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Reports India

Indian stock market and companies daily report (June 13, 2014, Friday)

June 13, 2014, Friday, 05:49 GMT | 00:49 EST | 09:19 IST | 11:49 SGT
Contributed by Angel Broking


Indian markets are expected to open on a flat note with a positive bias. Indian Industrial production grew at a 13 month high rate of 3.4% in April driven mainly by electricity generation and manufacturing and Consumer price inflation (CPI) eased to 8.28% in May from a three month high of 8.59% in April. We expect these positive economic data to boost investors sentiment.

U.S market moved notably lower over the course of the trading day on Thursday, extending the downward move seen on Wednesday. The weakness on the street was because of the disappointing retail sales data and concerns about escalating violence in Iraq. A report from the Commerce Department said retail sales rose by 0.3% in May against an expectation of 0.6%. Also, a report from Labor Department stated that initial jobless claims edged up to 317,000 in the week ended June 7th from the previous weekRs. revised level of 313,000 against the expectation of 310,000. The geopolitical concerns also weighed on the markets amid news that Islamic militants have seized control of two major cities in Iraq and are on the march toward Baghdad. Moreover, European stocks also reversed early gains to finish lower for a second day in a row on Thursday, even as data showed Euro zone industrial production growth topped expectations mainly because of the global economic concerns and geopolitical tensions.

Back home, Indian shares ended a choppy session on Thursday and closed on a flat note on expectations around the new governmentRs. reforms and development agenda.


Markets Today

The trend deciding level for the day is 25,532 / 7,634 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 25,655 - 25,734 / 7,674 - 7,698 levels. However, if NIFTY trades below 25,532 / 7,634 levels for the first half-an-hour of trade then it may correct 25,453 - 25,331 / 7,610 - 7,570 levels.


Vishal Sikka will take over as CEO and MD of Infosys

Indian technology major Infosys announced that Vishal Sikka will take over as CEO and MD of the company with effect from August 01, 2014. The company also said founder NR Narayana Murthy, who returned from retirement to lead the company as executive chairman, will step down from June 14, 2014, and will be appointed Chairman-Emeritus. The company also elevated UB Pravin Rao as chief operating officer. Sikka will become the first non-founding member CEO of the company established in 1981 by Murthy. The entry of an CEO into the company, is much awaited news for the company, which has been seraching for an CEO and has been stradlled with the exodus of the key emploess. Now with a new CEO, with proven credientials, we believe that the news is positive for the companyRs. gowth prospects. We mainatin our accumulate with a target price of Rs.3,640.


Economic and Political News

- Companies raise Rs.450cr via NCDs in Apr-May

- Government restores sugar export subsidy at Rs.3,300/ton

- Overseas investment rises to US$5.58bn in April: RBI

- Retail inflation falls to 3-month low of 8.28% in May

- April IIP rises 3.4% after two months of contraction

- RBI to launch revamped inflation-indexed bonds soon


Corporate News

- IFC invests US$7mn in dialysis provider NephroPlus

- Jubilant Life hikes price of Vitamin B3 product by 9%

- Idea to raise Rs.750cr through preferential issue

- Tata MotorsRs. global sales down 5.14 per cent in May

- Government may sell 10% stake in RINL in Sept-Oct IPO