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 gain 24 points at the opening bell. Software major Tata Consultancy Services (TCS) announces its Q4 results today, 17 April 2013. Asian stocks were mostly higher on value buying supported by positive American corporate earnings.
Reliance Industries' (RIL) net profit jumped 31.9% to Rs 5589 crore on 1.4% fall in turnover to Rs 86618 crore in Q4 March 2013 over Q4 March 2012. Net profit rose 4.8% to Rs 21003 crore on 9.2% growth in turnover to Rs 371119 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012). The result hit the market after trading hours on Tuesday, 16 April 2013.
RIL's gross refining margin (GRM) edged up to $10.1 a barrel in Q4 March 2013 from $9.6 a barrel in Q3 December 2012 and $7.6 a barrel in Q4 March 2012. The GRM edged up to $9.2 a barrel in FY 2013 from $8.6 a barrel in FY 2012.
RIL said its retail business achieved cash breakeven with earnings before depreciation, finance cost and tax expense of Rs 78 crore in FY 2013. Turnover of the retail business jumped 42% to Rs 10800 crore in FY 2013 over FY 2012.
RIL is debt free on a net basis as at 31 March 2013.
Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries said: "Reliance has delivered another year of strong operating performance in an environment of continued volatile economic conditions. The growth in earnings was largely driven by strong and improved refining margins during the year. Production growth from our investments in unconventional liquids-rich resource plays in North America has reinforced our confidence in creating long term value for our shareholders from this diversification. We are delighted to see our retail business achieving a milestone of annual revenue crossing Rs 10000 crore and will further strengthen our position in this sector. We are working on projects that form the foundation of our aspirations to become one of the world's most competitive producers of petroleum and petrochemical products while developing consumer centric businesses in India".
HCL Technologies before market hours today, 17 April 2013 reported 7.8% rise in consolidated net income as per US accounting standards to Rs 1040 crore on 2.4% growth in revenue to Rs 6425 crore in Q3 March 2013 over Q2 December 2012.
Zee Entertainment Enterprises on Tuesday, 16 April 2013, said that in order to maximize returns on its treasury operations, the board of directors of the company has given an in-principle approval to invest in high-yield debt securities of real estate entities which are unrelated to the company or the Essel Group, with adequate security cover, up to a maximum of Rs 100 crore, of which Rs 29 crore has been committed as on date. Zee Entertainment Enterprises also clarified that the company has not sponsored any private equity (PE) fund and the company is not the Sponsor or Investor of India Asset Growth Fund -- an Alternative Investment Fund registered by Essel Group with the Securities and Exchange Board of India. The company issued this clarification after media reports said that the Essel Group has launched a Rs 1000 crore realty fund.
Key benchmark indices surged on Tuesday, 16 April 2013 as steep drop this week in gold and oil prices eased concerns of high current account and fiscal deficit and Monday's data showing easing of wholesale price index triggered expectations of an interest-rate cut by the Reserve Bank of India (RBI). The S&P BSE Sensex jumped 387.13 points or 2.11% to settle at 18,744.93, its highest closing level since 3 April 2013.
Foreign institutional investors (FIIs) bought shares worth a net Rs 591.76 crore on Tuesday, 16 April 2013, as per provisional data from the stock exchanges.
The near term focus of the market is on Q4 results. TCS announces Q4 results today, 17 April 2013. IndusInd Bank announces Q2 results tomorrow, 18 April 2013. Wipro announces Q4 results on 19 April 2013. Cairn India announces Q4 results on 22 April 2013. UltraTech Cement announces Q4 results on the same day.
HDFC Bank announces Q4 results on 23 April 2013. Axis Bank will announce its Q4 March 2013 results on 24 April 2013. Jindal Steel & Power declares its Q4 results on 25 April 2013. Hero MotoCorp, ICICI Bank and Maruti Suzuki unveil Q4 results on 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. HDFC announces 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.
Asian stocks were mostly higher on value buying supported by positive American corporate earnings. Key benchmark indices in Hong Kong, Singapore, Japan, Taiwan and Indonesia were up by 0.03% to 1.01%. Key benchmark indices in China and South Korea were down by 0.29% to 0.3%.
US stocks edged higher on Wednesday as gold prices rebounded and earnings from Coca-Cola and Johnson & Johnson improved the outlook for first-quarter results.
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