Market may open lower on weak Asian stocks

The market may open lower on weak Asian stocks. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could fall 57.50 points at the opening bell. Asian stocks fell on Monday on concern the US government is headed for a shutdown amid a budget stalemate.

Lupin after market hours on Friday, 27 September 2013 announced that it has received final approval for its Vyfemla Tablets (Norethindrone and Ethinyl Estradiol Tablets USP, 0.4mg/0.035 mg) from the United States Food and Drugs Administration (FDA) to market a generic version of Warner Chilcott Company, LLC's Ovcon 35 Tablets (Norethindrone and Ethinyl Estradiol Tablets USP, 0.4mg/0.035 mg). Lupin's US subsidiary Lupin Pharmaceuticals Inc. shall commence marketing the product shortly.

Lupin's Vyfemla Tablets (Norethindrone and Ethinyl Estradiol Tablets USP, 0.4 mg/0.035 mg) is the AB rated generic equivalent of Warner Chilcott's Ovcon 35 Tablets and is indicated for the prevention of pregnancy in women who elect to use this product as a method of contraception.

As per IMS MAT March 2013 data, Warner Chilcott Company, LLC.'s Ovcon 35 Tablets had annual sales of approximately $22.3 million in the US.

Ranbaxy Laboratories after market hours on Friday, 27 September 2013 said that ICRA has assigned the rating of [ICRA]A1+ (pronounced as A One Plus) to the company's commercial paper (CP)/short term debt (STD) programme for an enhanced amount of Rs 800 crore. Earlier CP/STD programme of the company for Rs 1200 crore was also assigned the same rating i.e. [ICRA]A1+.

Instruments with [ICRA]A1+ rating are considered to have very strong degree of safety regarding timely payment of financial obligations. Such instruments carry lowest credit risk, Ranbaxy Lab said.

State Bank of India (SBI) announced after market hours on Friday, 27 September 2013 that it has repurchased a principal amount of $147 million of $1 billion 3.25% bonds due 2018 (the 2018 Bonds). The 2018 Bonds were issued by SBI on 18 April 2013 and are listed on the Singapore Exchange Securities Trading. The repurchase of the Bond took place between 26 August 2013 and 26 September 2013. The bank is in the process of cancelling the repurchased 2018 Bonds and the aggregate outstanding principal amount of the 2018 Bonds following such cancellation will be $853 million, SBI said in a statement.

The government said on Friday that it will allow unlisted Indian companies to list directly and raise capital overseas to retire debt or for acquisitions or operational needs abroad. The move comes at a time when the government is battling to trim the current account deficit and attract dollar inflows.

A finance ministry statement said unlisted Indian companies would be allowed for two years, on a pilot basis, to list and raise capital abroad without the requirement of prior or subsequent listing in the country. "At present, unlisted companies that are incorporated in India are not allowed to directly list in overseas markets without prior or simultaneous listing in Indian markets," the statement said. After the initial two year period, the impact of this arrangement will be reviewed. While raising resources abroad, the listing company shall be fully compliant with the FDI policy in force, the finance ministry said. In case funds raised are not utilized abroad such companies would be asked to remit the money back to India within 15 days and these funds would be parked only in AD category banks recognized by RBI.

Key benchmark indices edged lower in volatile trade on Friday, 27 September 2013 , with market sentiment hit adversely by hawkish comments from the Reserve Bank of India governor Dr. Raghuram Rajan on Thursday, 26 September 2013, that inflation continues to remain high. The S&P BSE Sensex lost 166.58 points or 0.84% to settle at 19,727.27 on that day, its lowest closing level since 6 September 2013.

Foreign institutional investors (FIIs) sold shares worth a net Rs 244.95 crore on Friday, 27 September 2013, as per provisional data from the stock exchanges.

Asian stocks fell on Monday on concern the US government is headed for a shutdown amid a budget stalemate. Key benchmark indices in Japan, Hong Kong, Taiwan, Indonesia, Singapore and South Korea fell 0.52% to 1.72%. China's Shanghai Composite rose 0.45%

A Chinese manufacturing gauge unexpectedly rose less than a preliminary estimate in September, highlighting challenges for Premier Li Keqiang in sustaining a rebound from a two-quarter economic slowdown. The Purchasing Managers' Index from HSBC Holdings Plc and Markit Economics rose to 50.2 in September from 50.1 in August. The final number was less than last week's 51.2 preliminary reading. A similar gauge from the government is due tomorrow, 1 October 2013.

Citigroup Inc. and Bank of China said they will participate in Shanghai's free-trade zone as the Chinese government inaugurated the 11-square-mile experiment in more relaxed financial and investment controls. The two banks were among the first to announce their participation in the zone, which opens with the aim of creating a more efficient and open economic system, Commerce Minister Gao Hucheng said at a ceremony. The area is a testing ground for free-market policies that Premier Li Keqiang has signaled he may later implement more broadly in the world's second-largest economy. Li and President Xi Jinping are expected to seek support for national plans to reduce the government's hand in the economy and financial system at a Communist Party plenum this November.

US stocks Friday closed a downcast week on a sour note, declining amid relentless partisan squabbling over a budget bill to avert a partial US government shutdown.

The Democratic-led Senate Friday approved a temporary budget bill to fund government operations at the start of the 2014 fiscal year Tuesday. But the measure, which goes to the House of Representatives, does not defund President Barack Obama's health-care law, a prime objective of House Republicans. With no compromise in sight, Obama told a White House news conference that Congress must pass a bill to fund the government and failure to do so would destabilise the world economy.The 2014 fiscal year in the United States starts on Tuesday, 1 October 2013, and politicians remain at loggerheads over passing a budget.

The Federal Open Market Committee (FOMC) holds a two-day policy meeting on 29-30 October 2013. On 18 September 2013, the Fed surprised economists and investors with its decision to delay scaling back its stimulus amid concerns about the strength of the economic recovery.

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