1. India-Global Market Summary 19-2-2014
• Market edged higher after the Reserve Bank of India said it will conduct term repo
auctions in March 2014 to address liquidity tightness in the banking system. The
market breadth, indicating the overall health of the market was positive. The market
sentiment was boosted by data showing that foreign funds remained buyers of
Indian stocks on Tuesday. The market edged higher amid initial volatility. Sensex
garnered 0.43% to settle at 20,722.97 and Nifty garnered 0.42% to settle at
6,152.75. Among the 30-share Sensex pack, 16 stocks rose and rest fell.
• Reserve Bank of India on Tuesday said it will conduct term repo auctions of
appropriate amount and tenor during March 2014 to address liquidity tightness. In
order to address the anticipated tightening in liquidity conditions on account of
advance tax payments by corporates commencing mid-March 2014 and with a view
to providing flexibility to the banking system in its liquidity management towards
March-end 2014, the Reserve Bank of India (RBI) will conduct term repo auctions
of appropriate amount and tenor during March 2014, the RBI said in a press release
issued on Tuesday. The details of the term repo auctions will be announced in due
course, the RBI said.
• On political front, the Lok Sabha passed a contentious proposal to split Andhra
Pradesh and create the new state of Telangana on Tuesday amid chaotic scenes and
uproar in parliament from opponents of the bill. The state capital Hyderabad will
remain the common capital for the two states for a period of 10 years if the bill is
passed in the upper house.

2. • The decision to break up the state was made ahead of elections due by May 2014. The Bharatiya Janata
Party, which is the frontrunner in the national election race, voted in favor of the bill, allowing it to pass. It
still needs approval in the upper house by Friday, when parliament's final session before the election ends.
The new state would account for 17 seats in parliament.
• Tyre stocks rose across the board on expectations of pick up in demand from automobile OEMs after the
government reduced excise duty on cars, commercial vehicles, sports utility vehicles (SUVs), motorcycles
and scooters for the period up to 30 June 2014 in the in the Interim Budget for 2014-15 announced on
Monday
• The excise duty on small cars, two-wheelers and commercial vehicles has been reduced to 8% from 12%.
The excise duty on SUVs has been reduced to 24% from 30%. The excise duty on large cars has been cut to
24% from 27%. The excise duty on mid-segment cars has been cut to 20% from 24%.
• Pharma stocks rose on renewed buying. Sun Pharmaceutical Industries rose on reports the company has
received approval from the US Food and Drug Administration to sell a drug to treat Osteoporosis. IT stocks
rose on continued optimism about US business. ITC shed 0.14% and Reliance Industries (RIL) rose 0.15%
. PSU OMCs reversed intraday fall in volatile trade.
• The under-recovery on High Speed Diesel (HSD) applicable for the second fortnight of February 2014,
effective from 16 February 2014, has risen to Rs 8.31 per litre, from Rs 7.39 per litre during first fortnight
of February 2014. PSU OMCs are currently incurring combined daily under-recovery of about Rs 456 crore
on the sale of Diesel, PDS Kerosene and Domestic LPG at government controlled prices. This is higher
than Rs 446 crore daily under-recoveries for the first fortnight of February 2014.
• ABB India rose 1.25%, with the stock extending Tuesday's rally triggered by the company's strong Q4
December 2013 earnings.
• Rural Electrification Corporation said that the Ministry of Power (MoP), Government of India, vide its
letter dated 8 October 2012 had appointed REC Transmission Projects Company
• Ranbaxy Laboratories rose 2.69%. The New York Attorney General and the US units of Ranbaxy
Laboratories and Teva Pharmaceutical Industries have reportedly settled claims that an agreement between
the two drug makers unlawfully restricted competition.

3. • Bharti Airtel rose 0.26% after the company said that it has crossed the 200 million mobile subscribers mark
in India, further consolidating its leadership position in the world's second largest mobile market.
• Hero MotorCorp lost 1.65% after the company said that the company has decided to pass on the entire
benefit of the excise duty reduction to customers.
• Paper Products gained 2.6% after consolidated net profit surged 66.1% to Rs 16.66 crore on 22.61% rise in
net sales to Rs 279.02 crore in the quarter ended December 2013 over the quarter ended December 2012.
• HMT spurted 10.26% after the company said that the Government of India has approved its revival and
restructuring plans which envisages financial support of Rs 1083.48 crore.
• Sun Pharmaceutical Industries rose 1.91% on reports the company received US Food and Drug
Administration approval to sell a drug to treat osteoporosis.
• Financial Technologies (India) hit an upper circuit limit of 5% on a media report that Tech Mahindra has
shown interest in buying a sizeable equity stake in the company.
• Jindal Steel & Power announced that the company has utilized at-least 50% of the amount earmarked for
the Buy-Back as specified in the resolution, the Minimum Buy-Back Size of Rs 500 crore.
• Ashok Leyland clarified that that the company is exploring various options to cut down its debt and has also
gone on press about its intention to divest non-core assets in this regard.
• Kingfisher Airlines clarified to the exchanges with respect to a news item titled "Kingfisher Airlines CEO
Sanjay Aggarwal quits" that Mr. Sanjay Aggarwal has submitted his resignation from the company which
has not yet been accepted and is under consideration.
• NHPC said that Unit-1 of Parbati-III H.E. Project has been synchronized at 15:50 IST on 17 February 2014.
• Alstom India said that it has been awarded a contract by NTPC to provide the Flue Gas Desulphurisation
system for its 500 megawatts Vindyachal super thermal power plant in Madhya Pradesh.
• Rasoya Proteins said it has received receipt of approval from Reserve Bank of India (RBI) for increase in
investment limit by Foreign Institutional Investors (FIIs) under PIS to 100%.

4. Global news
• European stocks were mostly lower on Wednesday, 19 February 2014, as investors awaited
a report on US housing starts. Asian stocks edged higher on Wednesday, 19 February
2014, after China's overnight money-market rate dropped to a nine-month low as an ample
supply of cash offset the impact of the central bank draining funds. Trading in US index
futures indicated that the Dow could drop 27 points at the opening bell on Wednesday, 19
February 2014. US stocks settled mostly higher on Tuesday with the Nasdaq Composite
recording its eighth consecutive session of gains, the longest since July 2013.
• The People's Bank of China withdrew 48 billion yuan ($7.9 billion) by selling 14-day
repurchase contracts at 3.8 percent yesterday, 18 February 2014. That was the first repo
auction since June. The central bank said it will sell 50 billion yuan of nine-month treasury
deposits on behalf of the Ministry of Finance tomorrow, 20 February 2014.
• Manufacturing activity in the New York region gave up most of the strong gains made
during the prior month although it remained in positive territory, according to data released
Tuesday. The report fits a picture of a manufacturing sector struggling with severe winter
weather. The ISM index for the US showed manufacturers suffered from the January chill
last month.
• A gauge of confidence among home builders plunged in February, dropping to the lowest
level in nine months, led by weaker views on present sales of single-family homes,
according to data released Tuesday. The housing-market index dropped to 46 this month
from 56 in January 2014.
• Minutes of the Federal Reserve's January meeting will be released later in the global day
today, 19 February 2014. Federal Reserve Chairwoman Janet Yellen said last week that US
growth has strengthened and that only a "notable change in the outlook" for the economy
would prompt policy makers to slow the pace of cuts to the monthly bond-buying program.

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