Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 2 points at the opening bell. Markit Economics will unveil HSBC India Manufacturing PMI, which gauges the business activity of India's factories, for March 2013 today, 1 April 2013. The HSBC India Manufacturing Purchasing Managers' Index (PMI) had risen to 54.2 in February from 53.2 in January.
Markit Economics will unveil the result of a monthly survey on the performance of India's services sector for March 2013 on Wednesday, 3 April 2013. The HSBC services Purchasing Managers' Index, based on a survey of around 400 companies, fell to 54.2 in February from a one-year high of 57.5 in January. Services make up over 60% of India's economy
Cadila Healthcare said on Saturday, 30 March 2013, that it has received tentative approval from the USFDA for Amlodipine Besylate and Benazepril Hydrochloride capsules, n the strengths of 2.5mg/10mg, 5mg/10mg, 5mg/20mg and 10mg/20mg. The drug falls in the anti-hypertensve segment. Amlodipine Besylate and Benazepril Hydrochloride capsules had estimated sales of $348.8 million in 2012 in the United States as per IMS Health data.
IndusInd Bank and NMDC become a part of the 50-unit CNX Nifty index with effect from today, 1 April 2013. These two stocks replace Siemens and Wipro in Nifty.
Auto and cement stocks will be in focus as companies from these two sectors start unveiling monthly sales volume data for March 2013 from today, 1 April 2013.
HCL Technologies announced after market hours on Thursday, 28 March 2013, that it has divested its entire 49% stake in NEC HCL System Technologies (NHST), a joint venture between HCL Technologies and NEC Corporation, a leading provider of internet, broadband network and enterprise business solutions. NEC has agreed to buy the stake for an all cash consideration of $12 million. The agreement is subject to customary closing conditions.
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HCL formed the joint venture with NEC in 2005. HCL and NHST have been providing software engineering solutions in embedded software, hardware design network & security, R&D, high performance computing and mobile technology to NEC and its subsidiaries. Taking this relationship forward, HCL and NEC will keep maintaining a viable relationship, HCL Tech said. NHST reported revenue of $18.7 million and net profit of $2.9 million for the year ended 31 March 2012.
L&T after market hours on Thursday, 28 March 2013, said it has completed the acquisition of its Group company -- Audco India (AIL). With this acquisition, L&T obtains full ownership of AIL and acquires the key product lines, viz. gate, globe and check valves, forged steel GGC valves, ball valves, butterfly valves (including Aquaseal rubber-lined valves and triple offset butterfly valves. L&T will retain the manufacturing plants at Manapakkam (Chennai) and Kanchipuram of AIL, the company said in a statement.
L&T said that this acquisition is in line with the company's overall portfolio rationalization. The deal will help grow L&T's Valve Business globally with a comprehensive range of valve offerings. Together, L&T and AIL will provide cutting-edge flow-control solutions to global oil & gas and power sectors. AIL is one of the leading manufacturer of industrial valves and a joint venture (JV) with Audco, UK, a wholly owned subsidiary of Flowserve Corporation, USA (Flowserve). AIL is a preferred manufacturer for critical valves including cryogenic, low-emission and large-size valves. AIL's international customers includes world-leaders in oil & gas and global EPC majors.
Dr. Reddy's Laboratories announced on Friday, 29 March 2013, that it has launched Zenatane (Isotretinoin Capsules USP) in 20 mg and 40 mg, a therapeutically equivalent generic version of Accutane (Isotretinoin Capsules USP) in the US market on 28 March 2013 following the approval by the United States Food & Drug Administration (USFDA) of Dr. Reddy's ANDA for Zenatane 10 mg, 20 mg and 40 mg. The drug had US sales of approximately $309 million for twelve months ending January 2013 according to IMS Health Data.
Dr. Reddy's Zenatane Capsules 10 mg, 20 mg, and 40 mg will be available in boxes of 30 (3 prescription packs of 10 capsules), as unit dose blisters.
Key benchmark indices surged amid choppy trade on the last trading session on Thursday, 28 March 2013. The S&P BSE Sensex jumped 131.24 points or 0.7% to settle at 18,835.77 on that day, its highest closing level since 20 March 2013. The stock market was closed on Friday, 29 March 2013, on account of Good Friday.
Foreign institutional investors (FIIs) bought shares worth a net Rs 573.87 crore on Thursday, 28 March 2013, as per provisional data from the stock exchanges.
The Q4 March 2013 corporate earnings season will begin around mid-April 2013. Infosys announces Q4 results on 12 April 2013. HDFC Bank announces Q4 results on 23 April 2013.
Data released by the government on Thursday, 28 March 2013, showed that the current account deficit (CAD) stood at 6.7% of GDP in Q3 December 2012. The finance ministry said in a statement that although the CAD is large, yet it is a matter of satisfaction that it has been fully financed without drawing upon the foreign exchange reserves. The finance ministry said that India hopes to be able to finance the CAD through sufficient foreign inflows going ahead. The finance ministry further said if the current trend of improvement in exports and steadiness in imports persists, the CAD is likely to moderate from the current high level. The CAD for Q4 March 2013 is expected to be lower than the high level of Q3 December 2012, it said.
The government is committed to bring down the CAD over time, as well as to ensure that it is financed safely, the finance ministry said. In this regard, the government has taken steps to increase government and household savings, as well as facilitated FDI and FII investments. Both the RBI and the government will continue to monitor the CAD and will take additional steps whenever warranted, the Finance Ministry said.
Reduction of promoter stake to meet the Securities & Exchange Board of India (Sebi) mandated minimum public shareholding of 25% for private companies and 10% for state-run firms will result in supply of equity in the market over the next few months. As per the Sebi mandated minimum public shareholding rule, private-sector companies must cut founders' stake to adhere to the rules by 30 June 2013, while the deadline for state-run firms is 31 August 2013. PSU divestment will also add to share sale glut in FY 2014. The government has set a target of Rs 40000 crore from divestment of government stake in state-run firms and Rs 14000 crore from divestment of stake in non-government companies for FY 2014.
The India Meteorological Department will issue its first forecast of 2013 southwest monsoon in April 2013.
The second half of the Budget session of the Parliament begins on 22 April 2013. The Budget Session of the Parliament ends on 10 May 2013. The government has lined up a number of key bills for consideration and passing during the Budget session of the parliament, which include The Forward Contracts (Regulation) Amendment Bill, 2010, The Pension Fund Regulator and Development Authority Bill, 2011, The Land Acquisition, Rehabilitation and Resettlement Bill, 2011, The National Food Security Bill, 2011 and The Insurance Laws (Amendment) Bill, 2008.
Assembly elections will be held in Karnataka on 5 May 2013 and the counting of votes and results of the election will be declared on 8 May 2013.
Asian stocks fell on Monday led by Japanese shares following a slightly below-view reading on the big manufacturers diffusion index in the Bank of Japan's tankan survey. Key benchmark indices in China, Japan, South Korea and Taiwan fell by 0.08% to 1.11%. Singapore's Straits Times was flat. Indonesia's Jakarta Composite rose 0.03%. Stock markets in Hong Kong, Australia and New Zealand were closed for a holiday.
China's manufacturing expanded at a faster pace last month, indicating a recovery in the world's second-largest economy is sustaining momentum. The Purchasing Managers' Index was 50.9, the National Bureau of Statistics and China Federation of Logistics and Purchasing said today in Beijing, an 11-month high and up from 50.1 in February.
US stock market was closed on Friday, 29 March 2013, for the Good Friday holiday.
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