The market may open higher on firm Asian stocks. Trading of Nifty futures on the Singapore stock exchange indicates that the CNX Nifty could gain 18.50 points at the opening bell.
The Central Statistics Office (CSO) will unveil data on industrial production for January 2013 today, 12 March 2013. Industrial production is seen rising 1% in January 2013, as per the median estimate of a poll of economists carried out by Capital Market. Industrial production had declined 0.6% in December 2012.
The CSO will unveil data on the combined consumer price index for rural and urban India for February 2013 today, 12 March 2013. Inflation based on the combined consumer price index for urban and rural India had edged up to 10.79% in January 2013, from 10.56% in December 2012. Within the consumer price index, inflation in the category 'food and beverages' stood at 13.36% in January 2013.
Power Grid Corporation of India after trading hours on Monday, 11 March 2013, said that the board of directors of the company at its meeting held on 8 March 2013, has approved the investment approval for 'Transmission System associated with Meja TPS' at an estimated cost of Rs 55.73 crore with commissioning schedule of 28 months from the date of investment approval.
Shares of power generation firms will be in focus after the Ministry of New and Renewable Energy on Monday, 11 March 2013, said that the ministry is targeting a capacity addition of 30,000 megawatts (MW) during the 12th Plan period (2012-17) from various renewable energy sources. The ministry is implementing a number of renewable energy schemes/programmes such as wind, small hydro, biomass and solar throughout the country, for enhancing power generation from renewable energy sources. The government is also giving various fiscal and financial incentives, such as capital/interest subsidy, accelerated depreciation, concessional excise and customs duties to promote power generation from new and renewable energy sources. Among the other steps taken to promote power generation from alternative sources of energy include preferential tariff for purchase of power generated from renewable sources, introduction of Renewable Energy Certificates and Renewable Purchase Obligation.
The Minister for New & Renewable Energy, Dr. Farooq Abdullah in Rajya Sabha on Monday, 11 March 2013, that the government has formulated an Integrated Energy Policy (IEP) covering all sources of energy including renewable energy sources. The IEP document gives a roadmap to develop energy supply options and increased exploitation of renewable energy sources.
Infosys on Monday, 11 March 2013, announced that it has expanded its presence in Latin America with a new delivery center for its business process outsourcing subsidiary, Infosys BPO, in San Jos Costa Rica. The center's 100 plus employees initially will provide key services in the strategic sourcing and procurement area for Procter & Gamble, the world's largest consumer packaged goods company, Infosys said in a statement. Infosys will soon offer the entire range of BPO services in Costa Rica for its global clients, in areas including finance and accounting, human resources management, analytics, legal processes, customer relationship services, marketing, and supply chain management, Infosys said.
Speaking on the occasion, Humberto Andrade, Head - Latin America, Infosys BPO, said: "This new center in Costa Rica is the latest expansion of our global footprint. We continue to strengthen our presence in Latin America to provide better service and greater flexibility to clients. We're addressing not only our global clients here but also Spanish- and Portuguese-speaking markets as we drive business growth in the region. We are fully committed to Costa Rica and look forward to offering our full range of services to our clients across all industries."
Key benchmark indices snapped four-day winning streak on Monday, 11 March 2013, after the Reserve Bank of India (RBI) governor Dr. D. Subbarao on Friday, 8 March 2013, said that RBI doesn't accept high inflation as normal and believes that stable prices are critical for sustained economic growth. The S&P BSE Sensex shed 37.02 points or 0.19% to settle at 19,646.21 on that day, its lowest closing level since 7 March 2013.
Foreign institutional investors (FIIs) bought shares worth a net Rs 988.22 crore on Monday, 11 March 2013, as per provisional data from the stock exchanges.
In his meeting with World Bank Group President Dr. Jim Yong Kim, Finance Minister P. Chidambaram on Monday, 11 March 2013, highlighted the need for continued and enhanced engagement of the World Bank Group with India given the huge investment requirements in the infrastructure, social and rural development sectors in India. Chidambaram further emphasized the need for enhancing the capital base of the World Bank to meet the challenges of poverty reduction and infrastructure development in the developing countries. Dr. Kim assured adequate support to India in meeting the developmental challenges being faced by the country. Chidambaram and Dr. Kim discussed on options for increasing external finance for infrastructure as well as for other development needs of India. Dr. Kim arrived in India on Monday, 11 March 2013, for a three day visit.
Inflation based on the wholesale price index (WPI) is projected to remain unchanged compared to the level in January 2013, at 6.6% in February 2013, according to the median estimate of a poll of economists carried out by Capital Market. The CSO will unveil data on inflation based on the wholesale price index for February 2013 on Thursday, 14 March 2013.
The Reserve Bank of India (RBI) undertakes mid-quarter review of Monetary Policy 2012-13 on 19 March 2013. The central bank on 29 January 2013 signaled after a monetary policy review that there is less room for aggressive policy rate cuts amid any negative surprise emanating from inflation and the twin deficits viz. the current account deficit and the fiscal deficit.
Data on advance tax payment for the final installment of the current fiscal year which is 15 March 2013, could provide cues on the likely Q4 March 2013 corporate earnings.
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 13 June 2013, while the deadline for state-run firms is 13 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 Budget Session of the Parliament which began on 21 February 2013 will conclude on 10 May 2013. In order to enable the Standing Committees to consider the Demands for Grants of Ministries/Departments and prepare their Reports, the two Houses will adjourn for recess on 22 March 2013 to meet again on 22 April 2013.
The government has lined up a number of key bills for consideration and passing during the ongoing 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.
Asian stocks edged higher on Tuesday, 12 March 2013, as Japanese exporters gained after a Bank of Japan deputy-governor nominee said decisive monetary easing is needed. Key benchmark indices in China, Hong Kong, Singapore, Japan and Taiwan rose by 0.16% to 0.7%. South Korea's Kospi fell 0.26%.
US stocks furthered their record climb on Monday, 11 March 2013, bringing the S&P 500 within nine points of an all-time high and the Dow Jones Industrial Average extending its longest winning run in nearly a year
The Federal Open Market Committee (FOMC) holds a two-day meeting on the interest rates in the United States on 19 and 20 March 2013.
The economic outlook in major industrialised economies is improving with the United States and Japan leading the way, the OECD said on Monday, adding that activity in the euro zone was also picking up. The Paris-based Organisation for Economic Cooperation and Development said its latest monthly leading indicator for the OECD as a whole - covering 33 countries - was at its highest level since June 2011. Among the major emerging economies tracked by the OECD, the reading for China pointed to "moderating growth" at 99 after 99.1 in December. India saw "growth slowing down", with a reading of 97.2 after 97.3, the OECD said.
Powered by Capital Market - Live News
