The market is likely to open higher on positive Asian stocks. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 11 points at the opening bell. ACC, Ambuja Cements, Hero MotoCorp and Power Grid Corporation of India unveil quarterly earnings today, 23 October 2013.
Wipro after market hours on Tuesday, 22 October 2013 reported 19.02% rise in consolidated net profit to Rs 1932.1 crore on 12.92% rise in total income from operations (net) to Rs 10990.7 crore in Q2 September 2013 over Q1 June 2013.
Azim Premji, Chairman of Wipro, commenting on the results said "There are positive indicators on the global economy. Client confidence is on the uptick and we see it reflected in our results."
T K Kurien, Executive Director & Chief Executive Officer of Wipro, said "We achieved a broad based revenue growth across all industry verticals and continue to focus on executing to our strategy."
Suresh Senapaty, Executive Director & Chief Financial Officer of Wipro, said "Our sustained execution towards increasing operational efficiencies in the business coupled with currency benefits helped offset the impact of wage hikes resulting in strong improvements in operating margins."
Wipro said it expects revenues from IT services business to be in the range of $1,660 million to $1,690 million for Q3 December 2013 based on the exchange rates of GBP/USD at 1.57, Euro/USD at 1.34, AUD/USD at 0.93 and USD/INR at 61.98
Cairn India after market hours on Tuesday, 22 October 2013 reported 8% rise in consolidated net profit to Rs 3385 crore on 14% rise in revenue to Rs 4650 crore in Q2 September 2013 over Q1 June 2013. Current group production rose 0.4% to 213,299 barrels of oil equivalent per day (boepd) in Q2 September 2013 over Q1 September 2013.
Cairn India reported 46% rise in consolidated net profit to Rs 3385 crore on 5% rise in revenue to Rs 4650 crore in Q2 September 2013 over Q2 September 2012.
The company said that previous quarters/ half year/ year's figures were regrouped / rearranged wherever necessary to confirm to the current quarter. Hence, figures for the quarter/ half year ended 30 September 2012 are not comparable with the current quarter/ half year's figures as the Scheme of Arrangement was accounted for during the quarter ended 31 December 2012.
Cairn India's average oil price realization rose to $96.7/bbl in Q2 September 2013 from $94.6/bbl in Q1 June 2013, while average gas price realization rose to $5.90 per thousand standard cubic feet (mscf) in Q2 September 2013 from $4.9/mscf in Q1 June 2013.
Elango P, whole time director, Cairn India said, "We are happy to report increased gross operated production of almost 213,300 barrels of oil equivalent per day (boepd) during Q2 September 2013 and remain on track for our financial year exit production rate guidance of over 225,000 boepd across all producing assets.
We are focused on enhancing the recovery efficiency from our producing fields through the use of cutting edge EOR techniques. We have also been extremely active with the drill bit as we continue to aggressively develop our world class resource base. Whilst Rajasthan remains at the heart of the Company's operations, it is encouraging to see tangible results across our broader portfolio.
We remain excited on the regulatory front and are pleased to share that the government has recently announced its policy on the Integrated Development Plan. Looking ahead, we have a strong balance sheet, underpinned by significant cash flow generation and low operating costs, allowing us the flexibility to further develop the asset base. This, combined with a highly motivated and innovative team working on our world class portfolio, will enable us to maintain our industry leading production growth trajectory in the long term."
In its outlook, Cairn India said that robust financial performance with strong revenues and profits has resulted in the company being well placed to not only develop the current asset base and deliver on the active exploration growth program with its $3 billion capex plan till FY 2015-16, but also opened up inorganic growth opportunities to further strengthen the E&P portfolio.
Key benchmark indices finished a tad lower on Tuesday, 22 October 2013 after seeing series of intraday gyrations either ways amid volatility. The S&P BSE Sensex was down 28.92 points or 0.14% to 20,864.97, its lowest closing level since 17 October 2013.
Foreign institutional investors (FIIs) bought shares worth a net Rs 794.90 crore on Tuesday, 22 October 2013, as per provisional data from the stock exchanges.
Asian markets gained after disappointing US jobs data firmly pushed expectations for the tapering of Federal Reserve stimulus into next year. Key benchmark indices in Taiwan, Hong Kong, China, Indonesia, South Korea, Singapore and Japan rose by 0.02% to 1.1%.
US stocks gained on Tuesday, 22 October 2013 further propelling the S&P 500's record rise, as the September nonfarm-payrolls report supported the notion that the Federal Reserve's monthly bond purchases would continue into next year.
The US created a modest 148,000 jobs in September but the number of people hired in August was higher than previously reported, indicating an economy on a zigzag course heading into the government shutdown. The nation's unemployment rate, meanwhile, fell a tick to a five-year low of 7.2%, as more people found work, according to figures released Tuesday by the Labor Department.
Meanwhile, the number of new jobs created in August, meanwhile, was revised up to 193,000 from 169,000, but job gains in July were cut to 89,000 from 104,000. That's the smallest increase since June 2012.
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.
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