Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 49.50 points at the opening bell tracking drop in most Asian stocks.
In overseas stock markets, most Asian stocks dropped tracking overnight losses in US stocks. US stocks fell yesterday, 27 October 2016 as a selloff in government bonds hit yield-sensitive sectors such as real estate and utilities.
Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 469.93 crore yesterday, 27 October 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) purchased shares worth a net Rs 856.50 crore yesterday, 27 October 2016, as per provisional data.
Among corporate news, Bajaj Auto, Colgate-Palmolive (India), Eicher Motors, Grasim Industries, IDFC, Nestle India, NTPC and Vedanta will declare July-September 2016 quarter results today, 28 October 2016.
Tech Mahindra's consolidated net profit declined 19.22% to Rs 643.40 crore on 3.56% growth in income from operations to Rs 7167.41 crore in Q2 September 2016 over Q1 June 2016. The result was announced after market hours yesterday, 27 October 2016. In dollar terms, the company's consolidated net profit declined 13.4% to $96.5 million on 6.1% growth in revenue to $1.072 billion in Q2 September 2016 over Q1 June 2016. Revenue in constant currency terms rose 5% in Q2 September 2016 over Q1 June 2016.
Vineet Nayyar, Vice Chairman, Tech Mahindra said that the company's performance during the quarter indicates that its early investments in new technologies and capabilities are starting to show result.
C P Gurnani, Managing Director & CEO, Tech Mahindra said that overall, it was a very good quarter with the growth well-supported by its key communications and enterprises businesses. The company had some marquee wins which align very well with its strategy of catering to the connected world, he said.
Wipro announced after market hours yesterday, 27 October 2016 that it has won a five-year engagement with Speciality Restaurants for offering energy management services to the latter, which would help pare energy and operational costs.
NMDC said after market hours yesterday, 27 October 2016 that it has signed a tripartite memorandum of understanding (MOU) with Government of Madhya Pradesh and Madhya Pradesh State Mining Corporation (MPSMCL) for geological & geophysical exploration of various minerals in Madhya Pradesh. NMDC had made intentions to invest during the global investors summit held in October 2016 for exploration for different minerals in various districts of Madhya Pradesh over an area of approximately 7,200 square kilometers. As per the MOU, on successful establishment of mineral blocks through this proposed exploration, NMDC would be forming a joint venture with MPSMCL with equity 51:49 (NMDC-MPSMCL) for mining of such blocks.
Tata Steel announced equity partnership for its Canadian Iron Ore mines, significant milestone in Kalinganagar India and continued pursuit of its European strategy. The announcement was made after market hours yesterday, 27 October 2016. Tata Steel Mineral Canada together with its parent companies signed definitive agreements for concluding investments of C$125 million as equity and C$50 million as debt with Government of Quebec's investment entities. Resources Quebec (RQ) and Investment Quebec (IQ) respectively totalling C$175 million. The investment will result in 18% equity stake for Resources Quebec in Tata Steel Minerals Canada in line with the carrying value of the investment in Canadian iron ore assets for Tata Steel. Consequently, the shareholdings of Tata Steel and New Millennium iron will be adjusted to 77.68% and 4.32% respectively.
Meanwhile, key benchmark indices witnessed muted to small gains in a volatile session yesterday, 27 October 2016 as traders rolled over positions in the futures & options (F&O) segment from the near month October 2016 series to November 2016 series. The Sensex rose 79.39 points or 0.29% to settle at 27,915.90, its highest closing level since 25 October 2016.
The Union Cabinet under the Chairmanship of Prime Minister Narendra Modi gave its approval to release an instalment of Dearness Allowance (DA) to Central Government employees and Dearness Relief (DR) to Pensioners from 1 July 2016 representing an increase of 2% of the revised Basic Pay/Pension, to compensate for price rise. The increase is in accordance with the accepted formula, which is based on the recommendations of the 7th Central Pay Commission. The combined impact on the exchequer on account of both Dearness Allowance and Dearness Relief would be Rs 5622.10 crore per annum and in the Financial Year 2016-17 for the period of 8 months (i.e. from July 2016 to February 2017), it would be Rs 3748.06 crore. About 50.68 lakh Government employees and 54.24 lakh pensioners will be benefitted.
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