Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could fall 25 points at the opening bell. Axis Bank and Reliance Industries are scheduled to announce their Q1 June 2015 result today, 24 July 2015. Asian stocks edged lower today, 24 July 2015 after a survey of Chinese manufacturing activity was weaker than expected, while US jobs data underpinned the dollar as it bolstered bets that the US Federal Reserve is on track to hike interest rates later this year.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 185.42 crore yesterday, 23 July 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 276.69 crore yesterday, 23 July 2015, as per provisional data.
Among corporate news, Wipro's consolidated net profit rose 4% to Rs 2190 crore on 10% in increase in gross revenue to Rs 12240 crore in Q1 June 2015 over Q1 June 2014. The results are as per International Financial Reporting Standards (IFRS). The result was announced after market hours yesterday, 23 July 2015. Wipro's IT Services segment had a headcount of 1.61 lakh as of 30 June 2015. The company added 36 new customers during the quarter.
IT services revenue rose 1.1% to $1,794.1 million in Q1 June 2015 over Q4 March 2015. Wipro expects revenue from its IT services business to be in the range of $1,821 million to $1,857 million in Q2 September 2015.
T K Kurien, Member of the Board & Chief Executive Officer of Wipro, said: on the Run side, deals are getting increasingly competitive and the company is focused on increasing the levels of automation, while on the Change side, new stakeholders are influencing buying decisions in the Digital space. On the Run side, the company continued to win deals which deploy Wipro HOLMESTM, its Artificial Intelligence platform to drive down costs for customers. On the Change side, the company has announced the acquisition of Designit, one of the largest independent global strategic design firms. Designit's design capabilities in synergy with Wipro's scale in technology services will position Wipro uniquely in Digital, as an integrated design & technology player.
Jatin Dalal, Chief Financial Officer of Wipro, said: The company continued to drive productivity and improve operating levers even as the company invested for growth in people, process and IP. In the quarter, the company maintained strong cash flow generation while operating margins were, on predictable lines, modestly lower due to employee compensation measures.
GAIL (India)'s net profit fell 31.74% to Rs 424.14 crore on 6.65% decline in total income to Rs 12643.86 crore in Q1 June 2015 over Q1 June 2014. The result was announced after market hours yesterday, 23 July 2015.
GAIL (India) said that the decline in profit was mainly due to lower price realization of liquefied petroleum gas (LPG), other liquid hydrocarbons and petrochemicals and reduced production of LPG, reduced production of petrochemicals due to shut down in Pata petrochemical plant and increase in interest and depreciation charges due to commissioning of petrochemical expansion.
There was no subsidy sharing burden for GAIL (India) in Q1 June 2015. The company had shared Rs 500 crore towards LPG subsidy in Q1 June 2014.
Bank of Baroda will be in focus after the Reserve Bank of India (RBI) yesterday, 23 July 2015, announced removal of Bank of Baroda from caution list for the purpose of purchases of the shares of the state-run bank by foreign institutional investors (FIIs). The RBI said that the aggregate share holding by FIIs/Registered Foreign Portfolio Investors (RFPIs)/Non Resident Indian (NRI)/Persons of Indian Origin (PIO) under Portfolio Investment Scheme in Bank of Baroda has gone below the prescribed threshold caution limit under the extant FDI policy. Hence, the restrictions placed on the purchase of shares of the state-run bank are withdrawn with immediate effect, the RBI said. As per current norms, the ceiling on investment by FIIs/Registered Foreign Portfolio Investors (RFPIs)/Non Resident Indian (NRI)/Persons of Indian Origin (PIO) under Portfolio Investment Scheme is 20% for all state-run banks in India.
Wockhardt announced after market hours yesterday, 23 July 2015, that inspection of the company's manufacturing unit at 57, Kunjhal Barotiwala, Nalagarh, District Solan, Himachal Pradesh by United States Food & Drug Administration (USFDA) has since been completed. Further, no Form 483 has been issued by US FDA in this regard.
United Spirits reported net profit of Rs 19.92 crore in Q1 June 2015 compared with net loss of Rs 61.83 crore in Q1 June 2014. Total income rose 10.65% to Rs 2020.11 crore in Q1 June 2015 over Q1 June 2014. The result was announced after market hours yesterday, 23 July 2015. EBITDA (earnings before interest, taxes, depreciation and amortization) margin rose 2.4% to 10.1% in Q1 June 2015 over Q1 June 2014. EBITDA rose 46.6% to Rs 202 crore in Q1 June 2015 over Q1 June 2014.
Under the distribution and manufacturing agreements approved in January 2015, the company during Q1 June 2015, started the direct distribution/sales of relevant Diageo brands in India. This has resulted in the generation of net sales revenue of Rs 42 crore in Q1 June 2015, positively impacting the net sales growth by 2.4%.
IT and cement stocks led losses for key benchmark indices yesterday, 23 July 2015. The S&P BSE Sensex dropped 134.09 points or 0.47% to settle at 28,370.84, its lowest closing level since 21 July 2015.
Asian stocks edged lower today, 24 July 2015 after a survey of Chinese manufacturing activity was weaker than expected, while US jobs data underpinned the dollar as it bolstered bets that the US Federal Reserve is on track to hike interest rates later this year. Key benchmark indices in Singapore, Taiwan, Hong Kong, Japan, Indonesia and South Korea fell by 0.18% to 1.18%. In China, the Shanghai Composite index rose 0.29%.
China's factory sector contracted by the most in 15 months in July as shrinking orders depressed output, a preliminary private survey showed today, 24 July 2015. The flash Caixin/Markit China Manufacturing Purchasing Managers' Index (PMI) dropped to 48.2, the lowest reading since April last year. It was the fifth straight month below 50, the level which separates contraction from expansion. June's final reading was 49.4. China's Caixin Media Co is publishing the PMI for the first time this month after replacing HSBC as the sponsor of the survey.
The flash Markit/Nikkei Japan Manufacturing Purchasing Managers Index (PMI) rose to a seasonally adjusted 51.4 in July from a final 50.1 in June, suggesting economic growth is picking up after an expected slump in the second quarter.
US equities edged lower for the third consecutive session yesterday, 23 July 2015 as weak earnings from industrial bellwethers weighed on the market.
In US economic data, the weekly employment data yesterday, 23 July 2015 showed that initial jobless claims declined 26,000 to a seasonally-adjusted 255,000, the lowest since November 1973.
In Europe, Greece yesterday, 23 July 2015 reportedly moved another step closer to receiving its third bailout package, after the country's parliament approved a second set of economic overhauls required by lenders. The legislative approval is a precondition by the Greece's international creditors for starting official negotiations on the 86-billion-euro ($94.51 billion) aid program, aimed at helping the country stave off a debt default and get back on an economic-growth track.
Meanwhile, officials from the lender institutions the European Commission, the European Central Bank and the International Monetary Fund (formerly known as the Troika) will be in Athens today, 24 July 2015 to open detailed discussions with the Greek government.
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