The market may open slightly lower on weak Asian stocks. Trading of Nifty futures on the Singapore stock exchange indicates that the CNX Nifty could fall 4.50 points at the opening bell. The Central Statistics Office (CSO) will unveil data on inflation based on the wholesale price index for February 2013 today, 14 March 2013. 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.
Aviation shares will be in focus after the Minister of State for Civil Aviation Mr. K.C Venugopal informed Lok Sabha on Wednesday, 13 March 2013, that the government has taken several measures to revive the aviation industry and ensure long term viability of the sector. The Director General of Foreign Trade has allowed direct import of ATF by airlines on actual user basis. Foreign direct investment (FDI) by foreign airlines in the domestic scheduled and non scheduled carrier has been permitted up to 49% of their paid up capital. Among other measures, ECB up to $1 billion has been permitted for the airlines to meet their working capital requirement, the minister said. Among other measures, operation in domestic sector has been deregulated. As such airlines are free to operate anywhere in the country subject to compliance of Route Dispersal Guidelines.
Shares of defence equipment makers will be in focus after the Ministry of Defence on Wednesday, 13 March 2013, said that the government is in the final stage of amending the Defence Procurement Procedure. With a view to achieve greater self-reliance in defence production, the defence industry was opened up for private sector participation in May 2001 with FDI permissible upto 26%, subject to licensing. The 'Make' Procedure was promulgated in 2006 to encourage indigenous development. The government included a categorisation 'BUY & MAKE (Indian)' in the Defence Procurement Procedure in November 2009 to encourage indigenous production. There is also provision for 30% offset obligation in all Capital Acquisitions categorized as Buy (Global) or Buy & Make with Transfer of Technology (ToT) where the estimated cost of the acquisition proposal is Rs 300 crore or more. Further, the government has announced the Defence Production Policy in January 2011 and Joint Venture Policy for DPSUs in February 2012. This information was given by Defence Minister Mr. AK Antony in a written reply to a question in Rajya Sabha on Wednesday, 13 March 2013.
The President of India, acting through and represented by the Ministry of Mines, Government of India is the promoter of National Aluminium Company and it proposes to sell 12.88 crore shares with an option to sell an additional 12.88 crore shares of the company, collectively aggregating to approximately 10% of the total paid up equity share capital of the company on 15 March 213. The sale shall take place on a separate window of the Stock Exchanges and shall commence tomorrow, 15 March 2013 at 9:15 IST and shall close on the same date at 15:30 IST.
Key benchmark indices edged lower on Wednesday, 13 March 2013 on weak global cues. The S&P BSE Sensex fell 202.37 points or 1.03% to 19,362.55 on that day, its lowest closing level since 6 March 2013.
Foreign institutional investors (FIIs) bought shares worth a net Rs 303.83 crore on Wednesday, 13 March 2013, as per provisional data from the stock exchanges.
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.
The India Meteorological Department will issue its first forecast of 2013 southwest monsoon in April 2013.
Data on advance tax payment for the final installment of the current fiscal year which is due tomorrow, 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 declined on Thursday led by material producers and Chinese developers, as concern about property curbs in the world's No. 2 economy overshadowed reports on U.S. retail and Australian jobs that exceeded estimates. Key benchmark indices in Hong Kong, Indonesia, Singapore, Taiwan and South Korea fell by 0.18% to 0.81%. Key benchmark indices in China and Japan rose by 0.12% to 0.35%.
Australian employers boosted payrolls in February by the most in almost 13 years. The number of people employed rose by 71,500 from a month earlier, the statistics bureau said in Sydney, the biggest gain since July 2000.
The Bank of Korea kept its key rate on hold at 2.75% for a fifth consecutive month on Thursday, as inflation remained below the South Korean central bank's target range.
U.S. stocks ended with small gains on Wednesday, with the Dow Jones Industrial Average sealing a nine-session streak of gains after stronger-than-expected retail sales data for February.
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.
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