Marker may open lower on weak Asian stocks

The marker may edge lower in early trade on weak Asian stocks. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates a fall of 32.50 points at the opening bell. GAIL (India) and DLF unveil Q4 results today, 30 May 2012. Mahindra & Mahindra (M&M) and Jaiprakash Associates also unveil FY 2012 results today. Tata Motors announced after market hours on Tuesday that consolidated net profit jumped 136.35% to Rs 6234 crore on 44.14% rise in total income to Rs 51066.48 crore in Q4 March 2012 over Q4 March 2011. Tata Motors' sales (including exports) of commercial and passenger vehicles for FY 2011-12, stood at 926,353 units, representing a growth of 10.7 % as compared to the corresponding period last year. In the domestic market, the company's commercial vehicles sales for the Quarter ended March 31, 2012, stood at 155,672 units, an increase of 16.2% over the corresponding period last year. The commercial vehicles sales during FY 2011-12 increased by 15.7 % to 530,204 units, as compared to the corresponding period last year. The company's market share in commercial vehicles was 59.4% for FY 2011-12. Passenger vehicles, including Fiat and Jaguar and Land Rover vehicles distributed in India, grew by 18.1% to 112,470 units in the domestic market for the Quarter ended March 31, 2012, as compared to the corresponding period last year. Sales for FY 2011-12 grew by 4.0% to 333,044 units, as compared to the corresponding period last year. Focused marketing initiatives and network actions have positively influenced sales. The market share in passenger vehicles stood at 13.1% for FY 2011-12 largely driven by sales in the recent quarters. The market share in Passenger vehicles for Q4 FY12 stood at 14.2%. Sun Pharmaceutical Industries announced after market hours on Tuesday that consolidated net profit jumped 85.25% to Rs 820.21 crore on 59.74% rise in total income to Rs 2548.05 crore in Q4 March 2012 over Q4 March 2011. ONGC announced after market hours on Tuesday that net profit surged 102.24% to Rs 5644.38 crore on 21.8% rise in total income to Rs 20332.90 crore in Q4 March 2012 over Q4 March 2011. The company has notified two new discoveries. HPCL announced after market hours on Tuesday that net profit surged 312.5% to Rs 4630.99 crore on 31.65% rise in total income to Rs 52772.56 crore in Q4 March 2012 over Q4 March 2011. Key benchmark indices eked out small gains in choppy trade on Tuesday, 29 May 2012 as traders rolled over positions in the futures and options (F&O) segment from May 2012 series to June 2012 series. The near-month May 2012 derivatives contracts expire on Thursday, 31 May 2012. The BSE Sensex advanced 21.74 points or 0.13% to settle at 16,438.58, its highest closing level since 9 May 2012. Foreign institutional investors (FIIs) bought shares worth a net Rs 90.50 crore on Tuesday, 29 May 2012, as per provisional figures. FIIs bought shares worth Rs 108.89 crore on Monday, 28 May 2012. The government has allowed foreign retail investors to directly buy debt in the latest move to boost capital inflows. Qualified foreign investors can buy corporate bonds and debt schemes of mutual funds for up to $1 billion. The new $1 billion limit for foreign individuals is separate from a $20 billion cap on investments by foreign institutional investors in local corporate bonds. The government has also extended the list of countries whose nationals are allowed to invest in Indian markets, Thomas Mathew, joint secretary for capital markets in India's finance ministry, told reporters. The arrival of crucial monsoon rains over India's mainland through the southern state of Kerala may reportedly be delayed by three to four days beyond the forecast date of June 1. Normally, the monsoon arrives over the country in the first week of June. A timely arrival of monsoon rains is critical for the sowing of summer crops such as rice, oilseeds, sugar cane and cotton. Around 60% of summer crops are rain-fed, and if monsoon rainfall is more or less on schedule and in sufficient amounts, crops that benefit from the rains account for around half of India's total agricultural output. On macro front, the Q4 March 2012 gross domestic product (GDP) data due tomorrow, 31 May 2012, could provide cues on the Reserve Bank of India's likely policy stance at its mid-quarter policy review due on 18 June 2012. The Indian economy expanded 6.1% in the October-December quarter from a year earlier, the weakest pace of expansion in more than two years, hurt by slower growth in manufacturing output and a contraction in mining production. Asian shares slipped on Wednesday, hurt by fears that Spain's banking woes will push up the country's borrowing costs to unsustainable levels although falls were limited on hopes that Greece would stay in the euro zone and for China stimulus steps. Key benchmark indices in China, Indonesia, Singapore, Hong Kong, Japan, Taiwan and South Korea were down by 0.2% to 2.22%. US stocks edged higher on Tuesday on reports that Greece would stay in the euro zone.