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 37 points at the opening bell.
Coromandel International, Engineers India, Glenmark Pharmaceuticals, Karnataka Bank, Mahindra Lifespace Developers and SKS Microfinance will announce their October-December 2013 earnings today, 24 January 2014.
Ranbaxy Laboratories announced before market hours that the US Food and Drug Administration notified the company that it is prohibited from manufacturing and distributing active pharmaceutical ingredients (APIs) from its facility in Toansa, India, for FDA-regulated drug products. The Toansa facility is now subject to certain terms of a consent decree of permanent injunction entered against Ranbaxy in January 2012.
Subsequent to the Form 483 issued in early January 2014, Ranbaxy voluntarily and proactively suspended shipments of API from this facility to the US market when it received the inspection findings. Ranbaxy is disappointed with the recent FDA action and would like to apologize to all its stakeholders in for the inconvenience caused by the suspension of shipment.
Ranbaxy is committed to highest standard of patient safety and quality, and shall constantly endeavour to strengthen its systems and processes. Ranbaxy will cooperate with the FDA and shall comply with the Consent Decree in both the letter and spirit, it said.
Canara Bank turns ex-dividend today, 24 January 2014 for the interim dividend of Rs 6.50 per share for the year ending 31 March 2014.
Cairn India said after market hours on Thursday, 23 January 2014 reported 14% fall in consolidated net profit to Rs 2884 crore on 17% rise in revenue to Rs 5000 crore in Q3 December 2013 over Q3 December 2012. Earnings before interest, taxation, depreciation and amortization (EBITDA) margin fell to 71.1% in Q3 December 2013 from 75.8% in Q3 December 2012.
Cairn India said that Q3 December 2013 profit was impacted primarily due to a foreign exchange loss on the dollar deposits with the strengthening of the Rupee to US dollar.
Cairn India's average oil price realization rose to $96.4/bbl in Q3 December 2013 from $96.3/bbl in Q3 December 2012, while average gas price realization rose to $5.9 per thousand standard cubic feet (mscf) in Q3 December 2013 from $4.8/mscf in Q3 December 2012.
Mr. Elango P, Whole time Director, Cairn India said: "Cairn remains committed to discover new resources and deliver accelerated value from its assets. Our focus on execution is yielding results. Production rose by over 5% compared with the previous quarter and we remain on track to meet the full year exit guidance of over 225,000 boepd. With strategic focus on increasing ultimate recovery from operating fields, we have commenced execution of Polymer Flood Enhanced Oil Recovery project at Mangala, making us one of the front runners in technology adoption. The renewed exploration and appraisal programme during 2013 resulted in 3 discoveries in Rajasthan and declaration of commerciality of Nagayalanka discovery in KG-Onshore block. Our strategy of active exploration across the portfolio opens up potential for resource accretion in the near term. We are keen on evaluating the blocks in NELP-X announced by MoPNG recently, to build on our exploration led growth in India."
Bharti Airtel said after market hours on Thursday, 23 January 2014 that the company and/or its subsidiaries frequently seeks as well as receives proposals from various groups / companies for potential transactions and evaluates various opportunities as and when available. The company, as a matter of policy, does not wish to comment on the present speculative news items and if required will make necessary disclosures at an appropriate time. The company further confirms that it has not released any specific information pertaining to the news report, Bhart Airtel said in a statement.
Bharti Airtel made the clarification with reference to the media report indicating that Bharti Airtel may sell towers in Nigeria for $550 million.
GMR Infrastructure will be in focus as a meeting of the board of directors of the company has been scheduled today, 24 January 2014, to consider raising funds through foreign currency convertible bonds or any other securities.
The Reserve Bank of India's Third Quarter Review of Monetary Policy for 2013-14 is scheduled on 28 January 2014. The RBI kept its main lending rate viz. the repo rate unchanged after its last policy review in December and said at that time that it expected inflation to ease in the following months.
Small gains took the barometer index, the S&P BSE Sensex, to a record closing high and the 50-unit CNX Nifty to its highest closing level in more than six weeks on Thursday, 23 January 2014. The S&P BSE Sensex was up 35.99 points or 0.17% to 21,373.66 on that day, a record closing high.
Foreign institutional investors (FIIs) bought shares worth a net Rs 433.60 crore on Thursday, 23 January 2014, as per provisional data from the stock exchanges.
Asian stocks extended losses on Friday. Key benchmark indices in Japan, South Korea, Singapore, Indonesia, Taiwan and Hong Kong were down 0.07% to 1.54%. China's Shanghai Composite rose 0.78%.
US stocks closed sharply lower on Thursday as weak economic data from China prompted investors to sell resource stocks and emerging-markets assets and seek safety in bonds, gold, and high-dividend paying sectors.
An early gauge of US manufacturing dipped in January from the prior month, but some of the slowdown was due to cold weather, Markit reported Thursday. The US flash purchasing managers index slipped to 53.7 in January, down from December's level of 55, which was an 11-month high. This is the slowest improvement in conditions since October. US initial jobless claims rose slightly to 326,000 last week. The leading economic index rose 0.1% in December, marking its sixth gain in a row, the nonprofit Conference Board said Thursday. In the housing sector, sales of existing homes rose 1% in December to a 4.98 million annual rate, while the median sale price climbed 9.9% to $198,000.
The Federal Open Market Committee (FOMC) holds a two-day monetary policy meeting on 28 and 29 January 2014. By a 9-to-1 vote, the Fed on 18 December 2013 decided to trim its asset-purchase program by $10 billion to $75 billion per month starting in January 2014.
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