Reliance Infrastructure said after market hours on Monday that it bought back 1 lakh shares on Monday under the buyback program. It added it so far bought back 8 lakh shares under the buyback program. The company has announced buyback of shares for an aggregate amount of upto Rs 1000 crore.
Three cement giants — ACC, Ambuja Cements and UltraTech Cement will unveil January- March 2011 quarter results today.
Tata Steel will continue to hold its stake in Australian mining entity Riversdale, which was acquired by Anglo-Australian miner Rio Tinto earlier this month. Tata Steel, through its wholly-owned subsidiary TS Global Minerals Holdings, holds 27.14% stake in Riversdale.
The near term major trigger for the market is Q4 March 2011 results of India Inc. Investors will scrutinize post-result management commentary to gauge outlook on earnings at a time when rising salaries, raw materials prices and interest rates are pressurizing profit margins of India Inc. High global commodity prices will add to pressure on profit margins of Indian firms.
The combined net profit of a total of 172 companies rose 23.1% to Rs 21280 crore on 27.3% rise in sales to Rs 178140 crore in Q4 March 2011 over Q4 March 2010.
Foreign institutional investors (FIIs) sold shares worth Rs 377.59 crore and domestic institutional investors bought shares worth Rs 236.62 crore on Monday as per provisional data. FIIs bought shares worth a net Rs 633.50 crore from the secondary equity markets on Thursday, 21 April 2011. FIIs bought shares worth a Rs 402.30 crore from the secondary equity markets on Wednesday, 20 April 2011. FIIs had bought shares worth a net Rs 1836 crore from the secondary equity markets on Tuesday, 19 April 2011.
India Meteorological Department (IMD) has predicted the southwest monsoon 2011 to be 98% (normal) of the long period average (LPA) with a model error of plus/minus 5%. IMD has indicated that there is very low probability for the season rainfall to be deficient (below 90% of LPA) or excess (above 110% of LPA). The IMD released its initial forecast for the June to September monsoon on Tuesday 19 April 2011. The forecast is made in two stages in April and in June. The forecast for the season as a whole (June-September) is issued in the first stage.
Normal monsoon this year could help ease food inflation and boost rural income. The quantity and geographical spread of rainfall during the monsoon season is crucial for India’s agriculture sector as the country lacks irrigation facilities on more than half of its farm land. The South Asia Climate Outlook Forum predicted that South Asia is likely to receive normal monsoon rains in 2011. It said the La Nina weather phenomenon, which aids monsoon in the region, would continue until June.
With inflation remaining above its comfort level, the Reserve Bank of India (RBI) is seen raising key short term policy rates by 25 basis points at its annual 2011-2012 monetary policy review on 3 May 2011.
A sharp surge in global crude oil prices over the past few months has raised macroeconomic worries. India imports majority of its crude oil requirements and high oil prices had raised concerns about widening current account deficit. High oil prices had also raised concerns about higher oil subsidy bill for the government and its negative impact on the government’s fiscal position. US crude futures were down 97 cents or 0.86% at 111.31 a barrel.
The Central Bureau of Investigation (CBI) on Monday charged five more people in connection with an allegedly rigged sale of telecom licenses and bandwidth in 2008. The five named by the CBI include Kanimozhi Karunanithi, a Rajya Sabha member and daughter of M. Karunanidhi, who leads the Dravida Munnetra Kazhagam political party.
The CBI has also named Kalaignar TV Managing Director Sharad Kumar. Kalaignar TV is jointly owned by Mr. Kumar and Mr. Karunanidhi’s relatives. Also charged were Karim Morani of Cineyug Films and Rajiv Aggarwal and Asif Balwa, directors at Kusegaon Fruits and Vegetables and partners of Dynamix Realty, a unit of DB Group.
In addition to filing charges against these five people, the CBI filed a new set of charges against former telecom minister Mr. A Raja, Swan Telecom Director Vinod Goenka and Swan’s co-founder, Shahid Balwa. Swan is now called Etisalat DB Telecom, in which the U.A.E.’s Emirates Telecommunications Corp. bought a stake in 2008. DB Realty, a real estate firm, is Etisalat’s partner in Etisalat DB.
While the CBI has charged Mr. Raja, Kanimozhi and Mr. Kumar with accepting bribes, the DB Group executives have been accused of giving bribes.
The DMK supports the Congress-led United Progressive Alliance government at the centre with 18 seats in the 543-member lower house of parliament, giving the coalition a narrow majority. The Congress has 207 seats.
Asian stock markets inched lower on profit taking on Tuesday before this week’s Federal Reserve meeting where investors will look for indicators on its plans to exit the ultra-easy monetary policy. The key benchmark indices in China, Hong Kong, Indonesia, Japan, Singapore, South Korea and Taiwan fell by between 0.04% to 0.98%.
In the lightest volume session of the year, US stocks fell on Monday after a lowered outlook from Kimberly-Clark increased concerns about higher commodity costs squeezing profits in coming quarters.
Investors will parse the US Federal Reserve’s policy statement and every word Fed Chairman Ben Bernanke says in a news conference that follows a two-day meeting of the Fed on interest rates on Tuesday-Wednesday (26-27 April 2011). Global markets will react favorably to some indication that the Fed feels inflation is under control, and recent spikes are only temporary. Any signs of worry about rising prices will telegraph a faster end to the ultra-low rate policy. For the latest updates PRESS CTR + D or visit Stock Market news Today
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