Tolerance and acceptance of dissent are on the wane in the country as President Pranab Mukherjee put it and acts of vandalism have made even Union Finance Minister Arun Jaitley speak up saying all right-thinking sections disapproved of this extremely disturbing trend. Fortunately, the stock market is a place where consent and dissent are settled on the screens and each day offers a chance to get it right. For now, the market is in a tight zone and ahead of trading holiday, activity is most likely to remain subdued.
The indices are set to open on a weak note going by the global cues. Asian markets are not in good cheer while US indices closed lower. The Dow fell marginally, with IBM hurting sentiment. The S&P 500 traded in a narrow zone and closed lower while Nasdaq shed half a percent. Focus will be on companies which declared their results after market hours on Tuesday. These include stocks like Hero Motors and Federal Bank. For the day, Cairn India, Bajaj Auto and Idea Cellular results will be on investors’ radar.
Maruti Suzuki could in spotlight on reports that royalty payments to its Japanese parent Suzuki are “extortive” and the amount paid has increased more than six times per car over the past 15 years, according to proxy advisory firm IiAS. According to the IiAS report, Maruti's royalty payments to Suzuki aggregated 5.7% of its annual net sales and 36% of annual profit before royalty in FY15. “Over the past 15 years, royalty paid to Suzuki, has grown 6.6x to Rs.21,415 per car sold, while average sales realisation per car has increased by only 1.6x," claims IiAS.
S H Kelkar and Company Ltd will open its issue on October 28, 2015 consisting of a fresh issue and an offer for sale at a price band of Rs 173 to Rs 180 per equity share," the firm stated.
All big-ticket foreign investment proposals involving Rs 2,000 crore and above in infrastructure, manufacturing, technology and innovation will be routed through a five-member high-powered panel headed by Niti Aayog deputy chairman Arvind Pangariya. PM Narendra Modi has cleared setting up of this panel, which includes economic affairs secretary Shaktikanta Das, industry secretary Amitabh Kant and former cabinet secretary KM Chandrashekhar.
The Government has for the third time extended deadline for appointment of merchant bankers for the INR 21,000-crore share sale of Coal India Ltd. after global investment banks raised concerns over the company's environmental commitments. The Centre plans to sell a 10% stake in Coal India, the world's largest coal miner. "CIL has some sustainability plans that CIL committed in 2013. They have not been able to implement it. The foreign bankers have expressed concerns on that," a senior government official has been quoted as saying.
Reliance Industries Ltd. (RIL) Chairman Mukesh Ambani on Tuesday said that the country was on the verge of a digital revolution where every village will be connected with an optic fibre cable thus making it a strong knowledge economy. “Today, our country stands on the verge of a digital revolution,” Ambani said while launching the autobiography of technocrat Sam Pitroda in Mumbai. Ambani said that very soon India will cross the 1-billion mobile connections-mark and the optic fibre cable network will reach every village.
Havells India Ltd. expects INR 500 crore revenue from Karnataka by 2016, according to A.V. Jagdish, Vice-President and Head of the company's Switchgear Segment. “In order to achieve it, we have launched a range of switchgear products comprising automatic changeover with current limiter (ACCL), Euro II series MCBs and RCCBs and premium range of distribution boards,” Jagdish was quoted as saying in Bengaluru on Tuesday.
Bharti Airtel completed sale transactions in 7 countries of 8,300 towers representing close of 60 percent of the total tower base.
Welspun Corp Ltd has announced that the Company has won an order for supply of 90k MT (approx) line pipes for an offshore pipeline project in MENA region.
Shares of ACC Ltd will be in focus after the company has posted a net profit after taxes, Minority Interest and Share of profit of associates of Rs. 1152.10 mn for the quarter ended September 30, 2015 as compared to Rs. 1926.00 mn for the quarter ended September 30, 2014.
Hero MotoCorp Ltd stock will also be in limelight after the company has posted a net profit of Rs. 7720.60 million for the quarter ended September 30, 2015 as compared to Rs. 7633.70 million for the quarter ended September 30, 2014. Total Income has decreased from Rs. 71088.50 million for the quarter ended September 30, 2014 to Rs. 69396.80 million for the quarter ended September 30, 2015.
Syngene has delivered a strong growth of 28% in Revenues, with our EBITDA and PAT growing by 27% and 29% respectively for the first half of this fiscal.
Shares of Jyothy Laboratories Ltd ended 0.7% higher at Rs. 314. The company reported a Net Sales of Rs 400.73 crore for the quarter ended September 30th, 2015 as against Rs 367.67 crore for the corresponding quarter last year reporting a rise of 9%. Net Profit during the period rose by 54.3% to Rs 38.77 crore as compared to Rs 25.13 crore.
Kajaria Ceramics Ltd ended 2.6% higher at Rs. 916. The company reported 47.9 per cent rise in its net profit at Rs.58.7 crore for the year ended September 30, 2015 as compared to Rs.39.7 crore for the same quarter in the previous year.
Shares of Adani Power Ltd were higher by 6% at Rs. 30. Indian Railways entered into a agreement with the company for supplying 50 MW electricity at Rs 3.69 per unit for three years.
Maharashtra Scooters Ltd stock were higher by 3% at Rs. 1008. The net profit for the quarter stood at Rs. 49.2 crore. The sales for the quarter stands at Rs. 2.66 crore.
