If yesterday the market managed to eke out gains amidst volatility, today promises to be no different. The FOMC minutes affirmed that several Fed officials are taking a cautious approach to raising rates. Minutes from the latest FOMC meeting indicate continued resistance to further interest rate increases. Several officials argued against an interest-rate hike in April, saying that such move would signal too much urgency they didn't think appropriate. The US central bank officials also were split on whether the stubbornly low inflation would hit the Fed’s 2% target level. As a result, US stock indices finished with solid gains.
The outlook is a flat start. Indices could remain subdued initially. Life Insurance Corporation of India is likely to invest close to Rs.2.7 trillion in the capital markets during the year to March 2017, says a report. Asian markets continue to display a mixed trend. Among US indices, Dow advanced 0.6%, S&P 500 climbed 1.1% and Nasdaq Composite surged by 1.6% to settle at 4,920.72 - it’s highest settlement of the year.
A jump in oil prices sent shares of energy companies' shares sharply higher. Oil prices jumped 5.2%, to close at US$37.75 per barrel after a surprise drop in inventories. The Energy Information Administration (EIA) reported that US crude supplies in storage fell by 4.9 million barrels in the week ended April 1.
Street would be watching out the last day of subscription for Equitas IPO, which has turned out to be one of the biggest after Bharti Infratel's Rs 4,155 crore issue that hit the market in December 2012. The company has set the price band of the IPO at Rs 109-110 per share.
Sakthi Finance’s public issue of secured, redeemable, non- convertible debentures (NCDs) up to Rs. 100 crore would open on April 7.
The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Narendra Modi, has given its approval to the proposal of M/s. ATC Asia Pacific Pte. Ltd. Singapore for acquisition of 51% of shareholding in M/s. Viom Networks Limited by way of transfer from existing shareholders.
The Union Cabinet has given its approval to Recommendations on Fiscal Deficit Targets and Additional Fiscal Deficit to States during Fourteenth Finance Commission (FFC) award period 2015-20 under the two flexibility options recommended in para 14.64 to 14.67 of its Report.
PNB Housing Finance Limited has issued secured fixed rate NCDs to International Finance Corporation (IFC) to raise Rs. 500 crore for funding Green Residential projects. With this, PNB Housing has become the first housing finance company (HFC) to successfully issue Green Bonds.
Canada Pension Plan Investment Board (CPPIB) announced that one of its wholly owned subsidiaries has entered into an agreement to purchase 40% of Glencore Agricultural Products (Glencore Agri) from Glencore plc for US$2.5 billion. The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in the second half of calendar 2016.
ABB in India and Welspun Energy, have together installed about 700 MW of solar photovoltaic projects across several states in India like Punjab, Rajasthan, Gujarat, Maharashtra, Karnataka and Tamil Nadu.