The market may extend three-day losses on weak Asian stocks. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could fall 41 points at the opening bell. Two sets of economic data released after market hours on Thursday showed a sharp spike in consumer price inflation in November and a worse-than-expected contraction in industrial production in October.
Asian stocks fell on Friday as improving US economic data boosted bets the Federal Reserve will reduce stimulus as early as next week.
Mahindra & Mahindra (M&M) after market hours on Thursday, 12 December 2013, announced that it would be raising the prices of its passenger as well as its commercial vehicles by up to 2%. The price hike will be effective from 1 January 2014. The price increase is primarily due to rising materials, input and freight costs, M&M said.
Commenting on the price hike, Pravin Shah, Chief Executive, Automotive Division, M&M, said: "We have been holding back prices for a while but now it has become necessary to raise them to partly compensate the increase in materials, input and freight costs. As always, Mahindra remains committed to its customers".
Sun Pharmaceutical Industries after market hours on Thursday, 12 December 2013, announced that the US FDA has granted its subsidiary final approval for its Abbreviated New Drug Application (ANDA) to market a generic version of Cymbalta, Duloxetine Delayed-Release Capsules USP, 20 mg, 30 mg and 60 mg. Duloxetine Delayed-Release Capsules USP, 20 mg, 30 mg and 60 mg are therapeutic equivalents of Eli Lilly & Company's Cymbalta Delayed-Release Capsules. These Capsules have annual sales of approximately $5.5 billion in the US. Duloxetine Delayed-Release Capsules USP are indicated for the treatment of major depressive disorder (MDD), generalized anxiety disorder (GAD) and diabetic peripheral neuropathic pain (DPNP).
Sun Pharma's subsidiary, being one of the first-to-file ANDAs for generic Cymbalta with a para IV certification, is eligible for shared 180-day marketing exclusivity in the US.
State Bank of India (SBI) after market hours on Thursday, 12 December 2013 said that the Executive Committee of Central Board (ECCB) of the bank, in its meeting held on Thursday, 12 December 2013, has accorded its approval to fix the issue price at Rs 1,782.74 per share of face value of Rs 10, including a premium of Rs 1772.74 per share, and accordingly, to issue 1.12 crore equity shares, ranking pari-passu with the existing equity shares of the bank in all respects, on preferential basis to Government of India (Gol), for a consideration of Rs 1999.99 crore.
The price for preferential issue has been arrived at in accordance with the Sebi (Issue of Capital and Disclosure Requirements) Regulations, 2009, taking into consideration 29 November 2013 as the relevant date, SBI said.
The GoI held 62.31% stake in SBI (as per the shareholding pattern as on 30 September 2013).
Ranbaxy Laboratories clarifying on the media reports, pharma CEO Kin stocking up on Ranbaxy shares responded after market hours on Thursday, 12 December 2013 that since the identity of the CEO and his relative has not been disclosed in the news item, therefore the company are unable to provide any information/disclosure about the purchase of shares by the said person in the company. Further, Daiichi Sankyo Company, (promoters of the company) have confirmed that they have no intention to delist the shares of the company, it said.
Syndicate Bank after market hours on Thursday, 12 December 2013 said it has fixed minimum issue price at Rs 88.36 per share for the proposed issue of 2.26 crore equity shares of face value of Rs 10 each aggregating to Rs 200 crore to Government of India (GoI) by way of preferential allotment basis. The bank will hold an Extraordinary General Meeting of the shareholders on 10 January 2014. The Government of India (GoI) held 66.17% stake in Syndicate Bank (as per the shareholding pattern as on 30 September 2013).
Indraprastha Gas after market hours on Thursday, 12 December 2013 said that the next date of listing in the matter pertaining to the special leave petition (SLP) filed by Petroleum & Natural Gas Regulatory Board (PNGRB) against the Delhi High Court's order dated 1 June 2012 is 29 January 2014, as per case status available on the website of Supreme Court of India.
It may be recalled that the Delhi High Court in its judgement on 1 June 2012 had quashed the PNGRB order dated 9 April 2012. The Delhi High Court in its judgement said that PNGRB has no power to fix any component of Network Tariff or Compression Charges for any entity such as petitioner (Indraprastha Gas) having its own distribution network.
The PNGRB had on 9 April 2012, ordered Indraprastha Gas to cut network tariff by around 60% retrospectively from April 2008. Indraprastha Gas had approached the Delhi High Court over the constitutionality and legality of the powers of PNGRB to fix network tariffs.
Provisional annual inflation rate based on all India general consumer price index (CPI) (combined) rose 11.24% in November 2013 as compared to 10.17% (final) for the previous month of October 2013. The corresponding provisional inflation rates for rural and urban areas for November 2013 are 11.74% and 10.53% respectively. Inflation rates (final) for rural and urban areas for October 2013 are 10.19% and 10.20% respectively. The data was announced after market hours on Thursday, 12 December 2013.
Index of industrial production (IIP) declined 1.8% in October 2013, against 2.0% growth in the previous month September 2013. The decline in the output of manufacturing sector at 2.0% and mining sector at 3.5% mainly led to decline in IIP for October 2013. Meanwhile, the marginal 1.3% growth in the electricity generation restricted further dip in industrial production during October 2013.
The IIP growth for the month of September 2013 has been retained unchanged at 2.0%, while the growth for the month of July 2013 has been scaled down to 2.6% from 2.8% reported at first revision. However, the final growth rate for July 2013 is similar to the provisional level of 2.6%. The data was announced after market hours on Thursday, 12 December 2013.
The government will unveil data on inflation based on the wholesale price index (WPI) for November 2013 on 16 December 2013. WPI is seen easing a bit at 6.9% in November 2013, from 7% in October 2013, as per the median estimate of a poll of economists carried out by Capital Market.
The Reserve Bank of India (RBI) announces next Mid-Quarter Review of Monetary Policy for 2013-14 on 18 December 2013. The Third Quarter Review of Monetary Policy for 2013-14 is scheduled 28 January 2014.
Key benchmark indices edged lower in volatile trade on Thursday, 12 December 2013 on speculation a US budget agreement will boost prospects for the US Federal Reserve to start tapering its monetary stimulus for the US economy. The S&P BSE Sensex lost 245.80 points or 1.16% to settle at 20,925.61 on that day, its lowest closing level since 4 December 2013.
Foreign institutional investors (FIIs) bought shares worth a net Rs 187.81 crore on Thursday, 12 December 2013, as per provisional data from the stock exchanges.
Asian stocks fell on Friday as improving US economic data boosted bets the Federal Reserve will reduce stimulus as early as next week. Key benchmark indices in China, South Korea, Indonesia, Singapore, and Hong Kong were off 0.33% to 0.6%. Key benchmark indices in Taiwan and Japan rose 0.02% to 0.41%.
US stocks fell a third day on Thursday, sending the Standard & Poor's 500 Index to a one-month low, as improving economic data spurred speculation the Federal Reserve will cut stimulus as early as next week.
Data showed retail sales rose more than forecast in November as Americans bought cars and took advantage of discounts going into the holiday-shopping season. A separate report indicated applications for unemployment benefits jumped last week from an almost three-month low.
The US House passed the first bipartisan federal budget in four years, which would ease $63 billion in automatic spending cuts and avert another government shutdown. The legislation now heads to the Senate. The House voted 332-94 for the $1.01 trillion compromise budget crafted by Senator Patty Murray and Representative Paul Ryan, the chairman of a special bipartisan panel. President Barack Obama said he'll sign the final measure.
The Federal Open Market Committee (FOMC) holds a two-day policy meeting on interest rates in the United States on 17-18 December 2013. The US central bank currently buys bonds worth $85 billion a month in a bid to hold interest rates low and encourage economic growth in the world's biggest economy. Minutes of the Fed's October meeting released on 20 November 2013 showed officials may reduce their $85 billion a month of bond buying if the economy improves as anticipated.
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