1. India-Global Market Summary 24-09-2014
• Market provisionally settled with small losses after witnessing high volatility triggered after the Supreme
Court in its verdict announced scrapped all but 4 of the coal blocks allocated between 1993 and 2010 it had
already declared illegal due to irregularities in the allocation of the blocks. Nifty provisionally settled just a
tad above the psychological 8,000 level, having alternately moved above and below that mark in intraday
trade. Sensex lost 0.12% to settle at 26,744.69 and Nifty shed or 0.19% to settle at 8,002.40
• Brent crude oil prices edged lower in choppy trade ahead of weekly US oil inventory data from US Energy
InformationAdministration.
• The US and its Arab allies that have joined the fight against Islamic State launched airstrikes into Syria, in
the first major expansion of a campaign to defeat the militants.
• Meanwhile, NATO said Russia has embarked on a significant withdrawal of its forces from Ukraine, adding
to signs that a truce is taking hold.
• India made history today by successfully placing its spacecraft, Mangalyaan, in orbit around Mars, becoming
the first country in the world to succeed in such an inter-planetary mission in the maiden attempt itself.
• Prime Minister Narendra Modi is scheduled to launch the ambitious 'Make in India' campaign tomorrow, 25
September 2014. The initiative is one of the several steps which government has announced in order to
improve ease of doing business in India and attract investments to boost manufacturing in the country. In his
maiden independence day address, Modi invited the global business community to set up manufacturing
facilities in India, giving the slogan 'come, make in India'.
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2. • Modi leaves for a five-day visit to the United States tomorrow, 25 September 2014, hours after the launch of the
"Make in India" campaign in Delhi. The Indian Prime Minister will meet US President Barack Obama at the White
House on 30 September 2014. The two leaders will discuss a range of issues of mutual interest in order to expand
and deepen the US-India strategic partnership. They will discuss ways to accelerate economic growth, bolster
security cooperation, and collaborate in activities that bring long-term benefits to both countries and the world.
• Bank stocks declined on concerns of bad loans due to their exposure to coal mines after the Supreme Court's verdict
on coal block allocation. Shares of Coal India jumped.
• The Supreme Court in its final verdict has given six months' breathing time for the blocks to wind up operations.
The Supreme Court said that it saw no reason to save the blocks as the allocations were arbitrary. Allottees have
been asked to pay a fine of Rs. 295 per tonne from the time the coal was mined. The government is now free to
auction or allot the blocks to central firms. The 4 coal blocks which are exempt from the verdict are run by the
Central government with no joint venture with the private sector.
• Meanwhile, Prime Minister Narendra Modi leaves for a five-day visit to the United States tomorrow, 25 September
2014, hours after the launch of the "Make in India" campaign in Delhi. In the foreign exchange market, the rupee
edged higher in choppy trade against the dollar.
• Jindal Steel & Power tumbled 10%. The coal ministry had allocated Jindal Steel and Power captive coal blocks for
its end-use for plants in Odisha and Jharkhand.
• Tech Mahindra rose 0.4%. With regards to news reports that "Geometric is being acquired by Tech Mahindra", the
company clarified during market hours it is not in negotiation for acquisition of Geometric.
• Shares of companies operating in the power sector fell in volatile trade after the Supreme Court today, 24 September
2014 cancelled 214 of 218 coal blocks allocated by successive governments since 1993
• Bajaj Electricals rose 2.89% after the company said one of its unit won a new order worth Rs 108.63 crore from
Maharashtra State Electricity Transmission Company.
• Thermax rose 4.20% after the company said that its joint venture firm has won an export order worth approximately
Rs 339 crore.
• JSW Energy gained 1.21% after the company said that its joint venture firm has received environmental clearance to
increase the annual mining capacity in Rajasthan.
• Educomp Solutions rose 4.77% on a media report that Aditya Birla group is in talks to acquire the schools business
of the company.
•

3. Global news
• European stocks edged lower today, 24 September 2014, after data showed German business
confidence fell for a fifth month in September. Chinese shares led gains for Asian stocks today,
24 September 2014, after better-than-anticipated Chinese manufacturing data announced
yesterday, 23 September 2014. Trading in US index futures indicated that the Dow could gain 20
points at the opening bell on Wednesday, 24 September 2014. US stocks declined Tuesday, 23
September 2014, as a weak report on Europe's economy fueled more investor jitters about global
growth.
• German business confidence fell for a fifth month even after the European Central Bank stepped
up plans to revive the faltering euro-area recovery. The Ifo institute's business climate index,
based on a survey of 7,000 executives, dropped to 104.7 in September from 106.3 in August.
• In economic news, US manufacturing activity hovered at a near 4-1/2-year high in September and
factory employment surged, supporting views of sturdy economic growth this quarter. The growth
picture was also boosted by other data showing an acceleration in services industry growth this
month. Markit said its preliminary or flash US Manufacturing Purchasing Managers Index was at
57.9, unchanged from August's reading when it touched its highest level since April 2010. A
reading above 50 signals expansion in manufacturing. Factory employment increased for a second
straight month, with a gauge of labor market conditions touching its highest level since March
2012. Separately, the Federal Reserve Bank of Philadelphia said its general activity index for non-manufacturing
firms jumped to 35.7 this month from 27.3 in August
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