The market may open lower on weak Asian stocks. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could fall 19 points at the opening bell. Volatility may remain high on the bourses in the near future as traders roll over positions in the futures & options (F&O) segment from the near month February 2013 series to March 2013 series. The February 2013 F&O contracts expire on Thursday, 28 February 2013.
The Railway Budget for 2013-2014 will be presented to the Lok Sabha today, 26 February 2013 immediately after Question Hour. The Economic Survey of India will be laid in the Parliament tomorrow, 27 February 2013.
In the presence of the Minister of Railways Shri Pawan Kumar Bansal and the Minister for Heavy Industries & Public Enterprises Shri Praful a Memorandum of Understanding (MoU) was signed on Monday, 25 February 2013 between Indian Railways and Bharat Heavy Electricals (BHEL) for setting up of Greenfield MEMU coaches manufacturing facility by BHEL at Bhilwara in Rajasthan.
Kingfisher Airlines may edge lower after the Ministry of Civil Aviation after trading hours on Monday, 25 February 2013, said that Minister of Civil Aviation, Mr. Ajit Singh has decided to withdraw all International Bilateral Traffic Rights allocated to Kingfisher Airlines with immediate effect. Under the International Bilateral Traffic Rights, Kingfisher Airlines was allowed to fly the sky of 8 countries namely Bangladesh (14 services per week), Hong Kong (14 services per week), Nepal (7 services per week), Singapore (7 services per week), SriLanka (14 services per week plus 21 services per week from unlimited 18 destinations), Thailand (21 services per week), UAE Dubai (21 services per week) and UK (7 services per week each from Mumbai, Delhi and Bangalore). These international traffic rights have been withdrawn from Kingfisher Airlines on account of non-utilisation by the airline, the aviation ministry said. The Civil Aviation Minister has decided to make these international traffic rights available to other carriers for use. This would give additional availability of approximately 25,000 seats per week for use by other Indian carriers to these 8 countries, some of which are much in demand by these carriers, the aviation ministry said.
The aviation ministry has also been decided to withdraw the domestic slots which were allocated to Kingfisher Airlines at different airports for domestic flights. Airports Authority of India has been directed to make these slots available to other domestic carriers as per their demand, the aviation ministry said.
Cairn India said after market hours Monday, 25 February 2013, that following endorsement of the exploration Work Programme for the Rajasthan Block (RJ-ON-90/1) by the Management Committee less than two weeks ago, Cairn India has today, 25 February 2013, commenced drilling of the first exploration well, after a gap of more than four years, in the prolific Barmer Basin. This is pursuant to the clarity in policy by the Government of India (GoI), allowing for exploration operations in development blocks. This has enabled Cairn India to commence its planned aggressive exploration drilling programme to help harness the full potential of the Barmer Basin in Rajasthan.
Renewed exploration activity in the block will be beneficial for all stakeholders and will help realise the estimated half a billion barrels of oil equivalent of risked recoverable prospective resource which amounts to about a third of the Estimated Ultimate Recovery potential in the Rajasthan block, Cairn India said in a statement. This will help the joint venture (JV) to realise the basin production potential of 3 lakh bopd from the Rajasthan block, Cairn India said. The JV is currently producing 1.7 lakh to 1.75 lakh bopd from the Rajasthan block with a strong focus on exiting the year FY 2013-14 at a production rate of 2 lakh to 2.15 lakh bopd from the block, Cairn India said.
Ranbaxy Laboratories unveils Q4 December 2012 and year ended 31 December 2012 (FY 2012) results today, 26 February 2013.
Key benchmark indices eked out small gains in choppy trade on the first day of a crucial week on Monday, 25 February 2013. The S&P BSE Sensex was up 14.68 points or 0.08% at 19,331.69 on that day, its highest closing level since 20 February 2013.
Foreign institutional investors (FIIs) bought shares worth a net Rs 246.71 crore on Monday, 25 February 2013, as per provisional data from the stock exchanges.
PSU disinvestment and 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. The government has set target of Rs 30000 crore from PSU divestment for the fiscal year ending 31 March 2013. Meanwhile, 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.
Investors' focus is now on Union Budget 2013-14 to be presented to the Parliament on Thursday, 28 February 2013. Investors will focus on changes, if any, in excise duty and service tax in the Budget. It remains to be seen if the government announces measures to revive weak investment growth. It also remains to be seen if the government announces more economic reforms. A key figure to watch out is the divestment target for 2013-14. It remains to be seen if the Budget contains a clear roadmap for the implementation of Goods and Services Tax (GST). There has been some debate over taxing the super-rich. It remains to be seen if the Budget provides a clear roadmap to cap the government's subsidy bill. It also remains to be seen if there are measures to increase agriculture production to rein in food inflation.
It remains to be seen if the Finance Minister announces measures to channelise savings into financial assets given the sharp fall in financial savings of the household sector and a corresponding rise in household savings in physical assets such as gold and property over the past two years or so.
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 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 markets fell sharply Tuesday after signs of an inconclusive general election in Italy sparked worries that another chapter in Europe's debt crisis could be opening. Key benchmark indices in Taiwan, Hong Kong, Indonesia, Japan, Singapore and South Korea fell by 0.21% to 1.31%. China's Shanghai Composite rose 0.53%.
Italy's center-left coalition will win a majority in the lower house of parliament but the upper house will be deadlocked, the Interior Ministry said on Tuesday after almost all votes were counted. No party or coalition won a majority of seats in the Senate, which a government would need to pass legislation.A split parliament in the euro zone's third-largest economy is seen as likely to paralyse any new government and potentially reignite the euro-zone debt crisis.
U.S. stocks fell sharply on Monday, with the Dow Jones Industrial Average having its worst session this year, as Italian elections and looming spending cuts in the U.S. hit sentiment.
Investors await testimony later in the global day from Federal Reserve Chairman Ben Bernanke for further clues of when the Fed intends to slow down or stop its bond-buying programme.
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