than 8.1% in January 2014. CPI inflation eased for all groups except clothing in February 2014.
Inflation based on the wholesale price index (WPI) is seen easing at 4.9% in February 2014, from 5.05% in January 2014, as per the median estimate of a poll of economists carried out by Capital Market. The data on inflation based on the wholesale price index (WPI) for February 2014 is due at 12:00 IST tomorrow, 14 March 2014.
The Reserve Bank of India next undertakes monetary policy review on 1 April 2014. Citing price pressures, the Reserve Bank of India raised its key lending rates by 25 basis points after Third Quarter Review of Monetary Policy for 2013-14 on 28 January 2014.
The next major trigger for the stock market is the outcome of the upcoming Lok Sabha elections. Lok Sabha elections will be held between 7 April 2014 and 12 May 2014 in nine phases. The counting of votes will be take place on 16 May 2014. The term of the current Lok Sabha expires on June 1 and the new House has to be constituted by May 31. Along with the Lok Sabha election, Andhra Pradesh (AP), including the regions comprising Telangana, Odisha and Sikkim will go to polls to elect new assemblies. AP, Odisha and Sikkim assemblies come to end on June 2, June 7 and May 7 respectively.
Key benchmark indices eked out small gains in a choppy trading session on Wednesday, 12 March 2014. The S&P BSE Sensex garnered 29.80 points or 0.14% to settle at 21,856.22 on that day, its highest closing level since 10 March 2014.
Foreign institutional investors (FIIs) bought shares worth a net Rs 864.35 crore on Wednesday, 12 March 2014, as per provisional data from the stock exchanges.
Asian stocks climbed with emerging-market currencies and metals on Thursday before Chinese factory data. Key benchmark indices in China, Indonesia, South Korea, Hong Kong, Taiwan, and Japan were up 0.37% to 0.89%. Singapore's Straits Times fell 0.11%.
The Bank of Korea left its key rate unchanged, supporting a rebound in growth as Kim Choong Soo gets ready to pass the reins to a new governor who will face risks from record household debt to U.S. monetary tapering. Kim and his board held the seven-day repurchase rate at 2.5%for a tenth straight month, the central bank said in a statement in Seoul today, 13 March 2014.
US stocks were little changed on Wednesday amid signs of progress in diplomatic attempts to ease tensions in Ukraine and as investors shrugged off concern over weakness in the Chinese economy.
Stanley Fischer, the nominee to be Federal Reserve vice chairman, said the world's largest economy still needs the central bank's unprecedented accommodation as joblessness remains elevated. "At 6.7%, the unemployment rate remains too high," Fischer, a former Bank of Israel governor and Citigroup Inc. vice chairman, said in remarks prepared for his confirmation hearing before the Senate Banking Committee.
The Federal Open Market Committee (FOMC) next undertakes monetary policy review on 18-19 March 2014. After a monetary policy review, the FOMC on 29 January 2014 announced it will reduce monthly bond purchases by another $10 billion to $65 billion.
The EU agreed on a framework on Wednesday for its first sanctions on Russia since the Cold War, a stronger response to the Ukraine crisis than many expected and a mark of solidarity with Washington in the drive to make Moscow pay for seizing Crimea.
US President Barack Obama warned Russia it faced costs from the West unless it changed course in Ukraine, and pledged to "stand with Ukraine" as he met with the country's new prime minister in Washington.
"We will never surrender," Ukrainian Prime Minister Arseny Yatseniuk vowed as he and Obama met in a White House show of support for the embattled leader.
German Chancellor Angela Merkel said the measures would be imposed on Monday unless diplomatic progress was made.
Russian troops have seized control of the Black Sea peninsula, where separatists have taken over the provincial government and are preparing for a referendum on Sunday to make the region part of Russia, which the West calls illegal.
Powered by Capital Market - Live News
