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Reports India

Indian stock market and companies daily report (March 21, 2014, Friday)

March 21, 2014, Friday, 05:46 GMT | 02:46 EST | 11:16 IST | 13:46 SGT
Contributed by Angel Broking

The Indian Markets are expected to open in the green today tracking SGX Nifty which is trading higher by 0.4%. Most of the Asian markets are trading higher.

US markets ended higher on Thursday after trading in the negative territory in the early trade. The markets reacted positively to the release of some economic data. The data released by Conference board showed that economic index rose by 0.5% in February after edging up by 0.1% in January. Economists had expected the index to rise by 0.3%. A separate report from the Philadelphia Reserve also hinted at return to growth in March following weather-related weakness in February. European markets rose higher despite comments from the Federal Reserve's chief that the rise in U.S. interest rates may happen sooner than the earlier expectations.

Meanwhile, Indian markets ended lower on Thursday impacted by the comments of Federal Reserve's Chief.

Markets Today

The trend deciding level for the day is 21,766 / 6,493 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 21,827 - 21,915 / 6,513 - 6,544 levels. However, if NIFTY trades below 21,766 / 6,493 levels for the first half-an-hour of trade then it may correct 21,679 - 21,617 / 6,463 - 6,443 levels.

SUUTI to offload 9% stake in Axis Bank today

The Government will today sale 9% stake held by SUUTI in Axis Bank. Currently SUUTI holds 20.72% stake in Axis Bank. The price band for same is Rs1,290 to Rs1,357 per share which would help fetch between Rs5,445cr and Rs5,726cr. The proceeds will help the government bridge the fiscal deficit for FY2013-1 4.

Infosys sees another key exit as Chandrashekar Kakal quits

Infosys witnessed yet another top-level exit with senior vice-president and company veteran Chandrashekar Kakal resigning on Thursday for reasons that werenRs.t specified. This marks the ninth top-level exit at India's second-largest software services firm since executive chairman N.R. Narayana Murthy returned to resurrect its fortunes in June 2013. Infosys mentioned that Kakal, who was heading the company's India business unit, resigned on 19 March and will leave on 18 April. Kakal, who was heading the India business unit and overseeing InfosysRs. bread-and-butter businesses, such as application development and infrastructure management, was also a member of the company's highest decision-making body, the executive council.

Infosys recently disbanded the executive council after it undertook an organizational overhaul and promoted B.G. Srinivas and U.B. Pravin Rao. Last week, Infosys indicated that the company expects growth to be muted in 4QFY2014 owing to slower-than-expected sales in specific segments of important verticals. We believe that some of the recent top-level exits have started to hurt the company's growth, especially in terms of its capabilities of client mining. We maintain our Accumulate rating on the stock.

Economic and Political News

- RBI to conduct 14 day term Repo today for amount of Rs.40,000cr

- Gold jewellery exports edge higher in Feb

- Guj arat slips in growth charts and consumption growth

Corporate News

- Canara Bank to raise Rs1,000cr through Basel III complaint Tier II bonds

- UCO bank sells Rs1,500cr of bad loans to ARCs

- GMR gets nod to raise upto Rs.2,500cr