The market may edge higher in early trade. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 50 points at the opening bell.
Coal India's consolidated net profit fell 16.51% to Rs 3731.04 crore on 0.64% rise in total income to Rs 18692.03 crore in Q1 June 2013 over Q1 June 2012. The result was announced on Saturday, 3 August 2013.
Bharat Heavy Electricals' (Bhel) net profit fell 49.45% to Rs 465.43 crore on 20.54% decline in total income to Rs 6996.60 crore in Q1 June 2013 over Q1 June 2012. The result was announced on Saturday, 3 August 2013.
Bhel's finance costs surged 402.89% to Rs 27.76 crore in Q1 June 2013 over Q1 June 2012.
Bhel has an outstanding order book position of about Rs 108600 crore as on 30 June 2013.
Grasim Industries' consolidated net profit fell 0.48% to Rs 610 crore on 9.54% decline in revenue to Rs 6940 crore in Q1 June 2013 over Q1 June 2012. The result was announced on Saturday, 3 August 2013.
Grasim Industries said that the performance of the company during the quarter has been satisfactory considering the prolonged subdued economic environment in India and across the world.
On future business outlook, Grasim said that given the prevailing global economic conditions, coupled with the surplus capacity in China, the VSF industry continues to face a challenging environment in the immediate term. In Cement, the demand is expected to grow by 6% in FY 2014 due to the slowdown in GDP growth rate, the company said. It has the potential to recover to over 8% with the improvement in the economic environment, it added. Capacity expansions in VSF and Cement will provide additional volumes, driving growth and further consolidate the company's leadership, Grasim said. This will enable Grasim to move forward rapidly, with the recovery in the market, the company added. Grasim said it will continue to focus on cost reduction measures, improving asset productivity to maintain its position as the lowest cost producer and expanding specialty products portfolio for sustained shareholder value creation.
Metal stocks may gain as data indicated China's service industries showed the first pick-up in growth since March. China is the world's largest consumer of copper and aluminum.
IT stocks may edge higher as the rupee closed at record low on Friday, 2 August 20123. A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports. The rupee fell to a record closing low on Friday, posting its worst week in 22 months, raising concerns the RBI is losing the battle to prop up the currency while the government has yet to take any meaningful measures to bring in inflows. The partially convertible rupee closed at 61.10/11 per dollar on Friday compared with 60.43/44 on Thursday.
PSU OMCs may edge lower on weak rupee. The weakness in rupee raises concerns about increasing costs of importing oil. PSU OMCs import about 70-75% of their crude oil needs and rely heavily on foreign currency borrowings, which largely remain unhedged.
Markit Economics will unveil the result of a monthly survey on the performance of India's services sector for July 2013 today, 5 August 2013.
The monsoon session of the Parliament begins today, 5 August 2013. The session ends on 30 August 2013. The 26-day session is expected to take up for consideration several important legislations including Land Acquisition Bill, Insurance Bill, Pension Bill, Companies Bill and the Direct Tax Code Bill. Besides, the ordinance on Food Security Bill will come up for ratification.
Key benchmark indices edged lower in choppy trade on Friday, 2 August 2013 as better-than-anticipated US economic data raised expectations that the Federal Reserve will slow the pace of monetary stimulus to the US economy. Weakness in rupee and increase in bond yields weighed on sentiment. The S&P BSE Sensex lost 153.17 points or 0.79% to 19,164.02 on that day, its lowest closing level since 27 June 2013.
Foreign institutional investors (FIIs) bought shares worth a net Rs 283.79 crore on Friday, 2 August 2013, as per provisional data from the stock exchanges.
Asian stocks were mixed on Monday, 5 August 2013. Key benchmark indices in Hong Kong, China, and Taiwan rose by 0.07% to 0.19%. Key benchmark indices in Japan, Singapore, and South Korea fell by 0.26% to 0.95%.
China's service industries showed the first pick-up in growth since March, adding to signs the world's second-largest economy may be stabilizing after a two-quarter slowdown. The non-manufacturing Purchasing Managers' Index rose to 54.1 in July from 53.9 in June, the Beijing-based National Bureau of Statistics and China Federation of Logistics and Purchasing said on Saturday. An official gauge of manufacturing released 1 August 2013 showed an unexpected expansion.
US stocks rose on Friday as data showing employers added fewer workers than anticipated in July signaled the Federal Reserve will continue its stimulus efforts. The 162,000 increase in payrolls last month was the smallest in four months and followed a revised 188,000 rise in June that was less than initially estimated, Labor Department figures showed on Friday in Washington. Workers spent fewer hours on the job and hourly earnings fell for the first time since October. The unemployment rate dropped to 7.4% from 7.6%.
Consumer spending rose in line with forecasts in June as Americans' incomes grew, while orders placed with factories increased, pointing to further stabilization in manufacturing that may help lift second-half growth, separate reports showed.
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