1. India-GlobalMarketSummary 24-12-2014
• Market slumped after data showing the fastest US economic growth in more than a
decade bolstered the case for the US Federal Reserve to raise interest rates in the world's
biggest economy. Investors are concerned that higher US rates will strengthen the dollar
and cause inflows into emerging markets to slow. After languishing in red for most part
of the trading session, the benchmark indices extended losses after a sudden slide in late
trade. . The stock market remains closed tomorrow, 25 December 2014, on account of
Christmas. Nifty fell 1.12% to 8174.10 and Sensex fell 1.08% to 27208.61
• Meanwhile, the Union Cabinet at a meeting today, 24 December 2014, reportedly
approved issuance of ordinances to implement coal and insurance reforms as the
government was unable to get the Insurance Bill and Coal Bill passed during the winter
session of parliament which concluded yesterday, 23 December 2014. The coal ministry
today, 24 December 2014, said that it will commence the first batch of e-auction process
for 24 Schedule II coal mines from tomorrow, 25 December 2014.
• On the political front, the results for Jammu & Kashmir (J&K) and Jharkhand assembly
polls came out yesterday, 23 December 2014, with the People's Democratic Party (PDP)
emerging as the single-largest party in Jammu & Kashmir and the BJP with its ally the
All Jharkhand Students Union (AJSU) getting simple majority in Jharkhand. PDP got 28
seats in Jammu & Kashmir with the BJP coming second with 25 seats in the states. With
no party getty clear majority in the northern state, J&K opens up the possibility all kinds
of combinations to form the new government.
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2. • Jharkhand, a state that was formed 14 years ago, got its first stable government with the BJP winning in 37 in the 81-seat
assembly. It ally AJSU has won five seats giving the alliance 42 seats, one more than the required majority of 41.
• The winter session of Parliament ended yesterday, 23 December 2014, with the government unable to get key legislative
reforms bills passed. The opposition parties targeted Prime Minister Narendra Modi's government on a plethora of issues
from black money to religious conversions during the winter session. While only the Lok Sabha passed the Coal Bill, the
government was unable to get the Insurance Bill passed in Lok Sabha and Rajya Sabha during the winter session.
• Shares of a number of state-run companies fell. Shares of public sector oil marketing companies fell on weakening rupee.
Shares of companies operating insurance business edged higher on reports that the Union Cabinet at a meeting today, 24
December 2014, approved the ordinances to raise the overseas investment limit in insurance.
• In the foreign exchange market, the rupee edged lower against the dollar after data showing the fastest US economic growth
in more than a decade bolstered the case for the US Federal Reserve to raise interest rates in the world's biggest economy.
• Brent crude oil futures edged lower, giving up some of the previous session's gains, as the dollar held near its highest level in
nearly nine years on strong US economic data.
• Aurobindo Pharma fell 1.25%. With respect to the media report stating "AstraZeneca files patent case against Aurobindo
Pharma", Aurobindo Pharma clarified this matter is subjudice and will not have any material impact on the company.
• In a significant step towards augmenting the domestic urea capacity, GAIL (India), Coal India, RCF and FCIL today signed
JVAs to set up an integrated coal gasification cum fertilizer and ammonium nitrate complex at Talcher in Odisha
• UltraTech Cement's board approved acquisition of two cement units of Jaiprakash Associates in Madhya Pradesh viz.
integrated cement plant with clinker capacity of 2.1 mtpa and cement grinding capacity of 2.6 mtpa at Bela, Madhya Pradesh
(MP), integrated cement plant with clinker capacity of 3.1 MTPA and cement grinding capacity of 2.3 MTPA at Sidhi, MP,
and 180 MW TPP of which 25 MW is situated at Bela and 155 MW at Sidhi.
• UltraTech Cement said that this acquisition will create significant synergies and the surplus clinker will enable UltraTech to
augment its cement capacity by a further 1.8 – 2.5 MTPA in addition to the 4.9 MTPA.
• Ambuja Cements said that the company has filed a Special Leave Petition in the Supreme Court, challenging a demand
notice for Rs 248 crore arising from disallowance of a sales tax incentive availed by the company in Rajasthan for the period
2001-02 to 2008-09.
• Manappuram Finance announced that the board of directors of the company at its meeting held on 23 December 2014 has
approved the acquisition of 70% stake in Asirvad Micro Finance, Chennai

3. Global news
• European shares were mixed today, 24 December 2014, in a shortened session ahead of the Christmas break. UK's FTSE
100 was up by 0.13 Asian stocks were trading higher today, 24 December 2014, after US equities climbed to all-time high
overnight as the world's biggest economy grew at the fastest pace in 11 years. Trading in US index futures indicated that
the Dow could gain 11 points at the opening bell today, 24 December 2014. US stocks soared Tuesday, 23 December
2014, with the blue-chip Dow Jones Industrial Average smashing the psychologically important 18,000 milestone for the
first time, after the US economy grew at its quickest pace in more than a decade last quarter.
• The final estimate of the US gross domestic product (GDP) for the third quarter was revised up to a 5% annual pace, its
quickest in 11 years, from 3.9% reported last month, on stronger consumer and business spending, Commerce
Department said in its third and final estimate Tuesday.
• Meanwhile, data Tuesday showed consumer spending, which accounts for nearly two-thirds of the US economy, jumped
to its largest gain in three months in November as falling gasoline prices has left more discretionary income in consumers'
pockets during the holiday shopping season. Consumer spending rose 0.6% last month while October was upwardly
revised to a 0.3% increase, the Commerce Department said Tuesday.
• Further, US consumer sentiment jumped to its highest level in nearly eight years as cheaper gasoline prices boosted
consumer optimism. Consumer sentiment rose to 93.6, its highest reading since January 2007, according to the University
of Michigan's final December reading.
• Separate data on Tuesday painted a mixed picture on the US housing market as sales of new single-family homes fell for
a second straight month in November. Sales fell 1.6% to a seasonally adjusted annual rate of 438,000 units, the
Commerce Department said Tuesday. Last months figures declined 1.6% from October's report, which was revised down
to 445,000 units from 458,000 units
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