Indices to open on a positive note

After days of weak ends, the market is finally looking up for the day.

After days of weak ends, the market is finally looking up for the day. There is nothing extra-ordinary in terms of cues really, but looks like at least the constant fall may be arrested for the time being. Over the weekend, Federal Reserve Chair Janet Yellen said rates would likely start rising later this year though she reinforced her point that the pace of tightening would be gradual and would depend a lot on data.

The outlook is a positive start. The rupee movement will be in focus even as reports state that the telecom auction may keep the dollar flow on. The global cues are more or less positive. US economic growth show a slowdown, dollar saw some weakness and gold lost some of its luster after a rally for over a week.

The day will see the AGMs of Alumeco India Extrusion and Bf Utilities. EGMs for the day include Lokesh Machines, Venlon Enterprises,  Rajsanket Realty and Systematix Corporate Services among others. Sharon Bio-Medicine could be in action as it considers allotment of equity shares.  Himalya International will today consider allotment on conversion of warrants.  Lokesh Machines, which has its EGM today will also consider allotment of preferential issue of equity shares and convertible warrants. Reliance Chemotex Industries will consider issue of Equity Shares.

Global markets will also be cued into Japanese steel data, EU surveys, macro data from Germany, and a host of data from US.

Asian markets are in the green.  US indices ended higher on Friday. The Dow Jones rose 34.43 points, or 0.19 per cent, to 17,712.66, the S&P 500 gained 4.87 points, or 0.24 per cent, to 2,061.02 and the Nasdaq Composite added 27.86 points, or 0.57 per cent, to 4,891.22.

Capital spending in India to take 12 more months to recover, says S&P. 

 

The government could launch the disinvestment programme for 2015-16, the country's biggest so far, as early as the second week of April, provided market conditions remain favourable, says a report. 

The Centre is likely to raise compensation limit for crop damage, says Jaitley

India to become 3rd largest auto manufacturer by 2020, says Ford

Low-cost carrier SpiceJet Ltd may cancel more than a fifth of its planned daily flights if it cannot reach an agreement with its lessors, according to reports. The airline is scheduled to make 280 daily flights from next week.

Infosys is planning to look at a two-pronged acquisition strategy, U B Pravin Rao, chief operating officer reportedly said. Report said that the company expects the acquisition size of next-generation tech companies such as Panaya.

Telecom minister has urged the participating companies to shell out a huge Rs. 29,000 crores as this payment was due from the participants at the beginning of the spectrum auction. The funds will be used to meet the government’s fiscal deficit. 

However, tele companies will not comply to this demand easily as they are already reeling under steep bidding prices. 

The Union Finance Minister Arun Jaitley said that there is need to take steps to encourage people to use more and more accounted money and discourage the use of unaccounted currency. Jaitley added that with the progress in the growth of economy, more and more people should be incentivized to use plastic money such as credit cards, Rupay cards and cheques or any other negotiable instrument. They should be discouraged to use hard currency or unaccounted money, he added.

Budget carrier IndiGo is leading record market share of 37.1%, carrying 22.21 lakh passengers during the month, according to reports.  Jet Airways, along with JetLite, improves its market share to 24.3% (up from 24.1% in January).. while SpiceJet and GoAir gained 9.2% and 8.9% share of the overall traffic. Air India’s total share in the February traffic stood at 17.8%, says report. 

HDFC Standard Life is planning to sell 10% via IPO, according to reports. A report said that the company has finalised Bank of America Merrill Lynch, JPMorgan, Morgan Stanley, Credit Suisse and JM Financial to manage the initial public offer (IPO).The company is planning to raise Rs 2,400 crore which is expected to take place in the July-September quarter, says report.

Moody's Investors Service says that Reliance Communications Limited (RCOM)'s spectrum payments totaling around Rs 43bn are at  the high end of our expectations but can be accommodated in its Ba3 corporate family rating with a stable outlook.