The market may open slightly higher as most Asian stocks edged higher Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 11 points at the opening bell.
Hero MotoCorp's (HMCL) net profit fell 4.86% to Rs 574.23 crore on 1.79% rise in total income to Rs 6250.26 crore in Q4 March 2013 over Q4 March 2012. The company announced its Q4 results after market hours on Friday, 26 April 2013.
Mr. Pawan Munjal, Managing Director & Chief Executive Officer, Hero MotoCorp, said "FY 2013 has been a rough year for the overall Indian auto sector. Weak macroeconomic sentiment coupled with subdued consumer confidence adversely impacted the industrial growth and sales volumes. Considering the current environment, these are tough times for the auto sector in India and we remain cautiously optimistic about the growth prospects in the near term.
"However, having sold over 60 lakh two-wheelers in just 12 months, we have sustained our performance during the period. Being the industry leader, we have planned major initiatives to boost the industry sentiment and accelerate growth in the new financial year, mainly through new launches, campaigns, capacity addition and network expansion. In a significant step working towards our global vision, we have commenced despatches to half a dozen new markets last fiscal and will add a few more to that tally soon," he added.
Hero MotoCorp on Friday also hiked prices of its products, ranging from Rs 500 to Rs 1500 with immediate effect.
HMCL had recently announced the country's first-ever warranty of 5 years on all its two-wheelers (5 years or 70,000 km on motorcycles, whichever is earlier and 5 years or 50,000 km on scooters, whichever is earlier).
Lupin announced after market hours on Friday, 26 April 2013 that its subsidiary Lupin Pharmaceuticals Inc. (collectively Lupin) has received final approval for its Pirmella 7/7/7 (Norethindrone and Ethinyl Estradiol Tablets USP, 0.5 mg/0.035 mg, 0.75 mg/0.035 mg and 1mg/0.035 mg) and Pirmella 1/35 Tablets (Norethindrone and Ethinyl Estradiol Tablets USP, 1 mg/0.035 mg) from the United States Food and Drugs Administration (US FDA) to market a generic version of Janssen Pharmaceuticals, Inc.'s Ortho-Novum 7/7/7 Tablets and Ortho-Novum 1/35 tablets. Lupin would commence shipping the product shortly. Lupin's Pirmella 7/7/7 and Pirmella 1/35 Tablets is indicated for the prevention of pregnancy in women who elect to use the product as a method of contraception. The combined annual sales of Ortho Novum 7/7/7 and Ortho Novum 1/35 Oral Contraceptive Tablets stands at $96.5 million (as per IMS MAT December 2012 data).
Sesa Goa has posted a consolidated net profit after taxes and share of Profit / (Loss) of Associates of Rs 297.51 crore on total income of Rs 300.01 crore in Q4 March 2013. The company announced Q4 results on Saturday, 27 April 2013.
The company said that the iron ore operations were affected by the suspension of mining in Goa and Karnataka. On 18 April 2013, the Honourable Supreme Court of India has given clearance for resumption of mining operations for A and B category mines in Karnataka subject to statutory clearances. Sesa Goa's Karnataka mine falls under B category, and is awaiting statutory clearances, including forest clearance which expired in October 2012, to resume mining. The company expects to commence mining shortly, subject to the grant of statutory clearances.
Regarding the suspension of mining in Goa, the date for initial hearing is yet to be fixed by Honourable Supreme Court of India In the meantime, the State Government and major miners including Sesa Goa, have filed their responses to the Central Empowered Committee report. Separately, the company has filed an application to the Supreme Court seeking a stay on the suspension of mining and restrictions on ore transportation.
Regarding Sesa Goa's merger with Sterlite Industries, the company said that the proposed Vedanta Group consolidation and simplification has received the approval of the High Court of Bombay at Goa on 3 April 2013. The hearings at the High Court of Madras have been completed and the order is awaited. Following the receipt of court approvals, a record date will be announced to complete the transaction.
FMCG, fertilizer and other agri-sector related stocks will be in focus after the India Meteorological Department (IMD) on Friday, 26 April 2013, forecast normal southwest monsoon seasonal rainfall during 2013. FMCG firms derive substantial sales from rural India. The year 2013 will most like have a normal southwest monsoon seasonal rainfall for the country as a whole i.e. 96 to 104% of Long Average during June to September, the Union Minister of Earth Sciences & Science and Technology Mr. S. Jaipal Reddy announced on Friday, 26 April 2013. Quantitatively, the monsoon seasonal rainfall is likely to be 98% of the Long Period Average with a model error of 5%. Also, the probability for normal rainfall is 46%, as against the climatological value of 33%.
The IMD will issue the update forecast in June 2013 as a part of the second stage forecast. Along with the update forecast, separate forecasts for the monthly (July and August) rainfall over the country as a whole and seasonal (June-September) rainfall over the four geographical regions of India will be issued.
Key benchmark indices snapped four-day winning streak on Friday, 26 April 2013 as weakness in European stocks hit investor sentiment adversely. The S&P BSE Sensex lost 120.13 points or 0.62% to settle at 19,286.72 on that day, its lowest closing level since 23 April 2013.
Foreign institutional investors (FIIs) bought shares worth a net Rs 224.75 crore on Friday, 26 April 2013, as per provisional data from the stock exchanges.
The focus of the market is on Q4 results. IDFC announces Q4 results on Wednesday, 1 May 2013. Bharti Airtel and Kotak Mahindra Bank unveil Q4 results on Thursday, 2 May 2013. ACC and Ambuja Cements announce Q1 March 2013 results on Friday, 3 May 2013. Grasim and Jaiprakash Associates unveil Q4 results on Saturday, 4 May 2013.
HDFC unveils Q4 results on 8 May 2013. Ranbaxy announces Q1 March 2013 results on the same day. Asian Paints announces Q4 results on 9 May 2013. NTPC announces Q4 results on 10 May 2013. Dr Reddys Laboratories announces Q4 results on 14 May 2013. Bajaj Auto announces Q4 results on 16 May 2013. BPCL announces Q4 results on 29 May 2013. M&M announces Q4 results on 30 May 2013.
The stock market remains closed on Wednesday, 1 May 2013, on account of Maharashtra Day.
Markit Economics will unveil HSBC India Manufacturing PMI, which gauges the business activity of India's factories, for April 2013 on Wednesday, 1 May 2013. The HSBC India Manufacturing PMI fell to 52 in March 2013, after a surge to 54.2 in February 2013. Markit Economics will unveil the result of a monthly survey on the performance of India's services sector for April 2013 on Friday, 3 May 2013. The HSBC Services Purchasing Managers' Index, based on a survey of around 400 companies, fell to a 17-month low of 51.4 in March from 54.2 in February. Services make up over 60% of India's economy.
Slowing wholesale price inflation has raised expectations that the Reserve Bank of India (RBI) will cut its key policy rate viz. the repo rate to boost economic growth. The (RBI) will announce the Monetary Policy Statement 2013-14 on Friday, 3 May 2013. The RBI cut its key policy rate viz. the repo rate by 25 basis points to 7.5% after a mid-quarter monetary policy review on 19 March 2013.
Inflation based on the monthly wholesale price index (WPI) eased to the lowest level in 40 months at 5.96% in March 2013, and sharply lower than 6.84% in February 2013, data released by the government on 15 April 2013 showed. Non-food manufacturing inflation or core inflation slowed further to 3.41% in March 2013, the data showed.
Most Asian stocks rose on Monday amid optimism central banks will maintain loose monetary policies to boost economic growth. Key benchmark indices in Indonesia, Singapore and Taiwan rose by 0.17% to 0.26%. Key benchmark indices in Hong Kong, and South Korea fell by 0.02% to 0.35%. Markets in China and Japan are closed today, 29 April 2013 for a holiday.
Most US stocks dipped in thin volume on Friday amid a mixed bag of earnings and weak economic figures. Gross domestic product expanded at a 2.5% rate in the first quarter, below estimates of 3%, heightening fears the U.S. economy could struggle to cope with deep government spending cuts and higher taxes that kicked in earlier this year.
The U.S. Federal Reserve will start a two-day policy meeting tomorrow after a government report last week showed the world's largest economy expanded less than economists' forecast.
In Europe, the European Central Bank's (ECB) Governing Council meets in Bratislava on Thursday, 2 May 2013, to review euro area interest rates. The ECB is seen cutting euro area interest rates by 25 basis points to a record low of 0.5% amid the euro zone's worsening economic outlook and subdued inflation.
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