Trading of CNX Nifty futures on the Singapore stock exchange indicates a flat opening on the domestic bourses today, 25 April 2013. The market may remain volatile as traders roll over positions in the futures & options (F&O) segment from the near month April 2013 series to May 2013 series. The April 2013 F&O contracts expire today, 25 April 2013.
Jindal Steel & Power declares its Q4 results today, 25 April 2013.
Tata Consultancy Services (TCS) after market hours on Tuesday, 23 April 2013 announced the launch of its Intelligent Testing System (ITS) solution, designed to help customers automate the testing lifecycle. The new solution is being developed through TCS' existing partnership with CA Technologies and combines TCS' innovative process and automation tools with CA LISA Service Virtualization software. TCS is premiering this new offering, which will be generally available in May 2013, at CA World 2013 in Las Vegas, NV. ITS features engineering-based accelerators and built-in agile tools and will allow TCS and CA Technologies customers to automate the entire test cycle, reduce dependency on components and provide faster time to market, leading to higher quality while minimizing costs.
Axis Bank's net profit rose 21.75% to Rs 1555.15 crore on 18.39% growth in total income to Rs 9054.72 crore in Q4 March 2013 over Q4 March 2012. The bank announced Q4 results on Wednesday, 24 April 2013.
Axis Bank's board of directors have recommended the payment of dividend of Rs 18 per share for the year ended 31 March 2013.
Jet Airways (India) and United Arab Emirates-based Etihad Airways have forged a strategic alliance under foreign direct investment (FDI) policy of Government of India. As per the deal, Etihad Airways has agreed to subscribe to 2.72 crore new shares of Jet Airways at a price of Rs 754.74 per share. The value of this equity investment is $379 million and will result in Etihad Airways holding 24% of the enlarged share capital of Jet Airways. Etihad Airways' wider overall commitment to Jet Airways includes the injection of $220 million to create and strengthen a wide-ranging partnership between the two carriers. As part of this, Etihad Airways paid $70 million to purchase Jet Airways' three pairs of Heathrow slots through the sale and lease back agreement announced on 27 February 2013. Jet Airways continues to operate flights to London utilising these slots.
An amount of $150 million will be invested by Etihad Airways by way of a majority equity investment in Jet Airways' frequent flyer program "Jet Privilege", subject to appropriate regulatory and corporate approvals and final commercial agreements which are expected to be completed within the next six months.
Also Read
Under the strategic partnership, which will be subject to full regulatory and shareholder approval, the airlines will gradually expand existing operations and introduce new routes between India and Abu Dhabi, providing an ever wider choice to the travelling public. They will combine their network of 140 destinations, with Jet Airways establishing a Gulf gateway in Abu Dhabi and expanding its reach through Etihad Airways' growing global network.
Passengers from 23 cities in India will benefit from direct connections to international destinations. New flights from Jet Airways' home hubs and metro airports will further strengthen its current operations from these airports. Jet Airways' vision continues to be to develop Delhi and Mumbai airports as its primary home hubs and connecting them to Asian, European and other regions.
A key component of the wide-ranging partnership is expanded codesharing on flights with passengers benefiting from reciprocal 'earn-and-burn' rights on the airlines' frequent flyer programs. The proposed codeshare expansion will significantly enable Etihad Airways to tap into India's rapidly growing travel market, providing additional passenger traffic to Etihad Airways' Middle Eastern, North American and European destinations, and give Jet Airways passengers from various cities access to an expanded network.
Key benefits for both airlines will flow from synergies and cost savings in areas including fleet acquisition, maintenance, product development and training. The airlines will explore joint purchasing opportunities for fuel, spare parts, equipment and catering supplies, as well as external services such as insurance and technology support.
Other areas of co-operation will include joint training of pilots, cabin crew and engineers, as well as maintenance of common aircraft types and the consolidation of guest loyalty programs. A joint project management office will be set up to ensure delivery of all synergy benefits to both parties.
Mahindra & Mahindra Financial Services' consolidated net profit rose 42.89% to Rs 346.36 crore on 33.35% growth in total income to Rs 1189.32 crore in Q4 March 2013 over Q4 March 2012. The company announced Q4 results after market hours on Tuesday, 23 April 2013.
An intraday rebound in late trade helped key benchmark indices end a tad higher on Tuesday, 23 April 2013. The S&P BSE Sensex advanced 9.53 points or 0.05% to 19,179.36 on that day, its highest closing level since 18 March 2013.
Foreign institutional investors (FIIs) bought shares worth a net Rs 226.21 crore on Tuesday, 23 April 2013, as per provisional data from the stock exchanges.
The focus of the market is on Q4 results. Hero MotoCorp, ICICI Bank and Maruti Suzuki unveil Q4 results tomorrow, 26 April 2013. IDFC announces Q4 results on 1 May 2013. Bharti Airtel and Kotak Mahindra Bank unveil Q4 results on 2 May 2013. ACC and Ambuja Cements announce Q1 March 2013 results on 3 May 2013. Grasim announces Q4 March 2013 results on 4 May 2013. HDFC unveils Q4 results on 8 May 2013. Ranbaxy announces Q1 March 2013 results on the same day. Dr. Reddys Laboratories announces Q4 results on 14 May 2013. Bajaj Auto announces Q4 results on 16 May 2013. BPCL announces Q4 results on 29 May 2013.
The Reserve Bank of India (RBI) will announce the Monetary Policy Statement 2013-14 on 3 May 2013. The RBI cut its key policy rate viz. the repo rate by 25 basis points to 7.5% after a mid-quarter monetary policy review on 19 March 2013. Inflation based on the monthly wholesale price index (WPI) eased the lowest level in 40 months at 5.96% in March 2013, and sharply lower than 6.84% in February 2013, data released by the government on 15 April 2013 showed. Non-food manufacturing inflation or core inflation slowed further to 3.41% in March 2013, the data showed.
Parliament reconvened for the second half of the Budget Session Monday, 22 April 2013. The session ends on 10 May 2013.
Asian stocks were mostly in the red on Thursday. Key benchmark indices in China, Indonesia, Singapore and Taiwan fell by 0.12% to 0.7%. Key benchmark indices in Hong Kong, Japan and South Korea rose by 0.14% to 0.46%.
The S&P 500 and Nasdaq ended flat on Wednesday with Boeing's five-year high among the day's highlights, but weakness in Procter & Gamble and AT&T kept the Dow Jones Industrial Average in negative territory. Economic data showed orders for US durable goods fell in March by the most in seven months as demand slumped for commercial aircraft and business investment cooled.
Powered by Capital Market - Live News