Published on March 10, 2014
India-GlobalMarketSummary 10-3-2014 • Market settled with tiny gains in what was a volatile trading session. Sensex fell below the psychological 22,000 mark after hitting a record high above that level in intraday trade. The market breadth, indicating the overall health of the market was positive. Among the 30 Sensex shares, 16 declined and the remaining shares rose. Sensex garnered 0.07% to settle at 21,934.83, a record closing high and Nifty garnered 0.16% to settle at 6,537.25 • The Reserve Bank of India next undertakes monetary policy review 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 be 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. • With the election code of conduct coming into force, government authorities will not be able to announce any major policy initiatives. However, they can announce routine or unavoidable policy measures after taking the approval of the election commission • Reliance Industries (RIL) edged higher on reports that the company's KG-D6 block partner BP Plc has highlighted recent discoveries in two blocks as "potentially commercial". Capital goods stocks rose. L&T hit 52-week high after the company said its construction division won new orders worth Rs 2935 crore across various business segments in February and March 2014. Auto stocks rallied. Capital goods stocks extend recent strong gains
• HCL Technologies dropped 2.61%. Student Loans Company (SLC) today, 10 March 2014, announced its investment in a major IT transformation programme with HCL Great Britain to advance its lending and payments services for its rapidly growing customer base. This significant programme will provide an automated, secure and streamlined customer experience across multiple channels, including digital, HCL Technologies said in a statement. HCL Great Britain is a subsidiary of HCL Technologies. • HCL will work with Deloitte and Misys on the core systems replacement programme. It will lead the programme as prime systems integration partner with support from Deloitte as an implementation partner and Misys providing the core banking software (BankFusion). To cater for the expanding student loans service and increasing volume of loans, SLC needs to invest in building a new IT platform to support all future business needs. Last year SLC supported 1.34 million customers, paying out £6 billion in maintenance loans and grants, and £4 billion in tuition fees. In partnership with HMRC, payments of £1.7 billion were also collected. • Ranbaxy Laboratories fell 2.59% on reports the company recalled more than 64,000 bottles of the generic version of a cholesterol-lowering drug in the United States after dosage mix-up was detected. • L&T rose 3% after the company said L&T Construction has won new orders worth Rs 2935 crore across various business segments in February and March 2014 • SPML Infra hit an upper circuit limit of 10% after the company said it received new orders worth Rs 721 crore. • Vascon Engineers jumped 16.38% after the company said it has secured two new projects aggregating about Rs 245 crore • Manappuram Finance gained 3.15% after the central bank allowed foreign investors to hike their stake in the company • Indian Oil Corporation rose 1.69% after the company signed a deal to buy 10% stake in Malaysian firm Petronas' gas and liquefied natural project. • Reliance Industries said that it is planning to shut down one of its four crude distillation units, for Maintenance & Inspection (M&I) activities from 20th March 2014 for about 3.5 weeks. • Mahindra & Mahindra said that the High Court of Judicature at Bombay on 7 March 2014 has approved a Scheme of Arrangement between Mahindra Trucks and Buses envisages demerger of the Trucks Undertaking of MTBL • Indian Oil Corporation said that the company through its wholly owned affiliate IndOil Montney, Canada have signed transaction agreements with Progress Energy Canada, PETRONAS Carigali Canada for the acquisition of a 10% interest in Progress Energy Canada's LNG-destined natural gas reserves in northeast British Columbia and in the proposed Pacific Northwest LNG (PNW LNG) export facility on Canada's West Coast. • Tech Mahindra announced partnership to help develop the spring customer care update of Microsoft Dynamics CRM. Tech Mahindra's expert engineers helped Microsoft to develop Mobile device support, cross browser support and enhanced user experience. . • Financial Technologies (India) said it has appointed JM Financial Institutional Securities (JM Financial) as its financial advisor for divestment of stake held in Multi Commodity Exchange of India (MCX). • Merck turns ex-dividend today, 10 March 2014, for dividend of Rs 8.50 per share for the year ended 31 December 2013. • Infotech Enterprises said that its wholly owned subsidiary, Infotech Enterprises America, Inc. has signed a definitive agreement to acquire Softential, Inc. (Softential) headquartered in Herndon, Virginia. • Cholamandalam Investment and Finance Company said that a meeting of the Board of Directors of the company will be held on 28 March 2014, inter alia, to consider the Business plan of the company for the financial year ending 31 March 2015. • Assam Company India said that the Board of Directors of the company at its meeting held on 26 February 2014, has decided that no dividend will be declared on equity • Vascon Engineers said it has secured two new projects aggregating about Rs 245 crore. One project of worth about Rs 130 crore is from UP Housing and Development Board, Lucknow for construction of multistoried flats at Lucknow. • Havells India said that a meeting of the board of directors of the company will be held on 14 March 2014, to consider the agenda item for payment of interim dividend to the shareholders of the company for the year ending 31 March 2014. • Sundaram Clayton said that a meeting of the board of directors of the company will be held on 18 March 2014, to consider declaration of second interim dividend to the shareholders of the company for the year ending 31 March 2014
Global news • European stocks edged higher on Monday, 10 March 2014, as deal activity offset a report showing that Chinese exports unexpectedly slumped last month. Asian stocks edged lower on Monday, 10 March 2014, after reports showed an unexpected slump in Chinese exports and slower growth in Japan than economists had projected. Trading in US index futures indicated that the Dow could drop 19 points at the opening bell on Monday, 10 March 2014. Most US stocks rose on Friday, 7 March 2014, with the Standard & Poor's 500 index closing at a record, as data showing stronger-than-forecast jobs growth overshadowed concern the situation in Ukraine could worsen. • China's exports unexpectedly tumbled in February, swinging the trade balance into deficit and adding to fears of a slowdown in the world's second-largest economy despite the Lunar New Year holidays being blamed for the slide. The sharp drop in exports follows a series of factory surveys since the start of 2014 that point to weakness in economic activity as demand falters at home and abroad. • Exports in February fell 18.1% from a year earlier, following a 10.6% jump in January, the General Administration of Customs said on Saturday, 8 March 2011. Imports rose 10.1%, yielding a trade deficit of $23 billion ($25.4 billion) for the month versus a surplus of $32 billion in January. • Producer prices slid 2%, the most since July, while the inflation rate was 2% for February, reports at the weekend showed. The National People's Congress, an annual meeting of China's lawmakers, continues this week, with People's Bank of China Governor Zhou Xiaochuan speaking tomorrow, 11 March 2014. • Japan's economy expanded less than estimated in the fourth quarter and the current-account deficit widened to a record in January, highlighting risks to Abenomics as a sales-tax increase looms. Gross domestic product grew an annualized 0.7% from the previous quarter, the Cabinet Office said today, 10 March 2014, in Tokyo. The current-account deficit widened to 1.59 trillion yen ($15.4 billion), a record in data back to 1985, the finance ministry said. • Employers added more workers than projected in February, indicating the US economy is starting to shake off the effects of the severe winter weather that slowed growth at the start of 2014. The 175,000 gain in employment followed a 129,000 increase the prior month that was bigger than initially estimated, Labor Department figures showed in Washington. The jobless rate rose to 6.7% from 6.6% as the number of people joining the workforce swamped the quantity of jobs available. The pickup following the weakest two-month hiring gain in more than a year shows employers remain confident the economic expansion will recover after winter storms slowed consumer spending. • Separately, the US trade deficit rose slightly to $39.1 billion in January from a revised $39 billion in the prior month, the Commerce Department said on Friday, 7 March 2014. • Germany's Angela Merkel delivered a rebuke to President Vladimir Putin on Sunday, 9 March 2014, telling him that a planned Moscow-backed referendum on whether Crimea should join Russia was illegal and violated Ukraine's constitution. Putin defended breakaway moves by pro- Russian leaders in Crimea, where Russian forces tightened their grip on the Ukrainian region by seizing another border post. • Russian forces' seizure of the Black Sea peninsula has been bloodless but tensions are mounting following the decision by pro-Russian groups there to make Crimea part of Russia. Putin declared a week ago that Russia had the right to invade Ukraine to protect Russian citizens, and his parliament has voted to change the law to make it easier to annex territory inhabited by Russian speakers.
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