Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 15 points at the opening bell. Asian stock markets edged lower today, 5 March 2015, following a weak lead from Wall Street, and as China lowered its gross domestic product (GDP) growth target to 7% for 2015, down from 7.5% last year.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 2786.24 crore yesterday, 4 March 2015, as per provisional data. Domestic institutional investors (DIIs) bought shares worth a net Rs 16.89 crore yesterday, 4 March 2015, as per provisional data.
Shares of public sector oil marketing companies (PSU OMCs) and GAIL (India) will be in focus after the Ministry of Petroleum & Natural Gas after trading hours yesterday, 4 March 2015, said that 81% active LPG consumers (11.74 crore) have joined the Direct Benefit Transfer for LPG (DBTL) scheme called PAHAL as on 2 March 2015. In a short period, the enrollment has achieved a satisfactory level of penetration of over 80%, the oil ministry said. PAHAL will save subsidy by reducing the incentive to divert subsidized cylinders and also provides an easy exit route for those who do not want to avail subsidy on domestic gas cylinders, the oil ministry said. The scheme is aimed at transferring the subsidy benefit directly to the beneficiary and curb diversion/black marketing of LPG cylinders.
Shares of insurance companies will be in focus after the Lok Sabha yesterday, 4 March 2015, passed the Insurance Laws (Amendment) Bill, 2015, that proposes to raise the foreign investment cap to 49% from 26% in the insurance sector. The bill now faces its real test in the upper house of parliament viz. Rajya Sabha where the ruling Bharatiya Janata Party (BJP) is in a minority and is dependent on opposition parties to pass the legislation. The BJP-led NDA government has a commanding majority in the 543-member Lok Sabha with 334 seats, but is in a minority in the 245-seat Rajya Sabha, where it has just 57 members. The government had promulgated an ordinance last year for allowing higher foreign investment in the insurance sector after the opposition parties stalled the passage of the bill in Rajya Sabha.
TCS after market hours yesterday, 4 March 2015, announced the release of a new platform for next generation underwriting for the digital era. TCS said its Underwriting Workbench solution is a multi-faceted platform that combines dynamic case management, intelligent workflow, and decision support systems with robust geospatial functions such as mapping and visualization capabilities to form a solution that augments the efficiency and effectiveness of the entire underwriting process. The solution automates the ability to capture, analyze and make use of data in order to determine risk exposure and risk aggregation, TCS said.
Asian Paints after market hours yesterday, 4 March 2015, said that Berger International, Singapore (BIL), indirect subsidiary of the company, had completed the acquisition of 51% stake in Kadisco Paint and Adhesive Industry Share Company, Ethiopia (Kadisco). Asian Paints said that the Ethiopian Investment Agency, Ethiopia (ElA) has granted capital registration to Kadisco with respect to the investment made by BIL for the acquisition.
Kadisco is one of the leading paint companies in Ethiopia, incorporated in the year 1979, and is engaged in the manufacturing & selling of decorative paints, industrial paints, automotive paints, other coatings and adhesives in Ethiopia.
Cairn India after market hours yesterday, 4 March 2015 said that in continuation of its communication at the end of Q3 FY 15 and in light of the current oil price environment, Cairn is taking a proactive approach to capital allocation and shareholder returns. The company will be undertaking projects that are economically viable at current oil prices, Cairn India said. Additionally management focus is on reengineering projects and re-negotiating contracts to improve project economics, it added. With close to $1.1 billion of capex invested in FY 15, the company is revising the capex for FY 16 from the projected $1.2 billion to $500 million, while deferring the rest, Cairn India said. The company will remain agile to make investments to enhance volumes, it added. Despite the partial deferment of capex, the volumes will yet see growth in the coming fiscal, Cairn India said. Cairn India said it has received Management Committee approval for the Raag Deep Gas Project. As always, the focus will be on free cash flow after capex and dividend payout, Cairn India said in a statement.
Mr. Mayank Ashar, Managing Director and CEO of Cairn India said, We would like to give confidence to our shareholders that we are more focused than ever to drive operational efficiencies in the current crude price environment. Our cash rich balance sheet and best-in-class cost profile provide a solid foundation to operate our high margin core fields. This gives us the optionality to be selective about growth projects in these challenging times.
An initial rally triggered by Reserve Bank of India's (RBI) surprise announcement of a cut in the repo rate could not be sustained yesterday, 4 March 2015. Weakness during the latter part of the trading session pushed key benchmark indices lower. Weakness during the latter part of the trading session came after key indices hovered in positive zone until mid-afternoon trade on the back of a surprise decision by the Reserve Bank of India (RBI) to cut its main lending rate viz. the repo rate by 25 basis points in an unscheduled monetary policy review just before trading hours yesterday, 4 March 2015. The S&P BSE Sensex fell 213 points or 0.72% to settle at 29,380.73, its lowest closing level since 28 February 2015.
Asian stock markets edged lower today, 5 March 2015, following a weak lead from Wall Street, and as China lowered its gross domestic product (GDP) growth target to 7% for 2015, down from 7.5% last year. Key indices in China, Hong Kong, Taiwan, and Singapore were off 0.04% to 0.8%. Key indices in South Korea, Japan, and Indonesia were up 0.04% to 0.17%.
US stocks closed lower yesterday, 4 March 2015 amid a series of economic data that continued to show moderate growth ahead of today's key jobs report. The US government is scheduled to announce US nonfarm payroll data for February 2015 tomorrow, 6 March 2015.
Most Federal Reserve districts reported a expanding economy and a prevailing sense of optimism, Fed's Beige Book survey showed yesterday, 4 March 2015. Jobs gained across a variety of sectors, though wage pressures were muted, according to the March summary of economic forecasts the Fed compiled in its Beige Book of indicators.
In Europe, a monthly monetary policy review from the European Central Bank is scheduled today, 5 March 2015.
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