The market may edge higher in early trade tracking mostly higher Asian stocks. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 24.50 points at the opening bell. The stock market remained closed on Wednesday, 2 October 2013, on account of Mahatma Gandhi Jayanti.
Coal India said after market hours on Tuesday, 1 October 2013 that Coal India and its subsidiaries achieved 99% of targeted production at 33.16 million tonnes in September 2013. It achieved 103% of targeted offtake at 35.79 million tonnes in September 2013.
Sun Pharmaceutical Industries an international specialty pharmaceutical company focused on chronic diseases, through its subsidiary, and Intrexon Corporation, a leader in synthetic biology, after market hours on Tuesday, 1 October 2013 announced the formation of a joint venture to develop controllable gene-based therapies for the treatment of ocular diseases that cause partial or total blindness in millions of people worldwide. Initial targets are dry age-related macular degeneration (AMD), glaucoma and retinitis pigmentosa. The joint venture will leverage Sun Pharma's global capabilities and experience in developing and manufacturing complex dosage forms and specialty pharmaceuticals for niche therapy areas. Intrexon and Sun Pharma will share in both the financing of, and the revenues from, the joint venture.
Through an Exclusive Channel Collaboration (ECC), the joint venture will have access to Intrexon's full suite of proprietary synthetic biology technologies, including the RheoSwitch Therapeutic System (RTS) platform. RTS is a clinically validated method for controlling the location, concentration and timing of protein expression. RTS may address a long-standing limitation of current approaches by enabling patients to receive a targeted biologic therapy without having to endure a lifetime of injections. In addition to the initial targets, the companies intend to further expand the future pipeline of targeted ocular diseases to potentially include wet AMD, macular edema, non-infectious uveitis and diabetic retinopathy.
Bajaj Auto said before market hours today, 3 October 2013 that total sales rose 2% to 3.67 lakh vehicles in September 2013 over September 2012. Motorcycle sales rose 3% to 3.23 lakh units in September 2013 over September 2012. Commercial vehicles sales fell 2% to 43,936 units in September 2013 over September 2012. Exports rose 10% to 1.46 lakh units in September 2013 over September 2012.
Tata Motors' said after market hours on Tuesday, 1 October 2013 that total sales (including exports) of Tata commercial and passenger vehicles in September 2013 were 50,427 vehicles. The company's domestic sales of Tata commercial and passenger vehicles for September 2013 were 45,998 units. The company's sales of commercial vehicles in September 2013 in the domestic market were 33,119 units, LCV sales were 24,304 units, while M&HCV sales stood at 8,815 units. Sales of passenger vehicles for September 2013 were at 12,879 units. Sales of the Nano/ Indica/ Indigo range in September 2013 were 9,766 units. The Sumo/ Safari/ Aria/ Venture range sales were 3,113 vehicles. The company's sales from exports were 4,429 units in September 2013.
Key benchmark indices edged higher on the first trading day of October 2013 on Tuesday, 1 October 2013 as the rupee nudged higher against the dollar after data released by the Reserve Bank of India (RBI) on Monday, 30 September 2013, showed a lower-than-expected current account deficit in Q1 June 2013. The S&P BSE Sensex garnered 137.38 points or 0.71% to settle at 19,517.15 on that day, its highest closing level since 27 September 2013.
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Foreign institutional investors (FIIs) sold shares worth a net Rs 106.96 crore on Tuesday, 1 October 2013, as per provisional data from the stock exchanges.
Asian stocks rose on Thursday led by material and energy shares, as investors watched for progress on ending a budget impasse that has shut down the US government. Key benchmark indices in Japan, Hong Kong, Taiwan and Indonesia rose 0.01% to 1.37%. Singapore' Straits Times fell 0.13%. China's local markets are shut till 7 October 2013 for National Day holidays. South Korea's stock market is also closed today.
US stocks fell on Wednesday as investors watched for progress on ending an impasse over federal spending that shut down the government a second day. The US government has been in partial shutdown for two days after lawmakers failed to agree on a federal budget. President Barack Obama summoned the top four leaders of Congress to the White House for the first high-level talks on reopening the US government and raising the debt ceiling.
A report showed companies added fewer workers than projected in September, indicating the job market is struggling to gain momentum. The 166,000 increase in employment followed a revised 159,000 rise in August that was smaller than initially estimated, according to the ADP Research Institute in Roseland, New Jersey.
The Federal Open Market Committee (FOMC) holds a two-day policy meeting on 29-30 October 2013. On 18 September 2013, the Fed surprised economists and investors with its decision to delay scaling back its stimulus amid concerns about the strength of the economic recovery.
Moody's Investors Service lowered its outlook on Brazil's sovereign rating to stable from positive, citing deteriorating debt and investment ratios and evidence the economy is going through a low-growth period. "Even though there are signs that the Brazilian economy may be starting to recover, Moody's view is that, if and when the upturn materializes, it is unlikely that it will be strong enough to restore a positive trend in Brazil credit metrics," Moody's said in a statement dated 2 October 2013. Moody's affirmed Brazil's Baa2 government bond rating.
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