The market may open higher on positive Asian stocks. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 17.50 points at the opening bell. Asian stocks climbed for a second day today, 7 May 2013, dominated by Japanese shares, on optimism central banks will continue to revive growth.
Mahindra & Mahindra (M&M) on Monday, 6 May 2013, announced the launch of the 'Bolero Maxi Truck Plus' (BMT Plus) -- a pick-up vehicle to cater to urban transportation needs. The vehicle has been priced at Rs 4.33 lakh (BS3) ex-showroom Thane and Rs 4.43 lakh (BS4), ex-showroom Mumbai excluding Octroi.
Speaking on the launch, Pravin Shah, Chief Executive, Automotive Division, M&M, said, "The Indian pick-up market is growing more rapidly than ever before and Mahindra has been leading this category (2-3.5 Ton GVW LCV segment) with a 54% market share during the year ended 31 March 2013. We have continuously updated and evolved our products to deliver greater value to our customers while retaining the basic tough and rugged DNA associated with Mahindra vehicles. The Bolero Maxi Truck Plus is aimed to cater to the transportation needs of the discerning urban city customer and will also meet the growing needs of current customers who want to upgrade and earn more. We are sure that the stylish new advanced Bolero Maxi Truck Plus will strengthen our Pickup portfolio and help consolidate our market share in this segment."
Emami's consolidated net profit rose 29.9% to Rs 93.99 crore on 13.2% rise in net sales to Rs 450.95 crore in Q4 March 2013 over Q4 March 2012. Emami's consolidated net profit rose 21.6% to Rs 314.74 crore on 16.9% rise in net sales to Rs 1699.10 crore in the year ended March 2013 over the year ended March 2012. The result was announced after market hours on Monday, 6 May 2013.
Meanwhile, Emami's board of directors at its meeting held on Monday, 6 May 2013, recommended issue of bonus shares in ratio of 1:2 i.e., one equity share for every two existing equity share held.
Index heavyweight Reliance Industries (RIL) led gains on the bourses on first trading day of the week on Monday, 6 May 2013. The S&P BSE Sensex advanced 98 points or 0.5% to settle at 19,673.64, its highest closing level since 2 May 2013.
Foreign institutional investors (FIIs) bought shares worth a net Rs 897.47 crore on Monday, 6 May 2013, as per provisional data from the stock exchanges.
The stock exchanges have decided to conduct a special trading session for a short duration on Saturday, 11 May 2013, as the Bombay Stock Exchange (BSE) is testing its disaster recovery software. Trading will start at 11:15 IST and end at 12:45 IST.
The focus of the market is on Q4 results. HDFC and Lupin unveil Q4 results tomorrow, 8 May 2013. Ranbaxy announces Q1 March 2013 results on the same day. Asian Paints and Punjab National Bank unveil Q4 results on Thursday, 9 May 2013. NTPC announces Q4 results on Friday, 10 May 2013. Bank of Baroda unveils Q4 results on 13 May 2013. Dr Reddy's Laboratories and Reliance Infrastructure unveil 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 and Tata Power unveil Q4 results on 30 May 2013.
Indian services sector growth eased sharply during April as new orders came in at a much slower pace, a business survey showed on Monday, 6 May 2013. The HSBC Services Purchasing Managers' Index, based on a survey of around 400 companies, fell to 50.7 in April 2013, its lowest since October 2011. It was the third straight month of decline, and took the index dangerously close to the 50 mark that separates growth from contraction. The index had stood at 51.4 in March. Services make up over 60% of India's economy.
The Central Statistics Office (CSO) will issue data on industrial production for March 2013 on Friday, 10 May 2013. Industrial production rose 0.6% in February 2013.
The Budget session of the Parliament ends on Friday, 10 May 2013.
The RBI on Friday, 3 May 2013, cut its key policy rate viz. the repo rate by 25 basis points (bps) to 7.25% and kept the cash reserve ratio (CRR) for banks unchanged at 4% after a monetary policy review. RBI said that the balance of risks stemming from its assessment of the growth-inflation dynamic provides little space for further monetary easing. The central bank said that with upside risks to inflation still significant in the near term in view of sectoral demand supply imbalances, ongoing correction in administered prices and pressures stemming from MSP increases, monetary policy cannot afford to lower its guard against the possibility of resurgence of inflation pressures. The RBI said it will endeavour to condition the evolution of inflation to a level of 5% by March 2014, using all instruments at its command.
The finance ministry in October 2012 announced a five-year plan to cut fiscal deficit. The government hopes to reduce the fiscal deficit to 3% by March 2017.
Asian stocks climbed for a second day today, 7 May 2013, dominated by Japanese shares, on optimism central banks will continue to revive growth. Key benchmark indices in Hong Kong, Singapore, Japan, China, Taiwan and Indonesia were up by 0.02% to 2.82%. South Korea's KOSPI Composite index shed 0.33%.
US stocks mostly advanced on Monday, continuing the S&P 500 index's record run above 1,600 after the April jobs report exceeded expectations. US nonfarm payrolls rose by 165,000 last month and the jobless rate fell to a four-year low of 7.5%, the Labor Department had said on Friday, 3 May 2013.
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