The market is likely to open lower on negative Asian stocks. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could fall 11.50 points at the opening bell. DLF, M&M and Tata Power unveil Q4 results today, 30 May 2013. The market may remain volatile today, 30 May 2013 as traders roll over positions in the futures & options (F&O) segment from the near-month May 2013 series to June 2013 series. The May 2013 derivatives contracts expire today, 30 May 2013. Asian stocks declined on Thursday, undermined by an overnight pullback in global equities as investors assessed the implications of a potential softening of the Federal Reserve's massive monetary stimulus programme.
Shares of ICICI Bank turn ex-dividend today, 30 May 2013 for a dividend of Rs 20 for the year ended 31 March 2013.
Shares of Infosys turn ex-dividend today, 30 May 2013 for a final dividend of Rs 27 for the year ended 31 March 2013.
Pharma major Cipla's net profit fell 8.3% to Rs 268 crore on 4.9% growth in revenue to Rs 1982 crore in Q4 March 2013 over Q4 March 2012. The result was announced after market hours on Wednesday, 29 May 2013. Cipla's revenue from India operations rose 5.2% to Rs 793 crore in Q4 March 2013 over Q4 March 2012. The growth in revenue from the domestic business was largely on account of growth in anti-asthma, anti-biotics/infectives, and cardiovascular therapy segments. Exports of formulations rose 11.5% to Rs 954 crore in Q4 March 2013 over Q4 March 2012. Exports of active pharmaceutical ingredients (APIs) fell 24% to Rs 175 crore in Q4 March 2013 over Q4 March 2012. The company attributed growth in overall export revenue to growth in anti-asthma, anti-allergic, anti-depressants, and anti-retroviral segments.
Auto major Tata Motors' consolidated net profit declined 36.71% to Rs 3945 crore on 10% growth in revenue to Rs 56002 crore in Q4 March 2013 over Q4 March 2012. The fall in bottom line was due to base effect. Tata Motors had accounted for a large tax credit in Q4 March 2012. Tata Motors' British luxury car unit Jaguar Land Rover (JLR) had accounted for tax credit of 225 million pounds (Rs 1794 crore) in Q4 March 2012 for past income tax losses. Tata Motors' profit before tax (PBT) rose 6.1% to Rs 4694 crore in Q4 March 2013 over Q4 March 2012. Tata Motors attributed revenue growth to strong demand, growth in volumes and favourable market mix at JLR and favourable operating foreign exchange at the British luxury car unit. The result was announced after market hours on Wednesday, 29 May 2013.
Due to weak operating environment in the commercial vehicles and passenger car business in India, the board of Tata Motors pruned dividend to Rs 2 per share for the year ended 31 March 2013 (FY 2013) from Rs 4 per share for the year ended 31 March 2012 (FY 2012).
State-run oil exploration major ONGC's net profit declined 39.96% to Rs 3388.71 crore on 12.87% growth in total income from operations (net) Rs 21829.86 crore (Rs 19339.94 crore) in Q4 March 2013 over Q4 March 2012. The decline in net profit despite lower subsidy sharing burden was due to exceptional one-time expenses. ONGC said an amount of Rs 1850 crore has been provided for in Q4 March 2013 on account of difference of employer's contribution towards superannuation benefits up to 30% as per guidelines issued by Department of Public Enterprises (DPE) for the period from 1 January 2007 to 31 March 2013. The result was announced after market hours on Wednesday, 29 May 2013.
ONGC gave a subsidy discount of Rs 12312 crore in Q4 March 2013, which was lower than Rs 14170 crore in Q4 March 2012. The subsidy discount impacted the profit before tax (PBT) by Rs 10214 crore and profit after tax (PAT) by Rs 6900 crore. ONGC shares the under recoveries of state-run oil marketing companies (PSU OMCs) by allowing discount in the prices of crude oil, PDS kerosene, and domestic LPG based on the rates of discount communicated by the Ministry of Petroleum and Natural Gas and the Petroleum Planning and Analysis Cell.
NMDC reported 10.8% fall in net profit to Rs 1464.95 crore on 23.5% rise in net sales to Rs 3202.10 crore in Q4 March 2013 over Q4 March 2012. The result was announced after market hours on Wednesday, 29 May 2013.
Key benchmark indices registered small losses on Wednesday, 29 May 2013, snapping three-day winning streak, as weakness in European stocks and lower US index futures weighed on sentiment. The S&P BSE Sensex lost 13.18 points or 0.07% to 20,147.64, its lowest closing level since 27 May 2013.
Foreign institutional investors (FIIs) bought shares worth a net Rs 643.81 crore on Wednesday, 29 May 2013, as per provisional data from the stock exchanges.
On the macro front, the government will announce Q4 March 2013 gross domestic product (GDP) data tomorrow, 31 May 2013. India's GDP grew 4.5% in Q3 December 2012, sharply slower than the 5.3% expansion reported for Q2 September 2012.
The Reserve Bank of India (RBI) undertakes mid-quarter review of the monetary policy on 17 June 2013. RBI Governor D Subbarao on 14 May 2013 said that the central bank will take note of falling inflation when discussing potential interest rate cuts. The RBI on 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 at that time that the balance of risks stemming from its assessment of the growth-inflation dynamic provides little space for further monetary easing. 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 declined on Thursday, undermined by an overnight pullback in global equities as investors assessed the implications of a potential softening of the Federal Reserve's massive monetary stimulus programme. Key benchmark indices in Hong Kong, Singapore, South Korea, Japan, China, Taiwan and Indonesia were down by 0.09% to 2.75%.
US stocks fell sharply on Wednesday, with Wall Street giving back the prior day's gains, amid worries over global-growth prospects and fears the Federal Reserve will begin to scale back its bond-buying program.
Powered by Capital Market - Live News
