Market is set to open on a weak note tracking negative global cues. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 37 points at the opening bell.
In overseas stock markets, Asian stocks edged lower amid renewed global growth concerns after weaker-than-expected Chinese manufacturing data. US stocks closed lower yesterday, 3 May 2016, led by declines in energy and materials stocks amid renewed global growth worries.
Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 755.28 crore yesterday, 3 May 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 484.64 crore yesterday, 3 May 2016, as per provisional data.
Among corporate news, Bharti Airtel announced after market hours yesterday, 3 May 2016, that its subsidiary Airtel M-Commerce Services has been renamed as Airtel Payments Bank after receiving necessary approvals from all concerned authorities. The company also unveiled a new logo to reflect its new identity. On 11 April 2016, Airtel Payments Bank became the first entity in India to receive a payments bank license from the Reserve Bank of India (RBI). The company plans to start rolling out its banking network in the second quarter of the current financial year. Airtel Payments Bank (which began operations in 2011 as Airtel M-Commerce Services) currently provides money transfer services and semi-closed wallet services (Airtel Money). The company has presence in 800 plus towns across India.
Adani Ports and Special Economic Zone's (APSEZ) consolidated net profit rose 38.34% to Rs 914.06 crore on 18% increase in total income to Rs 2161.65 crore in Q4 March 2016 over Q4 March 2015. EBITDA (earnings before interest, taxes, depreciation and amortization) excluding other income rose 12% to Rs 1225 crore in Q4 March 2016 over Q4 March 2015. The result was announced after market hours yesterday, 3 May 2016.
Cargo across all ports handled by the company rose 5% to 152 million metric tonnes (MMT) in the year ended 31 March 2016 over the year ended 31 March 2015. The company has given guidance of 10% to 15% growth in cargo volumes for the year ending 31 March 2017 (FY 2017). It has given guidance of 10% to 15% growth in net profit for FY 2017.
In a separate announcement, APSEZ said that its board of directors has decided to seek shareholders' approval to raise funds by issue of equity shares/convertible bonds for an aggregate amount of up to Rs 10000 crore. The board has also decided to seek shareholders' approval to issue secured/unsecured redeemable non-convertible debentures on private placement basis within the overall borrowing limits of the company.
Yes Bank announced reduction in lending rates by 10 basis points (bps) across all tenures with effect from 1 May 2016. The bank's Marginal Cost of Funds based Lending Rate (MCLR) for one-year loans now stands at 9.50%, the bank said. The announcement was made after trading hours yesterday, 3 May 2016.
NTPC announced that the 200 megawatts (MW) out of 250 MW of Stage-I Ananthapuramu Ultra Mega Solar Power Project has been synchronized on 30 April 2016. With this, the total capacity of non-conventional energy projects of NTPC has become 310 MW. Further, in continuation to the company's disclosure dated 16 October 2015, Government of Jharkhand has notified 'PTPS Transfer Scheme, 2015' on 1 April 2016 transferring specified assets of Patratu Thermal Power Station to PUVNL, a subsidiary company of NTPC, resulting in addition of 325 MW to NTPC's Group capacity. Consequently, the total commissioned capacity of NTPC and NTPC group has become 40,212 MW and 47,178 MW respectively, NTPC said. The announcement was made after market hours yesterday, 3 May 2016.
Tata Motors announced that its total sales of commercial and passenger vehicles rose 8.9% to 39,418 units in April 2016 over April 2015. Domestic sales of Tata commercial and passenger vehicles rose 10% to 35,633 units in April 2016 over April 2015. Sales from exports were flat at 3,785 units in April 2016 compared with corresponding previous year period. The company announced the revised monthly sales volume data after market hours yesterday, 3 May 2016.
IT, banking sector stocks, shares of public sector companies and index heavyweights ITC and Reliance Industries led losses for key benchmark indices yesterday, 3 May 2016, triggered by weakness in global stocks. The Sensex fell 207.27 points or 0.81% to settle at 25,229.70, its lowest closing level since 12 April 2016.
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