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PRE - SESSION ( 21 / 01 ) ( HEMANT )

Hemant Parikh at 09:05 AM - Jan 21, 2014 ( ) Views: 662

Market may open higher on firm Asian stocks



The market may open higher on firm Asian stocks. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 10 points at the opening bell.

Ashok Leyland, Colgate-Palmolive (India), Kotak Mahindra Bank, Tata Coffee, Thermax and Torrent Pharma will announce their October-December 2013 earnings today, 21 January 2014.

Tata Motors on Monday, 20 January 2014, announced the launch of the REVOTRON Series -- the next generation petrol engine family that will power its future models in the passenger vehicle market. The company unveiled the first petrol engine from its REVOTRON series - the Turbocharged Intercooled Multi-point Fuel Injected (MPFi) Petrol Engine, REVOTRON 1.2T. Tata Motors said that the REVOTRON Series has been designed based on extensive feedback from car owners, car enthusiasts and expert drivers from across the globe; observing their driving habits followed by extensive testing in gruelling climatic conditions in India as well as in countries like the UK and Korea.

The REVOTRON Series has been developed by Tata Motors with inputs from renowned global players in the area of combustion, boosting, friction and calibration, to deliver class-leading performance, the company said in a statement. Tata Motors also worked closely with global engine consultant AVL (Austria) and key technology partners like Bosch, Honeywell, Mahle and INA to bring in the latest technology for the new engine series. REVOTRON 1.2T has been tested for global standards along with a testing car by TEnergy of Korea to ensure that the engine performance is best-in-class, Tata Motors said. The engine has been manufactured to be light on weight and low on friction, delivering high performance and fuel economy. The REVOTRON series will include 3-and 4-cylinder petrol engines to offer superior performance as well as high fuel efficiency to our customers, Tata Motors said.

Announcing the launch, Mr. Ranjit Yadav, President, Passenger Vehicle Business Unit, Tata Motors said: "With the launch of REVOTRON 1.2T, Tata Motors passenger vehicles business is making a strategic shift towards a more complete portfolio. The name itself, an amalgamation of Revolution and the French word "tronel", meaning "balance", conveys the essence of this engine brand that uses key technological advances to revolutionize and balance great driving manoeuvrability, without compromising on power or fuel efficiency. We are enhancing our portfolio with the next generation petrol engines - REVOTRON series".

The REVOTRON 1.2T has been engineered to deliver optimum balance of power, performance and fuel economy, Tata Motors said. Developed using a range of eco-friendly and future-oriented technologies, the next-generation petrol engine incorporates latest know-how like multi-drive modes, allowing the best of economy and driving pleasure. The Advance Engine Management Systems (AMS) provides a digitally precise control for vehicle performance and emissions and offers the design of reciprocating components to ensure the best out of every drop of fuel. With enhanced customer benefits for the best driving experience, the REVOTRON series is therefore positioned to be a revolution in Performance, Refinement and Economy, the three pillars of the REVOTRON series, Tata Motors said.

Asian Paints after market hours on Monday, 20 January 2014 reported 1.75% fall in consolidated net profit to Rs 329.35 crore on 13.03% rise in total income to Rs 3481.99 crore in Q3 December 2013 over Q3 December 2012. Asian Paints said that results for Q3 December 2013 include unaudited consolidated financials of Sleek International in which the company acquired 51% stake on 8 August 2013. In view of this, the results for Q3 December 2013 are not comparable with the corresponding previous periods, Asian Paints said.

"The decorative paints business in India did well considering the challenging and uncertain macro environment. Raw material prices were marginally higher in the third quarter. Industrial paints segment continued to be impacted by sluggish manufacturing environment in the economy, with no major capes activity. Automotive coatings growth was affected due to the subdued demand in the automotive sector. International Business registered good growth. Middle East and Asia have done well even though some countries continued to be affected by political events and macro economic uncertainty," said K.B.S. Anand, Managing Director & CEO, Asian Paints.

Oil India said before market hours that a meeting of the board of directors of the company will be held on 28 January 2014, to consider the declaration of interim dividend for the year ending 31 March 2014.

Canara Bank said after market hours on Monday, 20 January 2014 that the board of directors of the bank at its meeting held on 20 January 2014, has approved the payment of interim dividend of Rs 6.50 per share or 65% for the year ending 31 March 2014 and permitted the payout date of dividend as 31 January 2014 (i.e., the date of dividend warrant would be 31 January 2014).

The government reportedly approved on Monday a stake-sale in Hindustan Zinc. The government holds a 29.5% stake in the company that is controlled by London-listed Vedanta Resources Plc.

Vedanta, founded by billionaire Anil Agarwal, won the support of its shareholders in October to offer up to $3.48 billion to buy the government's minority stakes in Hindustan Zinc and Bharat Aluminium Company.

The Reserve Bank of India's Third Quarter Review of Monetary Policy for 2013-14 is scheduled on 28 January 2014. The RBI kept its main lending rate viz. the repo rate unchanged after its last policy review in December and said at that time that it expected inflation to ease in the following months.

Key benchmark indices edged higher on first trading day of the week on Monday, 20 January 2014 after Reserve Bank of India (RBI) announced Open Market Operations to ease the strain on liquidity in the banking system and as investors welcomed Bharatiya Janata Party's (BJP's) prime ministerial candidate Narendra Modi's economic vision for India in a speech delivered on Sunday, 19 January 2014. The S&P BSE Sensex garnered 141.43 points or 0.67% to 21,205.05 on that day, its highest closing level since 16 January 2014.

Foreign institutional investors (FIIs) bought shares worth a net Rs 384.89 crore on Monday, 20 January 2014, as per provisional data from the stock exchanges.

Asian stocks edged higher on Tuesday as China's money-market rates fell the most in four weeks after the nation's central bank injected funds into the financial system. Key benchmark indices in China, Japan, Singapore, Hong Kong, Indonesia, and South Korea were up 0.32% to 1.48%. Taiwan's Taiwan Weighted fell 0.03%.

The People's Bank of China yesterday added funds and expanded access to a lending facility as rising demand for cash before the Lunar New Year drove the biggest jump in money-market rates in seven months.

The Bank of Japan starts a two-day policy meeting today, 21 January 2014.

The US stock market remained closed on Monday, 20 January 2014, for a holiday commemorating civil rights leader Martin Luther King Jr.

The Federal Open Market Committee (FOMC) holds a two-day monetary policy meeting on 28 and 29 January 2014. By a 9-to-1 vote, the Fed on 18 December 2013 decided to trim its asset-purchase program by $10 billion to $75 billion per month starting in January 2014.

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