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 18 points at the opening bell. Asian stocks declined on Friday as speculation the Federal Reserve will reduce stimulus in coming months overshadowed improving China manufacturing data.
Auto and cement stocks will be in focus as the companies from these sectors start unveiling their monthly sales volume data for October 2013 from today, 1 November 2013.
Sesa Sterlite's consolidated net profit jumped 358.65% to Rs 2394.37 crore on 8410.59% jump in total income to Rs 26266.22 crore in Q2 September 2013 over Q2 September 2012. The company announced result after market hours on Thursday, 31 October 2013. Consequent to the restructuring exercise, the results for the quarter and half year ended 30 September 2013 and the figures in respect of earnings per share are not comparable with previous / comparable periods presented. Previous / Year figures have been regrouped / rearranged wherever necessary.
PSU OMCs will be in focus as petrol price was on Thursday cut by Rs 1.15 a litre, the second reduction in rates in a month, while diesel prices were raised by 50 paise per litre. The price changes announced by oil companies are excluding local sales tax or VAT and will be effective from Friday, 1 November 2013, oil companies announced.
Metal stocks may gain as a Chinese manufacturing gauge rose more than estimated to an 18-month high in October. China is the world's largest consumer of copper and aluminum.
The Reserve Bank of India on Thursday notified that Tata Motors has passed resolutions at their board of directors' level and a special resolution by the shareholders, to enhance the limit for purchase of its equity shares with Differential Voting Rights or 'A' Type Ordinary Shares by Foreign Institutional Investors (FIIs). Accordingly, FIIs may now purchase up to 75%of the company's equity shares with Differential Voting Rights or 'A' Type Ordinary Shares paid up capital through the primary market and stock exchanges under the Portfolio Investment Scheme. Further, the FII holding ceiling limit for Ordinary Shares paid-up capital of the company will remain unchanged at 35%.
IDFC's consolidated net profit rose 2.33% to Rs 486.75 crore on 5.33% growth in total income to Rs 2149.01 crore in Q2 September 2013 over Q2 September 2012. The result hit the market after trading hours on Thursday, 31 October 2013.
L&T after market hours on Thursday, 31 October 2013, said it is looking to sell upto 1.71 crore shares or 1% stake in subsidiary L&T Finance Holdings in the next three months to enable the L&T Finance Holdings comply with the minimum public shareholding norms.
Bank of India said after market hours on Thursday, 31 October 2013 that the board of directors of the bank at its meeting held on 31 October 2013, have approved the raising of Tier-1 capital by issue of fresh equity shares to the Government of India (Promoters) aggregating Rs 1000 crore (inclusive Premium amount), on preferential basis, subject to necessary approvals.
HCL Technologies said after market hours on Thursday, 31 October 2013 that the limit for purchase of the equity shares of company under the Portfolio Investment Scheme, under Foreign Exchange Management Act 1999 by Foreign Institutional Investors (Fll's) through primary market and stock exchanges is increased from 30% to 49% of the paid up equity share capital of the company. The said limit is increased with effect from 31 October 2013, as notified by the Reserve Bank of India.
Trading in shares of Marico begins today, 1 November 2013, as a pure FMCG company. It may be recalled that Marico had announced demerger of its skin care business under the Kaya brand into a separate company called Marico Kaya Enterprises (MaKE). The board of directors of Marico and MaKE have fixed 5 November 2013 as the record date for determining the shareholders to whom 1 fully paid share of MaKE with a face value of Rs 10 each shall be issued for every 50 fully paid shares held in Marico.
Glenmark Pharmaceuticals after market hours on Thursday, 31 October 2013 reported 1.56% fall in consolidated net profit to Rs 154.29 crore on 16.56% increase in revenue to Rs 1463 crore in Q2 September 2013 over Q2 September 2012.
"Despite challenges in the operating environment, we have managed to register decent sales growth of 17% on the back of good performances by our US and India businesses. We have been also making steady progress on the Innovation R&D front with our 4 NCE & NBE molecules in clinical trials. Although the operating environment continues to remain challenging in emerging markets, we are reasonably confident of continuing on the same growth trajectory, said Glenn Saldanha, Chairman & MD, Glenmark Pharmaceuticals.
Key benchmark indices surged on the last trading session of the month on 31 October 2013, with market sentiment boosted by data showing that foreign funds remained net buyers of Indian stocks on Wednesday, 30 October 2013. The S&P BSE Sensex garnered 130.55 points or 0.62% to settle at 21,164.52 on that day, a record closing high.
Foreign institutional investors (FIIs) bought shares worth a net Rs 1875.87 crore on Thursday, 31 October 2013, as per provisional data from the stock exchanges.
Markit Economics will unveil HSBC India Manufacturing PMI, which gauges the business activity of India's factories, for October 2013 today, 1 November 2013. The HSBC Manufacturing PMI, compiled by Markit, rose to 49.6 in September from 48.5 in August, but remained below the watershed 50 mark that separates growth from contraction.
The Eight Core Industries having a combined weight of 37.90% in the Index of Industrial Production (IIP) rose 8% in September 2013, posting highest growth in last 12-months.
Fiscal deficit was Rs 4.12 lakh crore during April-September 2013, or 76% of the full-year target, government data showed on Thursday, 31 October 2013. In the annual budget presented in February, Finance Minister P. Chidambaram had committed to narrow the fiscal deficit to 4.8% of gross domestic product (GDP) this fiscal year from 4.9% a year ago.
Asian stocks declined on Friday as speculation the Federal Reserve will reduce stimulus in coming months overshadowed improving China manufacturing data. Key benchmark indices in China, Japan, Hong Kong, Taiwan, Indonesia, and Singapore shed 0.03% to 0.74%. South Korea's Kospi rose 0.22%.
A Chinese manufacturing gauge rose more than estimated to an 18-month high in October as output strengthened, adding to evidence the nation's economic recovery is sustaining momentum. The Purchasing Managers' Index was at 51.4, the National Bureau of Statistics and China Federation of Logistics and Purchasing said today in Beijing.
US stocks fell on Thursday after the first drop in five days for the Standard & Poor's 500 Index yesterday, as investors assessed corporate earnings and speculated on when the Federal Reserve will cut stimulus.
US data yesterday showed the biggest jump in a gauge of business activity in more than three decades and a drop in jobless claims. Fewer Americans filed applications for unemployment benefits last week as a backlog in California's reporting cleared. Jobless claims decreased by 10,000 to 340,000 in the week ended Oct. 26 from 350,000 the prior period, the Labor Department reported Thursday in Washington.
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