Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could fall 10 points at the opening bell.
Tata Motors' total sales (including exports) of Tata commercial and passenger vehicles in March 2013 were 72,712 vehicles. The company's domestic sales of Tata commercial and passenger vehicles for March 2013 were 69,160 units.
The company's sales of commercial vehicles in March 2013 in the domestic market were 56,813 units, the highest monthly sales in FY 12-13. LCV sales were 41,961 units, while M&HCV sales stood at 14,852 units.
The Tata Pick-Ups (Tata Super Ace, Tata Xenon and Tata 207) recorded highest ever monthly sales at 6,981 units. Tata SCVs (Tata Ace and Tata Magic range) recorded highest ever monthly sales at 29,960 units.
Sales of passenger vehicles for March 2013 were at 12,347 units. Sales of the Nano/ Indica/ Indigo range in March 2013 were 8,903 units. The Sumo/ Safari/ Aria/ Venture range sales were 3,444 units. Cumulative sales of passenger vehicles were 222,112 units. Cumulative sales of the Nano/ Indica/ Indigo range were at 174,692 units. Cumulative sales of the Sumo/Safari/ Aria/ Venture range were 47,420 units.
The company's sales from exports were 3,552 vehicles in March 2013.
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GAIL (India) announced after market hours on Monday, 1 April 2013 that it has signed a terminal service agreement with Dominion through GAIL Global (USA) LNG LLC for booking 2.3 mmtpa liquefaction capacity in the Cove Point LNG liquefaction terminal project located at Lusby in the state of Maryland. Dominion would be setting up the liquefaction facilities in the premises of its existing 11.7 mmtpa regasification terminal. Construction work is expected to start in 2014 so as to put the liquefaction facilities into service in 2017. Dominion is marketing 4.6 mmtpa and GAIL has booked 50% of such capacity for 20 years. A major Japanese buyer holds the balance capacity in the terminal. Cove Point will be a premier facility in terms of direct access to the Marcellus and Utica shale plays, two of the most prolific shale gas basins in North America.
During an interactive video session following the signing of the document, Mr. BC Tripathi, Chairman and Managing Director of GAIL said, This is an important occasion for GAIL and we are delighted to have executed this agreement. GAIL has a positive outlook on Henry Hub indexed LNG exports from US and that has prompted us to sign this terminal service agreement which follows our deal with Cheniere signed in 2011. The contracts signed with Cheniere and Dominion make GAIL one of the largest Henry Hub LNG portfolio holders and provide us an opportunity to market about 6.0 mmtpa of LNG from the US.
Under this agreement, GAIL will procure its own natural gas and deliver it to the Cove Point pipeline for liquefaction at the terminal and loading into ships brought to the facility on the Chesapeake Bay. This would enhance GAIL's scale of operations in the US where we already have a presence through our participation in a shale gas asset in the Eagle Ford basin. Our upstream acquisition efforts for gas sourcing and hedging would now intensify in US. This deal would also provide GAIL with an opportunity to trade part of the volume in the international market apart from organizing the ships required to transport rest of the volume to India, Mr. Tripathi said.
Dominion, which is a Fortune 500 company, is one of the largest producers and transporter of energy in the US with a portfolio of approximately 27,500 megawatts of generation, 11,000 miles of natural gas transmission, gathering and storage pipeline and 6,300 miles of electric transmission lines. Dominion serves retail energy customers spread across 15 states in the US. Dominion's stature as a premier gas and power infrastructure and utility player in the US is impressive and I am certain that the first supplies from the plant would start as per schedule, Mr. Tripathi said. He also added that with its extensive pan-India infrastructure in the midstream and downstream segments, GAIL is well positioned to market and distribute this gas to meet the growing domestic demand in India.
On the occasion, Mr. Thomas F. Farrell II, Chairman, President and CEO of Dominion said Japan and India are important allies and trading partners of the United States that are in need of secure sources of natural gas, and Sumitomo and GAIL are high-quality companies working to meet those needs. We believe the agreements we have signed serve very important economic goals for all three nations.
Wipro announced after market hours on Monday, 1 April 2013 that the scheme of arrangement for the demerger of diversified business of Wipro approved by the board of directors on 1 November 2012 is effective from 31 March 2013. Further, the company has fixed 11 April 2013 as the record rate for the purpose of determining the members of the company to whom notice will be sent and Securities of the Resulting Company will be allotted and who will be entitled to the Exchange Right pursuant to the Scheme of Arrangement. It is likely to take six weeks from the record date for the whole process to be completed.
In relation to media report that Polaris Financial Technology has approached Wipro to sell its services unit, Wipro after market hours Monday, 1 April 2013 clarified that it does not comment on market speculation. The company further said that as a part of the company's strategy, it is constantly in discussion and consultations with various parties for acquisitions, deals etc.
Coal India said after market hours on Monday, 1 April 2013 that Coal India and subsidiary companies achieved 108% of targeted coal production at 54.24 million tonnes in March 2013. Coal India and subsidiary companies achieved 103% of targeted offtake at 45.85 million tonnes in March 2013.
L&T said at the fag end of the trading session Monday, 1 April 2013, that media reports of Polaris Financial Technology having the approached the company to sell its services unit, are purely speculative in nature, and as a policy, the company does not confirm or deny market speculations.
Dr. Reddy's Laboratories after market hours Monday, 1 April 2013, said that based on recommendations of the Nomination, Governance and Compensation Committee, its board of directors have appointed GV Prasad, presently Vice-Chairman as the "Chairman and CEO" and Satish Reddy as "Vice-Chairman" in addition to his present role of Managing Director and COO, effective from 30 March 2013.
PSU OMCs and auto stocks will be in focus after PSU OMCs cut petrol prices by a rupee from Tuesday as global prices of the fuel have declined and the rupee has marginally strengthened against the dollar. The government deregulated gasoline prices in June 2010.
Key benchmark indices edged higher on the first trading session of financial year ending 31 March 2014 (FY 2014) on Monday, 1 April 2013. The S&P BSE Sensex was up 28.98 points or 0.15% to 18,864.75 on that day, its highest closing level since 20 March 2013.
Foreign institutional investors (FIIs) bought shares worth a net Rs 313.07 crore on Monday, 1 April 2013, as per provisional data from the stock exchanges.
Markit Economics will unveil the result of a monthly survey on the performance of India's services sector for March 2013 tomorrow, 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
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. Axis Bank will announce its Q4 March 2013 results on 24 April 2013.
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 this month.
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 shares inched higher but were capped on Tuesday after unexpectedly weak U.S. factory data raised investor caution ahead of new indicators that could flag falling economic momentum. Key benchmark indices in China, Hong Kong, Indonesia, Singapore, South Korea and Taiwan rose by 0.09% to 0.5%. Japan's Nikkei Average fell 0.23%.
US stocks fell on Monday in one of the lightest volume days of the year, pulling back after the S&P 500's record closing high last week and after weaker-than-expected manufacturing data.
Data showed factory activity grew at the slowest rate in three months in March, suggesting the economy lost some momentum at the end of the first quarter. The Institute for Supply Management said its index of national factory activity fell to 51.3 last month from 54.2 in February. A reading above 50 indicates expansion in the manufacturing sector. A report from the Commerce Department showed construction spending rose more than expected in February, gaining 1.2 percent.
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