The market is likely to open higher on positive Asian stocks. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 18.50 points at the opening bell. Asian markets edged higher with banks, brokerages and energy shares leading gains.
Infosys said its US-based subsidiary, Infosys Public Services, Inc., has been selected by Prime Therapeutics LLC (Prime Therapeutics), a leading pharmacy benefit manager (PBM), to set up a testing center of excellence (COE) and consolidate the delivery of its application testing services as part of a new three-year contract.
Prime Therapeutics will streamline and optimize its quality assurance (QA) and testing services as well as enhance its competitiveness with Infosys Public Services' expertise and world-class delivery model. Prime Therapeutics also expects to expand the capabilities of its QA organization and gain efficiencies in managing a large scale QA department, the company said in a statement.
"We look forward to bringing our deep experience in the health care industry and pharmacy benefit management in particular as well as globally benchmarked QA and testing service delivery to Prime Therapeutics," said Eric Paternoster, President and CEO, Infosys Public Services, Inc. "This agreement will allow us to help the company sharpen its focus on providing better care and services to their members."
Prime Therapeutics selected Infosys Public Services for its health care and pharmacy benefit management expertise, proven experience with QA and testing COEs, and service delivery capabilities. As part of the contract, Infosys Public Services will consolidate and standardize Prime Therapeutics' QA and testing services, currently provided by multiple service providers. Infosys Public Services will support Prime Therapeutics' QA organization as they deliver across all lines of the business and increase the agility of the QA department.
Prime Therapeutics will be able to improve application and service quality, and reduce IT costs with Infosys Public Services' range of QA and testing frameworks, techniques, tools and accelerators.
"The rapidly evolving health care industry demands faster response and improved information technology quality to ensure Prime Therapeutics' competitiveness, said Jim Graham, Vice President Application Development, Prime Therapeutics. Transforming our testing and QA services will help us achieve that and better meet the needs of health plans, employers, and government programs."
Tech Mahindra and United Spirits will be in focus as these two stocks will replace Jaiprakash Associates and Ranbaxy Laboratories in the 50-unit CNX Nifty index effective today, 28 March 2014, as per the changes in Nifty constituents announced by NSE earlier.
Colgate Palmolive (India) said after market hours on Thursday, 27 March 2014 that the board of directors of the company at its meeting held on 27 March 2014, has declared a third interim dividend of Rs 9 per share for the financial year ending 31 March 2014. The said interim dividend will be paid on the paid-up equity share capital of Rs 13.60 crore involving a total pay-out of Rs 143.20 crore [including dividend distribution tax].
Further the company has informed that, the said interim dividend declared by the board will be paid on 16 April 2014 to those shareholders whose names appear on the Register of Members of the company on 3 April 2014.
Including the first and second interim dividend of Rs 9 per share each paid in November 2013 and December 2013, respectively, the company has declared a total interim dividend of Rs 27 per share for the year ending 31 March 2014.
Bank shares will be in focus after the Reserve Bank of India (RBI) on Thursday, 27 March 2014, extended the timeline for full implementation of the Basel III capital regulations to 31 March 2019.
The RBI, in a notification, said that the implementation of Basel III capital regulations may necessitate some lead time for banks to raise capital within the internationally agreed timeline for full implementation of the Basel III capital regulations. Accordingly, the transitional period for full implementation of Basel III capital regulations in India is extended up to 31 March 2019, instead of as on 31 March 2018.
The central bank also said the extension will align full implementation of Basel III in India closer to the internationally agreed date of 1 January 2019.
Basel III is a comprehensive set of reform measures, developed by the Basel Committee on Banking Supervision, to strengthen the regulation, supervision and risk management of the banking sector.
Canara Bank said after market hours on Thursday, 27 March 2014 that the Tier-II Bonds (Series - II) issue opened and closed on Thursday, 27 March 2014. The Bank has successfully raised Rs 1000 crore under BASEL-III Complaint Tier-II Bonds (Series-II).
Castrol India will be transferred from trade-for-trade segment to rolling segment on the National Stock Exchange (NSE) with effect from today, 28 March 2014.
The Reserve Bank of India (RBI) relaxed some of the forex hedging rules for importers and exporters, to allow greater operational flexibility, the central bank notified on Thursday, 27 March 2014. Importers and exporters can cancel up to 75% of their hedged forex exposures, as against 25% earlier, the RBI said. In addition, the profit or loss from these cancellations will be borne by the importer/exporter instead of passing it on to the customers as was mandated earlier.
Key benchmark indices edged higher and hit fresh record high on Thursday, 27 March 2017, with the market sentiment boosted by data showing that foreign institutional investors (FIIs) made substantial purchases of Indian stocks on Wednesday, 26 March 2014. The S&P BSE Sensex garnered 119.07 points or 0.54% to settle at 22,214.37, a record closing high.
Foreign institutional investors (FIIs) bought shares worth a net Rs 2191.93 crore on Thursday, 27 March 2014, as per provisional data from the stock exchanges.
The Reserve Bank of India will announce the First Bi-monthly Monetary Policy Statement, 2014-15 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 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.
Asian markets edged higher with banks, brokerages and energy shares leading gains. Key benchmark indices in Hong Kong, China, Singapore, Japan, Indonesia and South Korea rose by 0.02% to 0.82%. In Taiwan, the Taiwan Weighted index shed 0.01%.
US stock market extended losses for the second day and finished lower Thursday, amid concerns that improving economic indicators might force the Fed to start raising rates sooner than anticipated.
Government data showed that the economy's growth in the fourth quarter was bumped up to 2.6%, mainly because of higher health-care spending, while weekly unemployment benefits fell to the lowest level in four months, offering further evidence that US layoffs have slowed sharply and perhaps a hint that hiring is about to pick up.
Slumping for an eighth month, a guage of pending home sales fell 0.8% in February to the lowest level in more than two years, signaling that upcoming activity may slow, the National Association of Realtors reported.
The Federal Open Market Committee (FOMC) next undertakes monetary policy review at a two-day meeting on 29-30 April 2014. The Federal Reserve on 19 March 2014 said after the conclusion of a monetary policy review that it will trim its monthly bond purchases by $10 billion to $55 billion. The Federal Reserve will end its bond-buying program before the end of the year with an interest-rate increase likely to follow in "around six months," Chair Janet Yellen said on 19 March 2014. Quarterly Fed forecasts on 19 March 2014 showed more officials predicting that the benchmark interest rate, now close to zero, will rise to at least 1% by the end of 2015 and 2.25% a year later.
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