The market may extend recent gains on firm Asian stocks. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 63 points at the opening bell. Asian stocks rose on Tuesday as Senate leaders said they're optimistic they will forge a deal to reopen the US government and avoid a breach of the debt limit this week. The domestic stock markets remain closed tomorrow, 16 October 2013, on account of Bakri Id.
HDFC Bank and TCS announce their Q2 results today, 15 October 2013.
Reliance Industries (RIL) after trading hours on Monday, 14 October 2013, said its net profit rose 1.5% to Rs 5490 crore on 14.2% growth in turnover to a record Rs 106523 crore in Q2 September 2013 over Q2 September 2012. Net profit rose 2.6% on 17.6% growth in turnover in Q2 September 2013 over Q1 June 2013.
RIL's gross refining margin (GRM) declined to $7.7 per barrel in Q2 September 2013, from $8.4 a barrel in Q1 June 2013 and $9.5 a barrel in Q2 September 2012. RIL said that the company's refining business performance during the quarter was positively impacted by increased crude throughput, stable middle distillate and naphtha cracks, and favourable exchange rate movement. This was partly offset by weak gasoline and solid products (pet-coke/sulphur) cracks, widening Brent-Dubai differential and lower domestic sales on weak demand.
The company said that its petrochemicals business performance during the quarter was positively impacted by higher volumes, stable demand, improved deltas for key polymers (PP/PE) and fibre intermediates (PX/MEG), and favourable exchange rate movement. Though polyester margins were weak, RIL benefited due to integrated chain economics.
RIL's outstanding debt as on 30 September 2013 was Rs 83982 crore, higher than Rs 72427 crore as on 31 March 2013. RIL had cash and cash equivalents of Rs 90540 crore as on 30 September 2013. These were in bank deposits, mutual funds, CDs and Government securities/bonds. RIL was debt free on a net basis as on 30 September 2013.
The net addition to fixed assets for the half year ended 30 September 2013 was Rs 20154 crore, including exchange rate difference capitalization. Capital expenditure was principally on account of ongoing expansions projects in the petrochemicals and refining business at Jamnagar, Dahej, Silvassa and Hazira, RIL said in a statement.
Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries said: "RIL's first half performance reflects the resilience of our business model in a period of volatility and uncertainty. Our diversified and integrated petrochemicals business captured margins across segments - delivering near-record profit levels even as the domestic economy slowed. Optimal utilization of best-in-class refinery assets and inherent flexibility in sourcing, product delivery contributed to healthy operating profits from our refining business. Retail business continues to break new ground, growing 41% in 1H FY14. Reliance's ongoing counter-cyclical investments will strengthen our competitive position in each business segment".
Indian Oil Corporation after market hours on Monday, 14 October 2013, said that subsequent to the invitation of financial bid for disinvestment of 39.99% equity shares of Haldia Petrochemicals (HPL) held by West Bengal Industrial Development Corporation (WBIDC) and 100% preference shares of Haldia Petrochemicals held by WBIDC, West Bengal Industrial Infrastructure Development Corporation (WBIIDC) and West Bengal Industrial Development Finance Corporation (WBIDFC) being disinvested by the state government of West Bengal (GoWB), Indian Oil Corporation has been announced by the GoWB, as the selected bidder, in line with the process laid in the Request for Proposal.
The acquisition of the stake is subject to certain existing shareholders' exercise of right of first refusal on the entire sale shares, as per the existing Articles of Association of HPL and proceedings pending before courts; and exercise of tag along rights by certain existing shareholder. The consummation of the transaction, also, remains subject to execution of definitive agreements and obtaining of applicable regulatory approvals and certain third party consents, Indian Oil Corporation said.
The annual rate of inflation based on the combined consumer price index (CPI) for urban and rural India rose 9.84% in September 2013 higher than 9.52% in August 2013. The CPI inflation for rural and urban areas for September 2013 rose 9.71% (y-o-y) and 9.93% (y-o-y) respectively. Inflation rates (final) for rural and urban areas for August 2013 were 8.93% and 10.32% respectively. The headline CPI (combined) has seen a rise of 1.19% (m-o-m) in September 2013.
Key benchmark indices edged higher on the first trading session of the week on Monday, 14 October 2013, with market sentiment boosted by provisional data showing that foreign funds made substantial purchases of Indian stocks on Friday, 11 October 2013. The S&P BSE Sensex garnered 78.95 points or 0.38% to settle at 20,607.54 on that day, its highest closing level since 19 September 2013.
Foreign institutional investors (FIIs) bought shares worth a net Rs 730.29 crore on Monday, 14 October 2013, as per provisional data from the stock exchanges.
Asian stocks rose on Tuesday as Senate leaders said they're optimistic they will forge a deal to reopen the US government and avoid a breach of the debt limit this week. Key benchmark indices in South Korea, Japan, Hong Kong and Taiwan rose 0.47% to 0.82%. China's Shanghai Composite fell 0.24%. Stock markets in Singapore, Indonesia, Malaysia and the Philippines were shut for holidays today.
US stocks rose on Monday amid signs lawmakers could reach a deal before the government loses its ability to borrow money later this week.
The Treasury Department's Oct. 17 deadline for raising the debt ceiling is rapidly approaching. Failure to raise the debt limit could be catastrophic for the US economy. Without an increase to the debt limit, the US will exhaust its borrowing authority on Thursday, 17 October 2013, and would run out of funds to pay all of its bills sometime between October 22 and October 31, according to the Congressional Budget Office.
The Federal Open Market Committee (FOMC) holds a two-day policy meeting on 29-30 October 2013. The lack of data may make it harder for the Federal Reserve to assess the economy's strength as policy makers mull the timing of reductions in bond buying. Government data from payrolls to retail sales will be delayed as long as the shutdown continues. 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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