The market may open higher on firm Asian stocks. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 33 points at the opening bell.
Cairn India and UltraTech Cement will announce their Q4 results today, 22 April 2013.
Wipro on Friday, 19 April 2013, said its consolidated net profit as per International Financial Reporting Standards (IFRS) rose 17% to Rs 1729 crore on 12% growth in revenue to Rs 11026 crore in Q4 March 2013 over Q4 March 2012. Net profit from continuing operations rose 13% to Rs 1576 crore on 13% growth in revenue to Rs 9614 crore in Q4 March 2013 over Q4 March 2012. Wipro demerged all its non-IT businesses into a separate company with effect from 31 March 2013 and therefore the company has given separate information on continuing operations as a pure play IT company. Net profit from continuing operations rose 17% to Rs 6136 crore on 17% growth in revenue to Rs 37688 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012).
Wipro's IT services revenue rose 0.5% to $1.585 billion in Q4 March 2013 over Q3 December 2012. On year on year basis, IT services revenue rose 3.2% to $1.585 billion in Q4 March 2013 over Q4 March 2012. Wipro expects a between 0.63% fall to a growth of 1.57% in revenue from IT services business at between $1.575 billion to $1.61 billion in Q1 June 2013 over Q4 March 2013.
At a post-result conference call, Wipro's management indicated that Q1 for Wipro will be the traditionally weak quarter on account of softness from the India business. The management expects Q2 September 2013 to be better than Q1 June 2013 for the company.
Commenting on the financial performance for the quarter and year ended 31 March 2013, Azim Premji, Chairman of Wipro, said: "We have completed the demerger of the 'Diversified Business' effective 31 March 2013 to make Wipro a pure play IT company. We are confident that being a technology-focused company will provide a fresh momentum for growth."
Suresh Senapaty, Executive Director & Chief Financial Officer of Wipro, said: "The cross currencies have been volatile and impacted our financial performance in the quarter. Excluding the impact of foreign exchange, we have been able to maintain margins on a sequential basis. We have shown significant improvements in cash flow generation for the year."
T K Kurien, Executive Director & Chief Executive Officer, IT Business, said: "We continue to see improvement in our customer satisfaction and employee engagement. Our continued investments in the go-to-market organization positions us well for the future."
Sesa Goa on Friday, 19 April 2013, said that the company is in the process of securing the necessary statutory clearances to resume iron ore mining operations in Karnataka shortly. The Supreme Court of India has given clearance for resumption of mining operations for A and B category mines in Karnataka subject to statutory clearances, vide its order dated 18 April 2013. Sesa Goa's Karnataka mine falls under B category.
Bharat Petroleum Corporation (BPCL) after trading hours on Thursday, 18 April 2013, said that Anadarko Mocambique Area 1 Limitada, the operator of the offshore Area 1 block in the Rovuma basin, Mozambique, has announced the discovery of a new natural gas accumulation fully contained within the Offshore Area 1 of the Rovuma basin. Bharat PetroResources (BPRL), a wholly owned subsidiary of BPCL, has 10% participating interest in the block. The Orca-1 discovery well encountered approximately 58 net metres of natural gas pay in a Paleocene fan system. The operator has informed that an initial two well appraisal program is being designed to define the areal extent of the Orca field, which will commence immediately after drilling of the Linguado and Espadarte exploration wells. Orca is a single large Paleocene column, and its proximity to shore provides additional options and flexibility for potential future developments.
United Breweries said on Friday, 19 April 2013 that High Court of Karnataka has approved the scheme of amalgamation between Scottish & Newcastle India and United Breweries. The certified true copy of the court has been filed with the Registrar of Companies, Karnataka and the Scheme has become effective. The company shall in due course allot equity shares to the eligible shareholders in terms of the scheme, United Breweries said
Reliance Communications (RCom) before trading hours today, 22 April 2013, said that Samena Capital in a proposed consortium with certain other global PE funds is at an advanced stage of the process of due diligence and completion of definitive documents in relation to the acquisition of the company's global communications services business unit -- Reliance Globalcom. The intended time line for completion of the transaction is end May 2013. At this point, there can be no certainty that this will lead to a transaction, RCom said. A further announcement will be made in due course, if and when appropriate, the company said.
RCom also said that it has discontinued discussions with Batelco for selling its sake in Reliance Globalcom. RCom had earlier said in March 2013 that it was in discussions with Batelco Group with respect to Reliance Globalcom.
Tata Steel said before trading hours today, 22 April 2013, that Abja Investment Co. Pte, Singapore, a wholly owned subsidiary of Tata Steel is contemplating an issuance of Singapore dollar bonds listed on the Singapore Exchange in respect of which a preliminary offering circular has been prepared.
Key benchmark indices surged on Thursday, 18 April 2013, as gains in European markets boosted sentiment. The S&P BSE Sensex jumped 285.30 points or 1.52% to 19,016.46 on that day, its highest closing level since 2 April 2013. The stock market was closed on Friday, 19 April 2013, on account of Ram Navmi.
Foreign institutional investors (FIIs) bought shares worth a net Rs 940.07 crore on Thursday, 18 April 2013, as per provisional data from the stock exchanges.
The focus of the market is on Q4 results. HDFC Bank announces Q4 results tomorrow, 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. Grasim announces Q4 March 2013 results on 4 May 2013. HDFC unveils 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.
The Reserve Bank of India (RBI) will announce the Monetary Policy Statement 2013-14 on 3 May 2013. The RBI cut its key policy rate viz. the repo rate by 25 basis points to 7.5% after a mid-quarter monetary policy review on 19 March 2013.
The India Meteorological Department will issue its initial forecast of 2013 southwest monsoon in this month.
The second half of the Budget session of the Parliament begins today, 22 April 2013. The government has lined up a number of key bills for consideration and passing during the 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. The Budget Session of the Parliament ends on 10 May 2013.
Asian stocks rose for the second day in a row on Monday led by Japanese exporters as the yen slid to a four-year low against the US dollar after the Bank of Japan's stimulus policies were unopposed at a Group of 20 meeting. Key benchmark indices in Hong Kong, Indonesia, Japan, South Korea and Taiwan rose by 0.05% to 1.96%. China's Shanghai Composite fell 0.3%. Singapore's Straits Times was flat.
Bank of Japan (BOJ) Governor Haruhiko Kuroda emerged from the G-20 meeting saying he was emboldened to press ahead with the campaign to defeat deflation. The central bank holds a policy meeting this week after pledging on 4 April 2013 to double the monetary base in two years.
US stocks rose on Friday as earnings from Google and other companies lifted tech shares.
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