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Reports India

Indian stock market and companies daily report (July 01, 2014, Tuesday)

July 1, 2014, Tuesday, 04:29 GMT | 23:29 EST | 08:59 IST | 11:29 SGT
Contributed by Angel Broking


Indian markets are expected to open on a positive note tracking positive opening in SGX Nifty and most of the Asian markets.

US markets showed a lack of direction throughout the trading day on Monday, as traders seemed reluctant to make any significant moves as they continue to remain uncertain about the outlook for the markets ahead of the release of some key economic data later in the week. Traders are keeping a close eye on the Labor Department's monthly jobs report, reports on manufacturing and service sector activity, private sector employment, and international trade. Meanwhile, European stocks were narrowly mixed as the investors remain uncertain about the further stimulus from the European Central Bank after another tame inflation report which showed that the Eurozone inflation remained stable at 0.5% in June.

Back home, Indian shares opened sharply higher on Monday as crude prices eased and the rupee strengthened on expectations that fuel supplies will not be affected by ongoing violence in Iraq. Also, investors are pinning looking forward for the upcoming Budget on July 10, 2014.


Markets Today

The trend deciding level for the day is 25,351 / 7,589 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 25,523 - 25,633 / 7,646 - 7,681 levels. However, if NIFTY trades below 25,351 / 7,589 levels for the first half-an-hour of trade then it may correct 25,242 - 25,070 / 7,554 - 7,497 levels.


Cipla to buy 51% stake in Yemen-based distributor for US$ 21mn

Cipla has signed a definitive agreement to acquire a 51% stake in a pharmaceuticals manufacturing and distribution business in Yemen (owned by a UAE-based parent company) for $ US 21mn. This is second buyout of Cipla this month. Two weeks ago, Cipla had acquired 60% stake in a Sri Lanka-based company for $US14mn. According to the company, buyout in Yemen will secures company's presence in a fast growing market, where it already has a leading position with over 200 products. The deal includes additional considerations to be paid over the next three years on achievement of agreed milestones. Since the acquisition is unlikely to add significantly to the overall financials and hence we maintain our target of Rs.480, an accumulate rating.


Economic and Political News

- India to auction unused government debt limit to foreign investors

- Finance Ministry may double tax exemption limit under 80C

- Net claims by non-residents up at US$332bn

- Core sector growth slows to 2.3% in May

- Investor wealth rises by Rs.1 6lakh cr in Q1FY2015


Corporate News

- REC, PFC to give Rs.7,800cr loan to AP power projects

- Union Bank plans to raise Rs.1,386cr via QIP

- Tata Sons pledges TCS shares for Docomo deal

- JSW Steel to formalize Welspun Maxsteel acquisition in 1 5 days

- Reliance Industries loses plea in insider trading case

- INEOS to acquire BASF's share in Styrolution

- RIL, BP to invest Rs.800cr in Tamil Nadu

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