Key Q2 results, economic data in focus

Some key September 2010 results and economic data are in focus next week. The market will also eye announcements during US President Barack Obama's three-day India visit from Saturday, 6 November 2010 to Monday, 8 November 2010.



The stock market remains closed on Friday, 5 November 2010, on account of Diwali. But, there will be a special one hour Muhurat trading session on that day between 18:00 IST To 19:00 IST, to mark the begging of the Samavat Year 2067.

Infrastructure Development Finance Company and State Bank of India will report Q2 September 2010 results on Monday, 8 November 2010, to be followed by Hindalco Industries and Tata Motors on Tuesday, 9 November 2010, BPCL, Bharti Airtel, and DLF on Wednesday, 10 November 2010, Cipla and Ranbaxy Laboratories on Thursday 11 November 2010 and Tata Power and Tata Steel on Friday, 12 November 2010.

On the macro front, the government will announce the industrial output data for September 2010 on 12 November 2010. Industrial production rose at a much slower-than-expected 5.6% in August 2010. Data on inflation data for the month of October 2010 is due on 15 November 2010. The wholesale price index rose 8.62% in September 2010.

The follow-on public offer of state-run Power Grid Corporation opens for bidding on Tuesday, 9 November 2010. The issue closes on Thursday 11 November 2010 for the qualified institutional bidders and on Friday 12 November 2010 for all other bidders.

The winder session of the parliament begins on Tuesday, 9 November 2010 and investors will eye the progress on reform bills. The government has decided to bring in the controversial Land Acquisition (Amendment) Bill in winter session of parliament in its present form. Trinamul Congress (TMC) chief and railway minister Mamata Banerjee is opposed to the bill, with her main objection being the amendment to Section 3 of the principal Land Acquisition Act, 1894, which allows the state government to acquire remaining 30% of the total area of land required for an industrial project after the private developer has purchased 70% of the total land area directly from the farmer at the market rate. TMC is a part of the ruling Congress-led alliance at the Centre.

The government also plans to introduce two other reforms bills -- the Forward Contracts Regulation (Amendment) bill and the Banking Laws (Amendment) bill. Both these bills were being opposed by the Left which was supporting the UPA government during its previous five-year tenure.