Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 31.50 points at the opening bell. IT major Infosys announces its Q1 June 2013 results today, 12 July 2013. The company's Q1 results will reflect the impact of salary hike, rupee depreciation and cross-currency movements. Investors will closely watch the management commentary on demand environment. At the time of announcement of Q4 March 2013 results in April this year, Infosys had forecast 6% to 10% growth in revenue in both rupee terms and dollar terms for the year ending 31 March 2014 (FY 2014). Infosys has suspended the practice of giving EPS guidance or outlook on margins citing uncertainty in various factors.
On macro front, industrial production is seen rising a tepid 1.5% in May 2013, as per the median estimate of a poll of economists carried out by Capital Market. Industrial production had risen 2.3% in April 2013. The government unveils industrial production data for May 2013 today, 12 July 2013.
Inflation based on the combined consumer price index (CPI) of urban and rural India is projected at 9.3% in June 2013, same as it May 2013, as per the median estimate of a poll of economists carried out by Capital Market. Inflation based on CPI for urban and rural India eased to 9.31% in May 2013 from 9.39% in April 2013. The government unveils CPI data for June 2013 today, 12 July 2013.
Tata Motors' British luxury car unit, Jaguar Land Rover (JLR), on Thursday, 11 July 2013, said its sales rose 7% to 33,739 vehicles in June 2013 over June 2012. Sales of the Jaguar brand jumped 34% to 6,574 vehicles in June 2013 over June 2012. Land Rover sales rose 2% to 27,165 units in June 2013 over June 2012 despite the run out of Range Rover Sport, JRL said.
During the first six months of 2013, JLR sold 210,190 vehicles, an increase of 14% versus the same period last year.
Commenting on the half year performance Phil Popham, Jaguar Land Rover Group Sales Operations Director said "It is very encouraging to see both our Jaguar and Land Rover brands delivering strong sales performances across our 178 markets. New model introductions have been incredibly well received with the all-new Range Rover retailing more than 22,000 units since launch. The F-TYPE which received a rapturous reception from media during its global launch last month is off to an excellent start with new customers and will go on sale in China this month".
Sun Pharmaceutical Industries announced before market hours today, 12 July 2013 that the USFDA has granted its subsidiary final approval for its Abbreviated New Drug Applications (ANDA) for generic version of Prandin, Repaglinide tablets. Repaglinide tablets, 1 mg and 2 mg are therapeutic equivalents of Novo Nordisk's Prandin tablets. These tablets have annual sales of approximately $200 million in the US. Repaglinide tablets are indicated as an adjunct to diet and exercise to improve glycemic control in adults with type-2 diabetes mellitus. Sun Pharma's subsidiary, being the first-to-file an ANDA for generic Prandin with a para IV certification, is eligible for a 180-day marketing exclusivity in the US.
Dr Reddy's Laboratories turns ex-dividend today, 12 July 2013, for final dividend of Rs 15 per share for the year ended 31 March 2013 (FY 2013).
Hindustan Petroleurn Corporation (HPCL), have signed a Joint Venture Agreement on 11 July 2013 for setting up a 9 Million Metric Tonne Per Annum (MMTPA) grass root refinery cum petrochemical complex at an estimated cost of Rs 37230 crore at Pachpadra in Barmer district in the State of Rajasthan. HPCL and Government of Rajasthan will hold an equity of 74 % and 26 % respectively. A Memorandum of understanding has already been signed between HPCL and Government of Rajasthan on 14 March 2013 stipulating broad parameters for the implementation of the project. Detailed Feasibility Study, Financial appraisal, Economic Impact assessment study, etc have been completed. The proposed 9 MMTPA grass root refinery cum petrochemical complex will source crudes from Rajasthan Oil fields and other imported crudes. This refinery js expected to be completed in 4 years and will have substantial positive impact on the economy of Rajasthan State. This refinery will produce various petroleum and petro-chemical products. The project is expected to bring accelerated growth to the region and provide huge opportunity for downstream petrochemical industries which in turn will further boost the economy of the state.
JSW Energy turns ex-dividend today, 12 July 2013, for dividend of Rs 2 per share for the year ended 31 March 2013 (FY 2013).
Dewan Housing Finance Corporation turns ex-dividend today, 12 July 2013, for final dividend of Rs 3 per share for the year ended 31 March 2013 (FY 2013).
MindTree turns ex-dividend today, 12 July 2013, for final dividend of Rs 5 per share for the year ended 31 March 2013 (FY 2013).
Tata Elxsi turns ex-dividend today, 12 July 2013, for dividend of Rs 5 per share for the year ended 31 March 2013 (FY 2013).
Key benchmark indices surged on Thursday, 11 July 2013 as world stocks rose after Federal Reserve Chairman Ben S. Bernanke on Wednesday, 10 July 2013, said that a highly accommodative monetary policy is needed for the US economy for the foreseeable future. The S&P BSE Sensex jumped 381.94 points or 1.98% to settle at 19,676.06 on that day, its highest closing level since 31 May 2013.
Foreign institutional investors (FIIs) bought shares worth a net Rs 638.26 crore on Thursday, 11 July 2013, as per provisional data from the stock exchanges.
Most Asian stocks fell on Friday. Key benchmark indices in China, Hong Kong, Singapore and South Korea fell by 0.13% to 0.57%. Key benchmark indices in Indonesia, Japan, and Taiwan rose by 0.09% to 1.48%.
US stocks surged to an all-time high on Thursday after the Federal Reserve chairman Ben Bernanke said on Wednesday, 10 July 2013 the central bank will keep supporting the economy. In a speech late Wednesday after US markets had closed, Fed chairman Ben Bernanke said the economy needs the central bank's easy-money policy for the foreseeable future. The US economy needs help because unemployment is high, he said.
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