Weak Asian stocks may drag lower domestic bourses in the opening trade. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could fall 79 points at the opening bell.
In overseas markets, Asian stocks fell today, 10 September 2015, after US stocks retreated overnight and as Japan machinery orders unexpectedly shrank, deflating investors' appetite for riskier assets. US stocks ended with losses yesterday, 9 September 2015, after rallying the day before, led by declines in shares of Apple and energy companies, which fell with oil prices.
Back home, foreign portfolio investors (FPIs) sold shares worth a net Rs 452.13 crore yesterday, 9 September 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 1194.58 crore yesterday, 9 September 2015, as per the provisional data.
A broad based rally was witnessed on the domestic bourses as stocks surged across the world yesterday, 9 September 2015 after China announced fiscal stimulus for the economy. The barometer index, the S&P BSE Sensex, jumped 401.71 points or 1.59% to settle at 25,719.58.
Among corporate news, Bharti Airtel after market hours yesterday, 9 September 2015, said that Axiata Group Berhad (Axiata) and Bharti Airtel have entered into an exclusive discussion to explore the possibility of combining the business operations of their telecommunication subsidiaries in Bangladesh namely, Robi Axiata and Airtel Bangladesh. There is no certainty that this discussion will lead into the execution of binding definitive agreements between the two firms, Bharti Airtel said in a statement. This announcement is to facilitate the on-going discussions and exchanges of information between the firms, including but not limited to discussions with the relevant regulatory authorities, Bharti Airtel said. Axiata and Bharti Airtel will issue further announcement in the event there is any material development on this matter.
Grasim Industries at the fag end of trading hours yesterday, 9 September 2015 said that the Competition Commission of India (CCI), vide its letter dated 7 September 2015, approved the amalgamation of Aditya Birla Chemicals (India) with Grasim Industries. CCI has further informed that its Order in this regard will follow, Grasim Industries said.
Dr Reddy's Laboratories and PanTheryx, Inc., a global medial nutrition company based in Boulder, Colarado, have announced a multi country supply and licensing agreement granting Dr Reddy's exclusive right to market and distribute PanTheryx's nutritional intervention, DiaResQ, for infectious diarrhoea in India and Nepal and in process for Russia, Myanmar, Vietnam, Ukraine, Sri Lanka, Kazakhstan, Belarus, Jamaica and select LATAM markets. Dr Reddy's will market the product in India and Nepal under the Reliqua brand. Dr Reddy's Laboratories made the announcement after market hours yesterday, 9 September 2015.
State-run power utility NTPC after market hours yesterday, 9 September 2015, said that it will raise up to Rs 700 crore through tax free secured non-convertible bonds. The government has authorised the company to raise Rs 1000 crore through tax free bonds, including Rs 700 crore through public issue. According to statement, the issue will be for an amount of Rs 400 crore (base issue size) with an option to retain over subscription of up to Rs 300 crore for issuance of additional bonds aggregating a total of up to Rs 700 crore (issue size) fiscal 2016 (issue). A draft prospectus dated 9 September 2015, has been made public for seeking their comments on the issue, NTPC said.
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