The market is set to open higher ahead of the presentation of Union Budget 2014-15 by the finance minster Arun Jaitleytoday, 10 July 2014. Trading of CNX Nifty futures on theSingapore stock exchange indicates that the Nifty could gain 23.50 points at the opening bell. Firmness in Asian stocks may also support domestic bourses.
Finance Minister Arun Jaitley will present the final Union Budget for 2014-15 in Lok Sabha at 11:00 IST today, 10 July 2014. There are expectations that the finance minster will announce measures in the Budget aimed at bolstering economic growth. Increase in outlay on infrastructure sector with focus on stricter and time-bound implementation of projects, initiatives towards investments in agriculture and irrigation aimed at easing supply bottlenecks for food-grains, fiscal prudence with roadmap to reduce the fiscal deficit, a roadmap for reducing the subsidy burden and timeline for implementation of the Goods and Services Tax are some of the expectations from the Budget.
Bharti Airtel, through its subsidiary company Bharti Airtel International (Netherlands) BV (Airtel) and Helios Towers Africa (HTA), the leading independent telecoms towers company in Africa, announced an agreement for the divestment of over 3,100 telecoms towers from Airtel to HTA. Bharti Airtel made the announcement after market hours on Wednesday, 9 July 2014.
Airtel will divest approximately 3,100 towers to HTA in four countries across its African operations, which will expand HTA's tower coverage in Africa to over 7,800 owned towers. The company said the deal will help Airtel deleverage through debt reduction and reduced ongoing capital expenditure. Airtel will have full access to the towers from HTA under a long term lease contract. The agreement also envisages that tower operations-related personnel will be transferred from Airtel to HTA.
The agreements while allowing Airtel to focus on its core business and customers, would also enable it to deleverage through debt reduction, and will significantly reduce its ongoing capital expenditure on passive infrastructure.
Bank of Baroda announced after trading hours on Wednesday, 9 July 2014, that it has issued fixed rate Senior Unsecured Notes amounting to $250 million on 8 July 2014 under Regulation-S by way of tapping/re-opening of its Senior Unsecured Notes of $750 million originally issued on 23 January 2014 and maturing on 23 July 2019. The notes are issued to meet the present/future long term funding requirement at the overseas centres of the bank.
Biocon turns ex-dividend today, 10 July 2014, for a final dividend of Rs 5 per share for the year ending March 2014.
Glenmark Pharmaceuticals turns ex-dividend today, 10 July 2014, for dividend of Rs 2 per share for the year ending March 2014.
Karnataka Bank turns ex-dividend today, 10 July 2014, for dividend of Rs 4 per share for the year ending March 2014.
Swaraj Engines turns ex-dividend today, 10 July 2014, for dividend of Rs 15 per share and a special dividend of Rs 20 for the year ending March 2014.
Thermax turns ex-dividend today, 10 July 2014, for dividend of Rs 6 per share for the year ending March 2014.
Zee Entertainment Enterprises turns ex-dividend today, 10 July 2014, for dividend of Rs 2 per share for the year ending March 2014.
Key benchmark indices fell for the second day in a row on Wednesday, 9 July 2014, after the Economic Survey 2013-14 presented by Finance Minister Arun Jaitely on that day as precursor to Union Budget 2014-15 on 10 July 2014, stated that the fiscal situation of the central government is worse than it appears. The S&P BSE Sensex lost 137.30 points or 0.54% to settle at 25,444.81 on that day, its lowest closing level since 30 June 2014.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 645.19 crore on Wednesday, 9 July 2014, as per provisional data from the stock exchanges.
Asian stocks edged higher on Thursday, 10 July 2014, after the Federal Reserve indicated that it was not in a rush to end quantitative easing and begin hiking rates. Key benchmark indices in South Korea, Taiwan, Hong Kong, Singapore and Indonesia were up 0.11% to 1.76%. Key benchmark indices in China and Japan fell 0.07% to 0.24%.
China's exports rose in June from a year earlier and imports rebounded from a drop in May, government data showed today. Overseas shipments gained 7.2% from a year earlier, the customs administration said today in Beijing. Imports rose 5.5% in June.
US stocks finished higher on Wednesday, 9 July 2014, rebounding from a sharp two-day selloff, after minutes from the last Federal Reserve meeting showed policymakers have started to detail how the central bank will end its easy monetary policy.
Federal Reserve officials said that monetary policy needed to continue to promote the favorable financial conditions required to support the economic expansion, according to the minutes of the June 17-18 Federal Open Market Committee meeting released on Wednesday, 9 July 2014. However, the Fed indicated it will end its bond purchases in October 2014 and appeared near agreement on a plan to manage interest rates in the future, according to the minutes.
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