Key benchmark indices edged lower as the Reserve Bank of India (RBI) is expected to raise its main lending rate viz. the repo rate by 25 basis points after a monetary policy review tomorrow, 29 October 2013, to rein in inflation. The market breadth, indicating the overall health of the market, was negative. The barometer index, the S&P BSE Sensex, and the 50-unit CNX Nifty, both, settled at 1-1/2-week low. The Sensex shed 113.24 points or 0.55%, off 201.08 points from the day's high and up 19.64 points from the day's low.
Indian stocks fell for the fifth trading session in a row today, 28 October 2013. From a recent high of 20,893.89 on 21 October 2013, the Sensex has declined 323.61 points or 1.55% in five trading sessions. The Sensex has gained 1,190.51 points or 6.14% in this month so far (till 28 October 2013). The Sensex has gained 1,143.57 points or 5.89% in calendar 2013 so far (till 28 October 2013). From a 52-week high of 20,970.92 on 21 October 2013, the Sensex has declined 400.64 points or 1.91%. From a 52-week low of 17,448.71 on 28 August 2013, the Sensex has risen 3,121.57 points or 17.89%.
FMCG stocks dropped. Index heavyweight and cigarette major ITC extended Friday's losses as the company's top line growth in Q2 September 2013 disappointed investors. FMCG major Hindustan Unilever (HUL) edged lower in choppy trade after the company reported Q2 results on Saturday, 26 October 2013. Metal and mining stocks edged lower. Realty stocks edged lower ahead of the Reserve Bank of India's (RBI) Second Quarter Review of Monetary Policy 2013-14 tomorrow, 29 October 2013. PSU bank stocks led fall among banking stocks.
The market may remain volatile this week as traders roll over positions in the futures & options (F&O) segment from the near month October 2013 series to November 2013 series. The near month October 2013 derivatives contract expire on Thursday, 31 October 2013.
The S&P BSE Sensex shed 113.24 points or 0.55% to settle at 20,570.28, its lowest closing level since 17 October 2013. The index fell 132.88 points at the day's low of 20,550.64 in late trade. The index rose 87.84 points at the day's high of 20,771.36 in early trade.
The CNX Nifty shed 43.80 points or 0.71% to 6,101.10, its lowest closing level since 17 October 2013. The index hit a low of 6,094.10 in intraday trade. The index hit a high of 6,168.75 in intraday trade.
The total turnover on BSE amounted to Rs 1651 crore, lower than Rs 1744.49 crore on Friday, 25 October 2013.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1,408 shares dropped and 1,004 shares advanced. A total of 161 shares were unchanged.
The BSE Mid-Cap index fell 0.76%, underperforming the Sensex. The BSE Small-Cap index declined 0.49%, outperforming the Sensex.
The BSE Consumer Durables index (up 1.29%), the BSE Capital Goods index (up 0.98%), the BSE Oil & Gas index (up 0.31%), the BSE Auto index (down 0.04%) and the BSE IT index (down 0.38%) outperformed the Sensex.
The BSE Teck index (down 0.65%), the BSE PSU index (down 0.79%), the BSE HealthCare index (down 0.92%), the BSE Power index (down 1.16%), the BSE Bankex (down 1.2%), the BSE Metal index (down 1.63%), the BSE Realty index (down 2.1%), and the BSE FMCG index (down 2.56%) underperformed the Sensex.
Among the 30-share Sensex pack, 21 stocks fell and rest of them rose.
NTPC fell 0.69% ahead of its Q2 results tomorrow, 29 October 2013.
Car maker Maruti Suzuki India gained 0.41% ahead of its Q2 result today, 28 October 2013.
Index heavyweight and cigarette major ITC extended Friday's losses as the company's top line growth in Q2 September 2013 disappointed investors. The stock lost 3.87%. The company's net profit jumped 21.46% to Rs 2230.53 crore on 9.42% growth in total income to Rs 8108.72 crore in Q2 September 2013 over Q2 September 2012. The company declared Q2 result at fag end of the day's trading session on Friday, 25 October 2013.
FMCG major Hindustan Unilever (HUL) edged lower in choppy trade after the company reported Q2 results on Saturday, 26 October 2013. The stock shed 0.61% at Rs 590.60. The stock hit high of Rs 619.95 and low of Rs 587. The company's net profit rose 13.24% to Rs 913.80 crore on 9.04% increase in total income to Rs 7043.63 crore in Q2 September 2013 over Q2 September 2012. HUL announced Q2 results on Saturday, 26 October 2013. HUL said its recurring profit after tax before exceptional items rose 10% to Rs 883 crore in Q2 September 2013 over Q2 September 2012. Despite a sharp increase in advertising and promotion (A&P) spends, Profit before Interest and Tax (PBIT) grew by 11% with PBIT margin improving 20 basis points (bps), HUL said.
The company said operating context during the quarter was challenging given the volatile cost environment, led by the rupee depreciation, and heightened competitive intensity. Overall industry media spend was up to its highest levels in over 18 quarters, with a particularly sharp increase in Oral Care. HUL's domestic consumer business grew at 10% in Q2 September 2013, driven by 5% underlying volume growth, the company said in a statement.
HUL's Chairman Harish Manwani said: "We have delivered another quarter of competitive and profitable growth. The consistency and resilience of our performance, in what has been a challenging market environment for some quarters now, is a reflection of the discipline with which we are managing our business and executing our strategy. We continue to strengthen our business for the long term by driving innovation, investing behind our brands and further building organizational capabilities."
Colgate-Palmolive (India) lost 4.28% on weak Q2 result. The company's net profit declined 24.51% to Rs 109.52 crore on 16% growth in net sales to Rs 895.70 crore in Q2 September 2013 over Q2 September 2012. The Q2 result was announced after market hours on Friday, 25 October 2013.
During the quarter, the company achieved a volume growth of 10% over the corresponding previous year quarter, led by a strong growth of 9% in toothpaste category wherein the company further enhanced its leadership position by registering a 56% volume market share for January 2013-September 2013 period compared to 54.6% in January 2012-September 2012 period. The flagship brands "Colgate Dental Cream", "Active Salt", "Max Fresh" and "Colgate Total" along with the recently launched "Visible White" have contributed to this consistent growth, Colgate-Palmolive (India) said in a statement.
The company further strengthened its leadership position in the Toothbrush category by registering a volume market share of 41.4% for January 2013-September 2013 period as against 39.3% in January 2012-September 2012 period.
Despite the inflationary environment and pressure on the rupee, the company's focus on driving efficiencies and reducing costs coupled with prudent price increases has resulted in higher gross margin and help to fund investments in building and strengthening brand equity and business, Colgate-Palmolive (India) said.
Colgate-Palmolive (India)'s board of directors at a meeting held on Friday, 25 October 2013, declared a first interim dividend of Rs 9 per share for the year ending 31 March 2014.
Dabur India lost 3.29% to Rs 176.50 on profit booking after company reported good Q2 result. Shares of Dabur India had witnessed a pre-result rally. The stock had rallied 9.47% to settle at Rs 182.50 on Friday, 25 October 2013 from Rs 166.70 on 17 October 2013.
Dabur India's consolidated net profit rose 23.4% to Rs 249.74 crore on 14.49% growth in total income to Rs 1776.79 crore in Q2 September 2013 over Q2 September 2012. The Q2 result was announced during trading hours today, 28 October 2013.
Dabur India said that strong demand from the hinterland following the mega initiative to double the company's rural distribution footprint helped Dabur India sail through a challenging business environment and moderation in consumption expenditure in Q2 September 2013. A combination of innovative consumer-connect initiatives and relentless market development drive helped Dabur India report stronger growth across key categories like Home Care, Health Supplements, Shampoos, Foods, Skin Care and Oral Care, the company said in a statement.
Dabur India's operating profit margin (OPM) edged higher at 18.76% in Q2 September 2013, from 17.02% in Q2 September 2012.
Dabur India Chief Executive Officer Mr. Sunil Duggal said: "The rising cost pressures were managed through a mix of judicious price increases and improved buying efficiencies. There are signs of an economic downturn, but Dabur maintained its strong growth momentum and continues to register sales growth ahead of the market in several key categories. With our rural expansion programme, we have laid the foundation for strong and profitable growth in the future and this initiative started yielding positive results. We are seeing demand from rural India outpacing the urban markets".
The Home Care business for Dabur, led by the air freshener brand Odonil, continued to move forward on its growth trajectory and ended the quarter with a 25.3% growth. The Foods business also reported another strong quarter with a 22% growth, while the Oral Care category ended the three-month period with a near 19% growth and the Health Supplements business grew by around 17%. The Skin Care business grew by over 17% while the Shampoo business reported an over 13% growth. The quarter saw Dabur launch a host of new products and variants across geographies, all of which have received good response, Dabur India said in a statement.
Dabur's International Business recorded a growth of 25.8% during the second quarter, led by robust performance in Middle East & North Africa (MENA) markets and Bangladesh. "Hair Care and Toothpastes were the key growth drivers for Dabur in the international markets," Dabur India Group Director Mr. P D Narang said.
Index heavyweight Reliance Industries (RIL) rose 0.43% to Rs 889.65. The stock hit high of Rs 904.60 and low of Rs 886.65. RIL during market hours on Friday, 25 October 2013, said its subsidiary Reliance Jio Infocomm (RJIL) has received Unified License for all 22 service areas across India. RJIL has thus become the first telecom operator in the country to get pan India Unified License. The Unified License would allow RJIL to offer all telecom services including voice telephony under a single license.
With grant of Unified License, RJIL has migrated its existing ISP license along with Broadband Wireless Access (BWA) spectrum to the Unified License with authorisation for all services except Global Mobile Personal Communication by Satellite Service (GMPCS) under Unified License in all service areas, RIL said in a statement.
Essar Oil rose 2.69% after Q2 result. The company reported net loss of Rs 71 crore in Q2 September 2013 as against net profit of Rs 105 crore in Q2 September 2012. Gross revenue rose 19% to Rs 27392 crore in Q2 September 2013 over Q2 September 2012. The Q2 result was announced after market hours on Friday, 25 October 2013.
Essar Oil said that the gross revenue in Q2 September 2013 is its all-time high. During the quarter, Vadinar Refinery processed 5.18 MMT of crude, up 2% over Q2 September 2012, indicating a capacity utilization of 104%. It is its highest-ever throughput, the company said.
During Q2 September 2013, Essar Oil reported Current Price Gross Refining Margin of $6.93 per barrel, compared to $7.86 per barrel in Q2 September 2012, mainly due to sharp reduction in benchmark IEA margins by $3.76/bbl during the quarter (IEA margins for Sep 2013 quarter was negative $1.30/bbl against positive $2.46/bbl). Negative diesel demand growth in domestic market on the back of heavy, timely, and extended monsoon this year led to substantial increase in diesel exports, further impacting margins adversely, Essar Oil said.
The EBITDA (earnings before interest, taxation, depreciation and amortization) declined 11.63% to Rs 1033 crore in Q2 September 2013 over Q2 September 2012. EBITDA was impacted due to lower gross refining margin (GRM).
Mr LK Gupta, MD & CEO, Essar Oil said, We continue to operate our refinery in a highly optimized manner and this is the fifth consecutive quarter post expansion that the refinery is operating at over its nameplate capacity. Despite a sharp reduction in benchmark margins by about $3.8/bbl, our GRMs have been only marginally impacted. Our GRM premium over the IEA benchmark expanded to $8.23/bbl during the quarter, against $5.4/bbl in Q2 September 2012. With clarity emerging on deregulation of diesel, we are now looking at expanding our retail network, which going forward will be a big value booster for the company".
Mr Suresh Jain, CFO, Essar Oil said, We have maintained strong operating performance with record throughput and revenue. EBITDA has been impacted due to lower refinery margins. Benefits of debt dollarization, along with rationalisation of other financial charges like hedging and working capital has begun reflecting in our lower interest and financial charges.
Meanwhile, Essar Oil after market hours today, 28 October 2013, denied media reports that promoters intend to sell stake in the company. The company said that news story on a business news channel regarding stake sale by the promoters is completely incorrect.
PSU bank stocks led fall among banking stocks. State Bank of India (SBI) (down 2.49%), Bank of Baroda (down 4.67%), Bank of India (down 4.45%) and Union Bank of India (down 7.69%) dropped.
Punjab National Bank lost 3.54%. The bank after market hours on Monday, 28 October 2013, said that the Chairman & Managing Director of the bank, as per authority delegated by the board, has approved the issuance of equity shares for an amount upto Rs 500 crore, at such price as may be decided as per SEBI (ICDR) Regulations, 2009, on preferential basis in favour of Government of India, subject to necessary approvals.
Among private bank stocks, HDFC Bank (down 0.49%), Axis Bank (down 0.12%), Yes Bank (down 2.59%), and ICICI Bank (down 0.59%) declined.
Metal and mining stocks edged lower. Sesa Sterlite (down 3.56%), Hindustan Zinc (down 2.87%), Tata Steel (down 3.11%), Jindal Steel & Power (down 0.59%), NMDC (down 0.33%), Sail (down 1%), and Hindalco Industries (down 1.69%), declined.
Realty stocks edged lower ahead of the Reserve Bank of India's (RBI) Second Quarter Review of Monetary Policy 2013-14 tomorrow, 29 October 2013. DLF (down 3.53%), D B Realty (down 5.63%), Unitech (down 2.91%) and HDIL (down 2.55%), declined.
Oberoi Realty climbed 2.84% to Rs 180.85. The company will declare Q2 results on 30 October 2013.
Neyveli Lignite Corporation lost 1.99% on weak Q2 result. The company's net profit declined 28.3% to Rs 240 crore on 2.5% growth in net sales to Rs 1382.82 crore in Q2 September 2013 over Q2 September 2012. The Q2 result was announced on Saturday, 26 October 2013.
Bharti Infratel shed 1.12% as net profit fell on sequential basis in Q2 September 2013. Consolidated net profit dropped 22.42% to Rs 277.40 crore on 2.35% growth in revenue to Rs 2683.70 crore in Q2 September 2013 over Q1 June 2013. Earnings before interest, taxation, depreciation and amortization (EBITDA) rose 2.82% to Rs 1075.90 crore in Q2 September 2013 over Q1 June 2013. EBITDA margin edged higher at 40.1% in Q2 September 2013, from 39.9% in Q1 June 2013. The company announced Q2 result during market hours.
JSW Energy lost 2.71% on weak Q2 result. The company's net profit fell 35.82% to Rs 163 crore on 2.5% decline in total income from operations to Rs 2025 crore in Q2 September 2013 over Q2 September 2012. The Q2 result was announced on Saturday, 26 October 2013.
The consolidated profit after tax (PAT) of Rs 163 crore in Q2 September 2013 was after taking into account a foreign exchange (forex) loss of Rs 168 crore which has been considered as an exceptional item during the quarter due to continued and steep depreciation of the rupee against the dollar in Q2 September 2013.
EBITDA (earnings before interest, taxation, depreciation and amortization) surged 43% to Rs 893 crore in Q2 September 2013 over Q2 September 2012, primarily due to improved realisation and reduced fuel cost.
JSW Energy achieved an average plant load factor (PLF) of 69.38% in Q2 September 2013 and a net generation of 4,352 million units during the quarter on an installed capacity of 3,140 megawatts (MW). PLF during the quarter was significantly lower primarily due to frequent back down by the load dispatch centre mainly due to heavy monsoon, slackness in power procurement by utilities and annual overhauling & maintenance shutdowns of units, the company said in a statement.
The merchant sales in Q2 September 2013 were 1,507 million units, the sales under long term PPA were 2,268 million units and the balance units were banked during the quarter, JSW Energy said.
JSW Energy's total net worth and net debt as on 30 September 2013 were Rs 6598 crore and Rs 10335 crore respectively resulting in a debt equity ratio of 1.57.
On project updates, JSW Energy said that all the requisite environmental approvals for the 240 MW power project at Kutehr, Himachal Pradesh (HP), have been received. The land acquisition process for the project is progressing satisfactorily and the tendering process for the project construction has been initiated. The cost incurred till 30 September 2013 was Rs 231 crore, the company said in a statement.
The possession of land for Jalipa mines and transfer to lessee is awaited, JSW Energy said. The project cost is estimated at Rs 1800 crore (comprising both Kapurdi & Jalipa mines) and cost incurred till 30 September 2013 was Rs 1457 crore, the company said in a statement.
With regard to future business outlook, JSW Energy said that with sharp depreciation of rupee in the current fiscal and imported coal prices beginning to firm up sharply, the fuel costs are expected to go up. In the event weak demand for power persists with an anticipated increase in fuel costs, margins are expected to be under pressure, JSW Energy said in a statement.
Adani Enterprises surged 6.86% to Rs 207.10. The company will declare Q2 results on 31 October 2013.
Shriram City Union Finance jumped 3.56% to Rs 996.35. Net profit of Shriram City Union Finance rose 17.87% to Rs 127.20 crore on 5.2% rise in operating income to Rs 798.63 crore in Q2 September 2013 over Q2 September 2012. The result was announced on Saturday, 26 October 2013.
Just Dial rose 3.33% on strong Q2 result. The company's net profit rose 97.93% to Rs 28.66 crore on 28.56% rise in net sales to Rs 112.66 crore in Q2 September 2013 over Q2 September 2012. The result was announced on Saturday, 26 October 2013.
Just Dial announced on Saturday, 26 October 2013, that its board at the meeting held on 25 October 2013, took note of an order received from Government of Karnataka permitting the company to establish an IT/ITES - BPO and software development centre at IT/ITES park in Bangalore. The board has constituted a committee of directors and officers of the company to evaluate the proposal.
The board also discussed new business opportunities and has decided to seek shareholders' approval through postal ballot to enable the company to undertake such new businesses.
Excel Crop Care was locked at 5% upper circuit at Rs 289.40 after the company said its board of directors will consider a Scheme of Arrangement between the company and TML Industries, Vadodara, Gujarat for the transfer of the chemical business of TML Industries to Excel Crop Care. The board will consider this proposal along with Q2 September 2013 results on Wednesday, 30 October 2013.
Shares of gold finance companies surged on market buzz that the Reserve Bank of India (RBI) may allow them to lend 75% of the value of jewellery compared with 60% at present. Muthoot Finance and Manappuram Finance were both locked at their respective 5% upper circuit of Rs 104.70 and Rs 15.73.
Last month, the Reserve Bank of India had tightened rules for gold non-banking finance companies, and had kept the loan-to-value ratio at 60%.
Everest Industries tanked 13.88% on reversed turnaround in Q2. The company reported net loss of Rs 6.65 crore in Q2 September 2013 as against net profit of Rs 12.51 crore in Q2 September 2012. Everest Industries' net sales declined 10.4% to Rs 198.03 crore in Q2 September 2013 over Q2 September 2012. The Q2 result was announced after market hours on Friday, 25 October 2013.
KEC International jumped 10.53% on good Q2 result. The company's consolidated net profit surged 34% to Rs 22 crore on 6.6% growth in net sales to Rs 1778 crore in Q2 September 2013 over Q2 September 2012. The Q2 result was announced after market hours on Friday, 25 October 2013.
KEC International's consolidated earnings before interest, taxation, depreciation and amortization (EBITDA) surged 30.4% to Rs 112 crore in Q2 September 2013 over Q2 September 2012. EBITDA margin improved 115 basis points to 6.3% of net sales.
The company's order book stands at Rs 10200 crore as on 30 September 2013. Of this 54% is from outside India. It has secured new orders in Transmission, Power Systems and Cables businesses of Rs 755 crore in Q2 September 2013.
Commenting on the company's Q2 performance, Mr. Ramesh Chandak, MD & CEO, KEC International said, "We are happy to declare continuous order inflows from various businesses and geographies. Our order intake for the first half of FY 2014 at Rs 3943 crore is higher by 13% as compared to the corresponding period of the previous year. On the profitability front, our operating margin for the quarter is better than the previous four quarters".
Commercial Engineers & Body Builders Company was locked at 5% lower circuit at Rs 10.96 on BSE after company reported a reverse turnaround in Q2. The company reported net loss of Rs 15.08 crore in Q2 September 2013 as against net profit of Rs 16.29 crore in Q2 September 2012. The Q2 result was announced after market hours on Friday, 25 October 2013. Commercial Engineers & Body Builders Company's net sales declined 87.2% to Rs 19.59 crore in Q2 September 2013 over Q2 September 2012.
Bharat Gears jumped 17.14% on strong Q2 result. The company's net profit jumped 672.9% to Rs 3.71 crore on 8.5% growth in net sales to Rs 108.69 crore in Q2 September 2013 over Q2 September 2012. The Q2 result was announced after market hours on Friday, 25 October 2013.
HOV Services surged 19.88% on a media report that SourceHOV, which is jointly owned by Citigroup Venture Capital International and HOV Services has been put on the block with asking valuation of $1.2 billion. HOV Services' 27.2% stake in SourceHOV could be valued at about $300 million, report added.
HOV Services at the fag end of the day's trading session today, 28 October 2013, said that the company has a step down subsidiary in the US which holds about 27.2% shares of SourceHOV Inc. Citigroup Venture Capital International (CVCI) is a Private Equity group with many investments and is the majority shareholder in SourceHOV and keeps exploring several options for sale of different assets of CVCI including SourceHOV, which is a common practice among private equity groups, HOV Services said. HOV Services said it has not appointed investment banker Morgan Stanley or any other merchant banker for a sale.
Ajanta Pharma spurted 15.37% to Rs 844.30 on good Q2 result. The stock hit record high of Rs 858.95 in intraday trade. The company's net profit surged 155% to Rs 56 crore on 50% growth in revenue from operations to Rs 280 crore in Q2 September 2013 over Q2 September 2012. The Q2 result was announced during trading hours today, 28 October 2013.
Ajanta Pharma's EBITDA (earnings before interest, taxation, depreciation and amortization) jumped 95% to Rs 84 crore in Q2 September 2013 over Q2 September 2012. EBITDA margin increased to 30% from 23% a year ago.
Exports contributed 64% of the total operating income in Q2 September 2013.
Commenting on the company's Q2 performance, Mr. Yogesh Agrawal, Managing Director, Ajanta Pharma said, "we are pleased with healthy results for the quarter driven by India and emerging markets. We remain focused on select speciality therapeutic segments in India and select geographies in overseas market. We continue to stretch boundaries of excellence and building quality business on the already laid strong foundation with focus on growing sales and profitability consistently".
Ajanta Pharma filed 3 more abbreviated new drug applications (ANDAs) during the quarter taking total tally to 18 ANDAs (2 approved and 16 awaiting approval).
In the foreign exchange market, the rupee edged lower against the dollar on caution ahead of the Reserve Bank of India's (RBI) monetary policy review tomorrow, 29 October 2013. The partially convertible rupee was hovering at 61.53, compared with its close of 61.46/47 on Friday, 25 October 2013.
Bond prices fell ahead of the Reserve Bank of India's (RBI) monetary policy review tomorrow, 29 October 2013. The yield on the federal benchmark paper 7.16% GS 2023 was hovering at 8.6557%, higher than its close of 8.5795% on Friday, 25 October 2013. Bond yield and bond prices are inversely related.
The Reserve Bank of India (RBI) announces Second Quarter Review of Monetary Policy 2013-14 tomorrow, 29 October 2013. Market men expect RBI to hike its main lending rate viz. the repo rate by 25 basis points to rein in inflation. The wholesale price (WPI) and consumer price inflation, both, accelerated in September 2013. WPI inflation accelerated to 6.46% in September 2013, from 6.1% in August 2013. The annual rate of inflation based on the combined consumer price index (CPI) for urban and rural India rose 9.84% in September 2013, from 9.52% in August 2013.
The RBI will release its macroeconomic policy review at about 17:00 IST today, 28 October 2013, a day ahead of the Second Quarter Review of Monetary Policy 2013-14.
European stocks fell on Monday, 28 October 2013, as investors awaited US data on industrial production and housing for signs of the health of the world's largest economy. Key benchmark indices in Germany, France and UK were down 0.06% to 0.52%.
Asian stocks rose on Monday, 28 October 2013, after weaker than forecast US consumer confidence spurred bets the Federal Reserve will maintain stimulus. Key benchmark indices in China, Taiwan, Hong Kong, Singapore, Japan, Indonesia and South Korea rose 0.04% to 2.19%.
There are expectations that China's government will unveil economic reforms at a Communist Party meeting next month.
A Bank of Korea survey showed consumer sentiment rose this month to the highest level since May 2012.
Trading in US index futures indicated that the Dow could gain 32 points at the opening bell on Monday, 28 October 2013. US stocks rose on Friday, 25 October 2013, sending the Standard & Poor's 500 Index to a record, as Amazon.com Inc. and Microsoft Corp. sales beat estimates while a drop in consumer confidence added to speculation the Federal Reserve will delay scaling back monetary stimulus.
Data on US industrial production for September 2013 is due for release later in the global day today, 28 October 2013.
The Federal Open Market Committee (FOMC) holds a two-day policy meeting tomorrow, 29 October and Wednesday, 30 October 2013. 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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