Trading of CNX Nifty futures on the Singapore stock exchange indicates a flat opening on the domestic bourses today, 29 May 2013. Tata Motors, ONGC, Cipla, NMDC and BPCL unveil Q4 results today, 29 May 2013. Asian shares were mostly higher on Wednesday as US stocks rallied to record highs overnight on signs of resilience in the US economy and expectations of continued monetary policy support.
Hindalco Industries' net profit declined 24.7% to Rs 482.03 crore on 8.6% fall in net sales to Rs 6915.59 crore in Q4 March 2013 over Q4 March 2012. The Q4 result was announced after market hours on Tuesday, 28 May 2013.
Sun Pharmaceutical Industries' consolidated net profit rose 23.3% to Rs 1011.56 crore on 31.8% rise in net sales to Rs 3071.49 crore in Q4 March 2013 over Q4 March 2012. The company announced its Q4 results after market hours on Tuesday, 28 May 2013.
Sun Pharmaceutical Industries said that the board of directors of the company at its meeting held on Tuesday, 28 May 2013, has recommended payment of dividend of Rs 5 per shares (pre bonus) for the year ended 31 March 2013. Further the company's board also recommended a liberal 1:1 bonus issue.
Neyveli Lignite Corporation's net profit rose 1.6% to Rs 614.79 crore on 9.5% rise in net sales to Rs 1653.35 crore in Q4 March 2013 over Q4 March 2012. The company announced its Q4 results after market hours on Tuesday, 28 May 2013.
HPCL's net profit jumped 65.8% to Rs 7679.33 crore on 16.9% rise in net sales to Rs 61237.91 crore in Q4 March 2013 over Q4 March 2012. The company announced its Q4 results after market hours on Tuesday, 28 May 2013.
Power Grid Corporation of India's net profit rose 7.5% to Rs 1109.44 crore on 8.8% rise in net sales to Rs 3373.76 crore in Q4 March 2013 over Q4 March 2012. The company announced its Q4 results after market hours on Tuesday, 28 May 2013.
Pidilite Industries' consolidated net profit rose 51.3% to Rs 118.99 crore on 20.7% rise in net sales to Rs 927 crore in Q4 March 2013 over Q4 March 2012. The company announced its Q4 results after market hours on Tuesday, 28 May 2013.
Sun TV Network's promoter Kalanithi Maran has offered for sale an aggregate of 78.81 lakh shares representing 2% of the equity share capital of the company, exclusively through the seller's brokers on the separate window provided by the stock exchanges for this purpose. The sale shall take place today, 29 May 2013.
Godrej Industries' consolidated net profit jumped 119% to Rs 94 crore on 0.47% decline in total income to Rs 1472 crore in Q4 March 2013 over Q4 March 2012. The result was announced after market hours on Tuesday, 28 May 2013.
Godrej Industries' consolidated profit before depreciation, interest and taxation (PBDIT) surged 35% to Rs 118 crore in Q4 March 2013 over Q4 March 2012. Profit before tax (PBT) jumped 73% to Rs 78 crore in Q4 March 2013 over Q4 March 2012.
Godrej Industries' consolidated net profit jumped 34% to Rs 391 crore on 24% growth in total income to Rs 7198 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012). PBDIT surged 30% to Rs 596 crore in FY 2013 over FY 2012. PBT surged 47% to Rs 426 crore in FY 2013 over FY 2012.
Commenting on the company's performance in Q4 and FY 2013, Mr. A B Godrej, Chairman, Godrej Industries said, I am pleased to share with you that our overall performance in fiscal year 2012-13 has been good despite economic uncertainty in the global scenario. Our agri businesses recorded encouraging growth in a challenging environment and despite a highly irregular monsoon. With our focus on adding innovative products and with new capacities, our agri businesses will continue on its growth momentum in the years to come. Godrej Seeds, launched last year made good progress during the year and we are positive about its potential. Godrej Properties witnessed a year of strong growth and continued momentum with revenues, booking and net profits growing significantly. Having added 8 new projects in 2013, which include 5 redevelopment projects in Mumbai, we are meaningfully expanding our presence. Further, we have built considerable launch momentum this year with thirteen successful launches across the country including Mumbai, NCR, Bangalore, Pune, Ahmedabad and Kolkata. Our national presence, strong brand equity, differentiated business model and a large number of new projects should enable us to deliver strong growth in the coming years. Godrej Consumer Products had a good year and delivered robust performance in the domestic and international markets. Intensified focus on innovation and backing new products with strong marketing investments has helped us sustain leadership position in our core categories. Going forward, we remain optimistic of continuing the strong growth momentum. For our Chemicals business, it has been a tough year on account of the volatility in the global macro economic environment and raw material price fluctuations. We believe that these challenges are transitory.
At Godrej Industries, we will continue to strengthen our core businesses and harness opportunities in a diverse array of businesses. Our growth-centric strategy has enabled us to create value over the long-term and we are confident of continuing to deliver value for all our stakeholders going forward, Mr. Godrej said.
Godrej Industries' board of directors at a meeting held on Tuesday, 28 May 2013, declared final dividend of Rs 1.75 per share for FY 2013.
Key benchmark indices gained for third day in a row on Tuesday, 28 May 2013 on firm European and Asian stocks. The S&P BSE Sensex was up 130.05 points or 0.65% to 20,160.82, its highest closing level since 20 May 2013.
Foreign institutional investors (FIIs) bought shares worth a net Rs 711.12 crore on Tuesday, 28 May 2013, as per provisional data from the stock exchanges.
As per the Q4 results calendar, DLF, M&M and Tata Power unveil Q4 results tomorrow, 30 May 2013.
The market may remain volatile 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 on Thursday, 30 May 2013.
On a the macro front, the government will announce Q4 March 2013 gross domestic product (GDP) data on Friday, 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.
Global credit rating agency Standard & Poor's (S&P) on 17 May 2013, affirmed India's sovereign rating at BBB-minus with a negative outlook, reiterating there was a one-in-three chances of a ratings downgrade over the next 12 months. S&P said the government's ability to prop up investment growth remains uncertain. The ratings agency, however, said there was scope to upgrade the sovereign ratings if the government unleashes public and private investments to spur economic growth.
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 shares were mostly higher on Wednesday as US stocks rallied to record highs overnight on signs of resilience in the US economy and expectations of continued monetary policy support. Key benchmark indices in Japan, Taiwan, South Korea, and China rose by 0.09% to 0.77%. Key benchmark indices in Indonesia, Singapore and Hong Kong fell by 0.03% to 0.8%.
US stocks climbed on Tuesday, bouncing back from last week's losses after data showed consumer confidence rising in May and the real-estate market picking up speed.
The Conference Board reported confidence rose to a five-year high in May, with consumers more upbeat about the economy over the next six months.
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