1. India-GlobalMarketSummary 28-5-2014
• Market eked out small gains after moving in a narrow range during the trading session. The
market breadth, indicating the overall health of the market was strong. The Sensex edged
higher amid initial volatility on firm Asian stocks. Volatility continued as key benchmark
indices trimmed initial gains in morning trade. Sensex gained 0.03% to settle at 24,549.51 and
Nifty garnered 0.16% to settle at 7,329.65. Among the 30-share Sensex pack, 16 stocks rose
and rest of them fell. In the foreign exchange market, the rupee edged higher against the dollar
in volatile trade.
• The Reserve Bank of India (RBI) on Tuesday, 27 May 2014, doubled the amount of forward
contracts importers can book to 50% of their average three years import turnover, or previous
year's actual import turnover, whichever is higher. The earlier limit for such contracts was
25%. "Importers who have already booked contracts up to previous limit of 25% in the current
financial year, shall be eligible for difference arising out of the enhanced limits," RBI said.
• Reserve Bank of India Governor Raghuram Rajan reiterated on Wednesday what he said is the
need for global central banks to be mindful of the impact of their unconventional monetary
policy measures on other economies. Rajan proposed that central banks of advanced nations
"internalise" the spillover effects from such policies to minimise volatility and disruptions in
financial markets elsewhere. "The current non-system in international monetary policy is, in
my view, a source of substantial risk, both to sustainable growth as well as to the financial
sector," Rajan said in the text of a speech to be delivered at the Bank of Japan in Tokyo. "It is
not an industrial country problem, nor an emerging market problem, it is a problem of
collective action. The sooner we recognize that, the more sustainable world growth we will
have," he said, reiterating comments he made earlier this month.

2. • The Union Cabinet on Tuesday approved constitution of Special Investigating Team (SIT) to
implement the decision of the Supreme Court on large amounts of money stashed abroad by
evading taxes or generated through unlawful activities.
• The SIT will be headed by Mr. Justice M.B. Shah, former Judge of the Supreme Court as
Chairman and Mr. Justice Arijit Pasayat, former Judge as Vice Chairman. The SIT has been
charged with the responsibility and duties of investigation, initiation of proceedings and
prosecution in cases of Hasan Ali and other matters involving unaccounted money. SIT shall
have jurisdiction in the cases where investigations have already commenced or are pending or
awaiting to be initiated or have been completed. SIT will prepare a comprehensive action plan
including creation of necessary institutional structure that could enable the country to fight the
battle against unaccounted money. The SIT should report to the court the status of work from
time to time.
• Meanwhile, Prime Minister Narendra Modi delivered a blunt warning to old adversary
Pakistan on his first day in the job on Tuesday, telling his counterpart in a rare meeting that
Islamabad must prevent militants on its territory from attacking India. Despite the directness
of his message, both sides said Modi's meeting with Pakistani Prime Minister Nawaz Sharif in
New Delhi was cordial and they agreed to try to restart peace talks between the nuclear-armed
rivals. They also agreed to pursue normalising trade ties, which have been held hostage to
distrust between their countries after fighting three wars since independence from Britain in
1947. Modi, 63, invited Sharif and several other South Asian leaders for his swearing-in
ceremony on Monday.

3. • Finance Minister Arun Jaitely is expected to table Union Budget for 2014-15 in Lok Sabha by
July 2014. An interim budget was presented by P. Chidambaram in February this year.
Essentially, in the nature of a vote on account, the interim budget was intended to get
Parliament approval for expenditure to be incurred during the first few months of fiscal year
2014-15 due to Lok Sabha elections.
• Shares of private sector banks edged higher. PSU bank stocks declined. IT stocks rose on
good US economic data. Cement stocks surged.
• Sun Pharmaceutical Industries declined after its unit Taro Pharmaceutical Industries reported
Q4 results. The stock shed 1.41%. Israel based Taro Pharmaceutical Industries on Tuesday, 27
May 2014, said its net profit jumped 82.11% to $89.60 million on 13.3% rise in net sales to
$187.20 million in Q4 March 2014 over Q4 March 2013.
• Ranbaxy Laboratories dropped 1.28%. In response to the news articles which appeared on 25
May 2014 regarding Andhra Pradesh High Court vacating the stay on the Sun Pharma
Ranbaxy merger,
• Steel Authority of India net profit rose 1.35% to Rs 452.58 crore on 9.12% rise in total
income to Rs 13684 crore in Q4 March 2014 over Q4 March 2013.
• JSW Steel reported 63.16% rise in consolidated net profit to Rs 482.83 crore on 44.86% rise
in total income to Rs 14343.53 crore in the Q4 March 2014 over Q4 March 2013.
• Shipping Corporation of India jumped 14.51% after the company reported net profit of Rs
13.24 crore in Q4 March 2014 as compared to net loss of Rs 281.44 crore in Q4 March 2013.
• Havells India lost 1.4% after net profit rose 24.83% to Rs 136.92 crore on 13.01% growth in
total income to Rs 1324.05 crore in Q4 March 2014 over Q4 March 2013

4. • Hawkins Cookers jumped 9.32% after net profit rose 12.42% to Rs 13.12 crore on 14.82% growth in total
income from operations to Rs 141.86 crore in Q4 March 2014 over Q4 March 2013.
• L&T rose 1.61% after the company received two engineering, procurement and construction orders valued
at around $480 million for setting up dual fuel fired gas based combined cycle power plants in Bangladesh.
• Thermax fell 1.75% after net profit fell 8.2% to Rs 105.91 crore on 6.3% decline in net sales to Rs 1357.45
crore in Q4 March 2014 over Q4 March 2013.
• Jet Airways (India) reported a net loss of Rs 2153.57 crore in Q4 March 2014, higher than net loss of Rs
495.53 crore in Q4 March 2013. Total income rose 9.59% to Rs 4678.17 crore in Q4 March 2014 over Q4
March 2013.
• Jet Airways (India) reported a net loss of Rs 3667.85 crore in the year ended 31 March 2014 (FY 2014),
higher than net loss of Rs 485.50 crore in the year ended 31 March 2013 (FY 2013).
• Tech Mahindra said that it has been selected by Premium Credit, the No. 1 insurance premium finance
company in the UK and Ireland to deliver front and back office application services.
• Tech Mahindra rose 1.69% after the company said it has been selected by Premium Credit, the No. 1
insurance premium finance company in the UK and Ireland to deliver front and back office application
services.
• ICRA surged 17% after Moody's Singapore Pte has revised upward its conditional open offer price from Rs
2,000 per share to Rs 2,400 per share for acquisition of up to 26.50 lakh equity shares from shareholders of
ICRA.
• Oil India fell 2.98% after net profit declined 26% to Rs 565.62 crore on 23.2% fall in net sales to Rs
1825.22 crore in Q4 March 2014 over Q4 March 2013

5. Global news
• European stocks edged higher in choppy trade on Wednesday, 28 May 2014, after data showed
German unemployment unexpectedly increased for the first time in six months in May. Asian
stocks edged higher on Wednesday, 28 May 2014. Trading in US index futures indicated that the
Dow could gain 32 points at the opening bell on Wednesday, 28 May 2014. US stocks rose on
Tuesday as the S&P 500 index scored a second straight record close, buoyed by the latest round
of merger activity and as expectations for rate cuts by the European Central Bank stoked
investors' appetite for equities.
• German unemployment unexpectedly increased for the first time in six months amid signs of a
slowdown in Europe's largest economy. The number of people out of work rose a seasonally
adjusted 23,937 to 2.905 million in May, the Nuremberg-based Federal Labor Agency said today.
• Switzerland's economic growth quickened in the first quarter, driven by higher exports of goods
and services and investments in the building industry, data released Wednesday showed. Gross
domestic product in the three months through March grew 0.5% from the previous quarter and
2% on year, the State Secretariat for Economic Affairs said.
• Chinese industrial profit increased 10% this year through April from the same period in 2013, a
report showed today, compared with 10.1% growth in the three months through March.
• Bank of Japan Governor Haruhiko Kuroda said in a speech today, 28 May 2014, that it is possible
to implement monetary policy even under situations where the policy rate is around zero.
• US data showed bookings for goods meant to last at least three years rose 0.8% in April after a
3.6% gain in the previous month that was revised up by one percentage point. The Conference
Board's index of US consumer confidence increased to 83 in May from 81.7 a month earlier, the
New York-based private research group said, while a Markit Economics preliminary index for
services unexpectedly rose to 58.4 this month from 55.

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