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Saturday, December 07, 2013
PowerGrid Corporation FPO Subscription Details
| POWER GRID CORPORATION OF INDIA LIMITED | ||||
|---|---|---|---|---|
| Sr.No. | Category | No.of shares offered/reserved | No. of shares bid for | No. of times of total meant for the category |
| 1 | Qualified Institutional Buyers (QIBs) | 392026655 | 3562316850 | 9.09 |
| 1(a) | Foreign Institutional Investors(FIIs) | 1869383850 | ||
| 1(b) | Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) | 1440480750 | ||
| 1(c) | Mutual funds | 108322200 | ||
| 1(d) | Others | 144130050 | ||
| 2 | Non Institutional Investors | 117607996 | 1140759750 | 9.70 |
| 2(a) | Corporates | 775915800 | ||
| 2(b) | Individuals(Other than RIIs) | 349014750 | ||
| 2(c) | others | 15829200 | ||
| 3 | Retail Individual Investors(RIIs) | 274418658 | 594292950 | 2.17 |
| 3(a) | Cut Off | 563425200 | ||
| 3(b) | Price bids | 30867750 | ||
| 4 | Employees | 3000000 | 3925950 | 1.31 |
| 4(a) | Cut Off | 3325050 | ||
| 4(b) | Price Bids | 600900 | ||
| Total | 787053309 | 5301295500 | 6.74 | |
| Updated as on 06 December 2013 at 2200 hrs | ||||
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Bulls takeover this Week as BJP leads the race
Benchmarks rose after series of exit polls predicted victory for Bharatiya Janata Party (BJP) in the Assembly elections held in four States. The Sensex shut shop gaining 0.98% while the Nifty rose 1.36% for the week ended December 06, 2013.
Major Headlines for the week:
HSBC Manufacturing PMI rises to 51.3 in November
HSBC Services PMI shrinks to 47.2 in November
Core sector growth declines in October
September FDI declines by 38%
Indian indices:
Welcome to the ‘Weekly Market Wrap’ for December 07, 2013. The market edged higher last week after a series of exit polls on Wednesday, 4 December 2013, predicted victory for Bharatiya Janata Party (BJP) in the Assembly elections held in four States. Growth in second quarter GDP and the improvement in HSBC India manufacturing index for November also boosted the market. The barometer index, the S&P BSE Sensex, settled a tad below the psychological 21,000 mark, having alternately moved above and below that mark during the week. The Sensex and the 50-unit CNX Nifty, both, hit their highest closing level in almost five weeks.
The market gained in three out of five trading sessions in the week. The BSE Mid-Cap index rose 1% and the BSE Small-Cap index rose 2.07%. Both these indices outperformed the Sensex.
The S&P BSE Sensex rose 204.60 points to 20,996.53. The 50-unit CNX Nifty rose 83.80 points to 6,259.90, its highest closing level since November 03, 2013.
Major events:
1. After contracting for three months in a row, manufacturing activity saw an uptick in November, latest data from the widely-tracked HSBC Purchasing Managers’ Index (PMI) shows. The HSBC Manufacturing PMI, compiled by Markit, rose to 51.3 in November from October's 49.6, the highest since March and its first time above the watershed level of 50 that divides growth from contraction in four months.
2. India's services sector, which constitutes the biggest chunk of its economy, shrank for the fifth month in a row in November, according to the widely-tracked HSBC purchasing managers' index released today. Services PMI inched up to 47.2 points in November from 47.1 in October, remaining in the negative zone. PMI above 50 means expansion and below that number it is a decline.
Weekly market trend from December 02, 2013 – December 06, 2013:
1. Indian shares rose on Monday (December 02, 2013), to mark their highest close in nearly a month as shares gained after promising manufacturing data at home and in China eased concerns about slowing economies. The BSE Sensex rose 0.51% and the Nifty was up by 0.68%. Benchmark closed on strong note as better-than-expected HSBC Manufacturing PMI alongwith second quarter GDP numbers released late Friday boosted the sentiment. The Sensex closed at 20,898.01, up by 106.08 points, while the Nifty rose by 41.75 points to close at 6,217.85.
2. Indian shares fell on Tuesday (December 03, 2013), to snap a three-day winning streak due to profit-taking in stocks of blue chips such as Larsen and Toubro Ltd after upbeat U.S. data raised fears the Federal Reserve would reduce its monetary stimulus. The BSE Sensex slipped 0.21% and the Nifty was down by 0.26%. Benchmarks witnessed a listless trade and ended with marginal losses as investors booked profits at higher levels after gains in the previous three sessions. The S&P BSE Sensex shed 43.09 points to close at 20854.92 while Nifty slipped 16.00 points to end at 6201.85.
3. Indian shares fell on Wednesday (December 04, 2013), to mark their second consecutive day of losses as investors locked in profits in blue chip shares such as ICICI Bank ahead of major risk events including U.S. jobs data and state elections results due later in the week. The BSE Sensex slipped 0.70% and the Nifty was down by 0.66%. Benchmarks ended lower for the second straight day, amid weak Asian cues, as investors booked profits in late trades ahead of the assembly election results due on Sunday. The S&P BSE Sensex shed 146.21 points to close at 20708.71 while Nifty slipped 40.90 points to end at 6160.95.
4. On Thursday (December 04, 2013), the Indian shares marked their highest close in a month, as stocks of blue chips, including lenders surged after exit polls predicted a strong showing for the key opposition party in state elections held recently. The BSE Sensex rose 1.20% and the Nifty was up by 1.30%. Benchmark closed on strong note as hope rally pushed frontline stocks to higher levels. Indices were euphoric as exit polls conducted in the assembly elections indicated that BJP could win 3 out of 5 states which are set to declare poll results on December 8. The Sensex closed at 20,957.81, up by 249.10 points, while the Nifty rose by 80.15 points to close at 6,241.10
5. On Friday (December 04, 2013), the Indian equities remained highly volatile throughout the day and closed today's trading session in the green zone. The Sensex rose 0.18% while the Nifty shut shop 0.30% higher. However the markets gained momentum in the afternoon trades led by buying activity. Positive opening of the European indices also helped the markets to close last trading day of the week in green. The Sensex closed at 20996.53, up by 38.72 points and the Nifty rose 18.80 points to settle at 6259.90.
Global indices:
Majority of the global markets closed on a negative note except Shanghai Comp which gained by 0.75% and Nasdaq rose 0.06%. Top Losers: CAC 40 dropped by 3.86%, Dax100 fell by 2.48% and Nikkei lost 2.31%.
Sectoral and stock screening:
Majority of Sectors ended in green, barring S&P BSE FMCG down by 2.74% and S&P BSE Auto down by 0.20%. The topmost gainers are - S&P BSE Bankex rose by 4.98%, S&P BSE CG up by 4.71% and S&P BSE Power advanced by 4.56%.
Looking at the 'A' group stocks, the top three gainers of the week were - OBC up by 17.68%, Adani Power rose 17.15% and NMDC up by 14.76%. The top three losers of the week were - Strides Arcolab fell by 10.67%, Godrej Consumer Products slipped by 7.77% and Wockhardt dipped by 5.47%.
FII/MF activity
The foreign institutional investors (FIIs) have been the net buyers of the Indian stocks to the tune of Rs2781.80 crore as on December 05, 2013 and the domestic investors sold Indian shares worth a net of Rs356.20 crore as on December 04, 2013.
Market Outlook for the coming week!
In the coming week, high volatility is expected next week as the market will react sharply to the verdict of assembly elections in key states on Sunday, December 08, 2013.
On the macro front, the government will unveil industrial production data for October 2013 on Thursday, December 12, 2013.
Data on inflation based on the general consumer price index (CPI) for November 2013 will be unveiled on Thursday, December 12, 2013.
Investors are keeping a close watch on economic data in the United States as the Federal Reserve monitors the pace of recovery to gauge when it will begin to reduce monetary stimulus for the US economy, which has been aimed at encouraging growth. The US government will release the influential US non-farm payrolls data for November 2013 on Friday, December 06, 2013. The Fed has said improvement in the labor market is a key factor in its policy assessment.
Check your EPF balance online with e-passbook
Now, you can check your EPF balance online using the new e-passbook facility available on EPFO (Employees Provident Fund Organisation) website. EPFO (Employees Provident Fund Organisation, India) has launched the e-passbook facility for EPF (Employees’ Provident Fund) subscribers—which will include their updated PF account status online. The new concept called EPF Account Passbook allows members to download their e-passbook multiple times in a month. The PF department no longer provides hard copy of the annual PF statement.
EPF—commonly called PF—is a retirement benefit scheme that is available to the salaried employees. Both employees and employer contribute to the Fund at the ‘rate of 12%’ of the basic wages, dearness allowance and retaining allowance (if any) payable to employees per month. Thus, the total contribution to the Fund is 24%.
The EPF members can access e-passbook on the EPFO website after getting themselves registered on the site. The registered EPF members can obtain the e-passbook after entering establishment code, PF number and member name as mentioned in the PF slip.
Abhishek Bade, assistant manager-HR department, India Infoline, said, “The PF department has considered ‘opening balance’ as on 31 March 2011 and has provided month wise contribution details from April 2011 till June 2012. The contributions for April & May 2012 would get updated in due course of time.”
What is an e-passbook?
E-passbook is an online version of the PF status book, where employee’s PF status and transactions are recorded and can be tracked. Month and date wise, all the transactions made in the account are displayed in the e-passbook. It will also include additional details such as name, and date of birth of the employee.
E-passbook will be available for active members only. No passbook shall be available for settled, inoperative or negative balances accounts. No passbook will be available for exempted establishments. To avail the e-passbook facility, EPF subscribers need to register themselves on the EPFO website and provide all the necessary details.
Register online
At present, the facility is only for the members for whom the employer has uploaded the Electronic Challan Cum Return for the wage of May 2012 onwards. To get an e-passbook, an EPF subscriber needs to register their account on EPFO portal. The registration does not involve creation of any username or password. There is no need to create and remember any user id and password. You have to use your mobile number and any of your following identification proof number such as PAN, AADHAR, bank account, voter ID, passport or driving license to register and thereafter to login.
After adding your name and EPF account number, you need to click on ‘Get PIN’. The PIN is sent by SMS to you. This PIN authorisation is required every time you download the e-passbook and check your EPF balance.
Benefits of registration
Only a registered employee can download an e-passbook. For employees who have left the service or retired from the job before March 2012, e-passbook will be made available to them, only if they make a request on the EPFO portal.
Members can view their EPF account passbook online and get all the account information at one place. EPF also sends SMS to the members when the e-passbook of EPF is available. Members can download the e-passbook multiple times in a month. With EPFO online registration, members can view their transaction history online, which saves a lot of time, Mr Bade added.
Steps to generate e-passbook
Login http://members.epfoservices.in
Register
Mention mobile number & date of birth
Add other details
Press on Get Pin
PIN is sent on your cell phone
Updated PIN on same link
You can login with your document & mobile no.
Click on download e-passbook
Select PF office state
Select PF office
Mention company PF code
Mention employee PF a/c no.
Mention employee name
Press on Get PIN
PIN is sent on your cell phone
Update PIN on same link
After 3 working days you get your e-passbook on same page
India Infoline Housing Finance Ltd: 11.52% secured NCDs issue opens on Dec 12
India Infoline Housing Finance Limited (IIHFL), the housing finance arm of India Infoline Limited, one of the largest diversified financial services companies in India, plans to open on December 12, 2013 a public issue of Secured, Redeemable, Non-Convertible Debentures (NCDs) of face value of Rs 1,000 each.
The NCD issue is aggregating upto Rs 2,500 million with an option to retain over-subscription up to Rs 2500 million for issuance of additional NCDs aggregating to a total of up to Rs 5,000 million (“Issue”)
These NCDs have a monthly option and will be issued for a period of 5 years. The yield on the NCD works out to 12.15% p.a. These bonds are secured against home and mortgage receivables.
Our recent NCD issue of India Infoline Finance Limited, parent company of IIHFL, raised Rs 1,050 crores, including the green shoe option. This was the largest public issue of bonds, by any company in India, in the last 4 years (as per Prime Database).
Commenting at the press conference on the NCD Issue, Nirmal Jain, Chairman, India Infoline Ltd said, “This is the fourth issue from IIFL Group in the last 3 years. All our earlier issues have met with overwhelming response and customer’s trust. In the corporate bond market, IIFL brand is well accepted and has an impeccable track record. ”
S Sridhar, Chairman, India Infoline Housing Finance Limited, said, “Our robust credit selection, appraisal and collection process have ensured that the asset quality standards are among the highest and non performing assets are kept under control at a low level.”
R Venkataraman, Managing Director, India Infoline Ltd said, “These bonds are secured against home and mortgage receivables, which in the Indian context have performed better than most other asset classes. These bonds have an attractive yield of 12.15% with an added benefit of monthly cash flow of interest income.”
The NCDs proposed to be issued under this Issue have been rated ‘CRISIL AA-/Stable’ by CRISIL and ‘CARE AA-' by CARE. The rating of NCDs by CRISIL and CARE indicates instruments with this rating are considered to have a high degree of safety regarding timely servicing of financial obligations. Such instruments carry very low credit risk. The ratings provided by CRISIL and/or CARE may be suspended, withdrawn or revised at any time by the assigning rating agency and should be evaluated independently of any other rating. These ratings are not a recommendation to buy, sell or hold securities and investors should take their own decisions. The NCDs are proposed to be listed on the National Stock Exchange of India Limited and BSE Limited.
The Issue will close on December 20, 2013 with an option to close on such earlier date or extended date up to a period of 30 days from the date of opening of the Issue, as may be decided at the discretion of the duly authorised committee of Directors of IIHFL subject to necessary approvals.
Investors have an option for Allotment of NCDs in both dematerialized form and/or physical form. The funds raised through the Issue, after meeting the expenditures of and related to the Issue, will be used for the financing activities including lending and investments, subject to applicable statutory and/or regulatory requirements, to repay our existing loans and our business operations including for our capital expenditure and working capital requirements.
Axis Capital Limited, Trust Investment Advisors Private Limited, India Infoline Limited and Edelweiss Financial Services Limited are the Lead Managers to the Issue and RR Investors Capital Services (P) Limited, Karvy Investor Services Limited and SMC Capitals Limited are the Co-Lead Managers to the Issue. IDBI Trusteeship Services Limited is the Debenture Trustee, while Link Intime India Private Limited is the Registrar to the Issue.
Market hits almost 5-week high as BJP leads in exit polls
The market edged higher last week after a series of exit polls on Wednesday, 4 December 2013, predicted victory for Bharatiya Janata Party (BJP) in the Assembly elections held in four States. Growth in second quarter GDP and the improvement in HSBC India manufacturing index for November also boosted the market. The barometer index, the S&P BSE Sensex, settled a tad below the psychological 21,000 mark, having alternately moved above and below that mark during the week. The Sensex and the 50-unit CNX Nifty, both, hit their highest closing level in almost five weeks.
The S&P BSE Sensex rose 204.60 points or 0.98% to 20,996.53, its highest closing level since 3 November 2013. The 50-unit CNX Nifty rose 83.80 points or 1.36% to 6,259.90, its highest closing level since 3 November 2013.
The BSE Mid-Cap index rose 1% and the BSE Small-Cap index rose 2.07%. Both these indices outperformed the Sensex.
The Sensex has gained 204.60 points or 0.98% in this month so far (till 6 December 2013). The Sensex has garnered 1,569.82 points or 8.08% in calendar 2013 so far (till 6 December 2013). From a 52-week low of 17,448.71 on 28 August 2013, the Sensex has risen 3,547.82 points or 20.33%. From a record high of 21,321.53 on 3 November 2013, the Sensex has fallen 325 points or 1.52%.
Trading for the week and month began on positive note on Monday, 2 December 2013, as key benchmark edged higher after the outcome of a business survey showed that India's manufacturing activity returned to growth in November 2013 as a strong rise in orders pushed factories to step up production. The S&P BSE Sensex rose 106.08 points or 0.51% to settle at 20,898.01. The CNX Nifty rose 41.75 points or 0.68% to settle at 6,217.85.
Key benchmark indices edged lower on Tuesday, 3 December 2013, as Asian and European stocks dropped on speculation the Federal Reserve will soon start tapering monetary stimulus to the US economy after data overnight showed US manufacturing activity unexpectedly climbed last month. The US central bank currently buys bonds worth $85 billion a month in a bid to hold interest rates low and encourage economic growth in the world's biggest economy. Fed's bond-buying program has been a source of liquidity for most Asian and emerging markets this year. The S&P BSE Sensex lost 43.09 points or 0.21% to settle at 20,854.92. The CNX Nifty shed 16 points or 0.26% to settle at 6,201.85.
Key benchmark indices edged lower in choppy trade on Wednesday, 4 December 2013, on bets report on the US government's data on monthly payroll due on Friday, 6 December 2013, will add to signs the US economic recovery is gaining momentum and spur the Federal Reserve to start reducing stimulus to the US economy. The S&P BSE Sensex shed 146.21 points or 0.70% to settle at 20,708.71. The CNX Nifty fell 40.90 points or 0.66% to 6,160.95.
Key benchmark indices edged higher on Thursday, 5 December 2013, as exit polls on Wednesday, 4 December 2013, predicted a strong showing for the Bharatiya Janata Party (BJP) in the recently concluded assembly elections in four states viz. Rajasthan, Madhya Pradesh, Chhattisgarh and Delhi. But, the key benchmark indices gave away a portion of the initial strong gains. The S&P BSE Sensex garnered 249.10 points or 1.20% to settle at 20,957.81. The CNX Nifty jumped 80.15 points or 1.3% to settle at 6,241.10.
Key benchmark indices edged higher in volatile trade on Friday, 6 December 2013, as European stocks rose and as trading in US index futures pointed to a higher open on Wall Street later in the global day. The S&P BSE Sensex advanced 38.72 points or 0.18% to settle at 20,996.53. The CNX Nifty advanced 18.80 points or 0.3% to settle at 6,259.90.
Among the 30 Sensex shares, 18 stocks rose and the remaining stocks fell.
Tata Power surged 10.82% to Rs 88.10. It was top Sensex gainer last week.
Select metal stocks edged higher as manufacturing in China continued to grow last month. China is the world's largest consumer of copper and aluminum. Jindal Steel & Power (up 9.95%) and Tata Steel (up 5.43%), edged higher.
Hindalco Industries (down 1.71%) and Sesa Sterlite (down 0.33%), edged lower.
Chinese manufacturing growth beat analyst estimates in November, indicating the nation's economic recovery is sustaining momentum amid government efforts to rein in credit growth. The Purchasing Managers' Index was 51.4, the National Bureau of Statistics and China Federation of Logistics and Purchasing said on Sunday. A separate gauge from HSBC Holdings Plc and Markit Economics also indicated a reading above the 50 level dividing expansion from contraction. The HSBC China Manufacturing Purchasing Managers' Index had a final reading of 50.8 in November, compared with 50.9 in October.
Capital goods stocks were in demand. State-run Bhel surged 9.80% to Rs 171.35.
Engineering and construction major Larsen & Toubro (L&T) jumped 5.10% to Rs 1,096.55.
Bank shares were in demand after a foreign brokerage upgraded target prices of select bank shares. ICICI Bank (up 7.01% to Rs 1,142.75), HDFC Bank (up 3.19% to Rs 682.30) and State Bank of India (up 2.21% to Rs 1,861.80), edged higher.
The brokerage increased SBI's target price to Rs 2,200 from Rs 1,933. ICICI Bank's target price was raised to Rs 1,290 from Rs 1,250.
IT major Wipro rose 4.76% to Rs 493.35. Wipro said it will discontinue manufacturing of Wipro branded desktops, laptops and servers in its endeavor to strengthen its position as a system integrator and increase its focus on IT solutions and services. Wipro said that the company took this decision after evaluating the changing market scenario and customer needs. Wipro will, however, be present in the PC market by providing suitable brands as a part of its solution offerings in large integrated deals. The announcement was made after market hours on Wednesday, 4 December 2013.
Among other IT shares, Infosys (down 0.80% to Rs 3,326.60) and TCS (down 0.23% to Rs 1,999.95), edged lower.
Commercial vehicles major Tata Motors fell 1.91%. The company's British luxury car unit Jaguar Land Rover (JLR) on Thursday, 5 December 2013, said it has decided to set up a manufacturing facility in Brazil following a landmark agreement between the company and state authorities to build a plant in the State of Rio de Janeiro. An agreement paving the way for construction of the plant has been signed by Phil Hodgkinson, Global Business Expansion Director of JLR, and Sergio Cabral, State Governor of Rio de Janeiro. JLR's planned expansion into Brazil is the next major step in the company's strategy to increase its global manufacturing footprint and create additional capacity, the company said in a statement. This new facility will play an important role in supporting the significant growth opportunity identified in Brazil and across other South American markets, JLR said.
Dr Ralf Speth, CEO of Jaguar Land Rover, said: "Brazil and the surrounding regions are very important. Customers there have an increasing appetite for highly capable premium products. This new programme will enable us to bring exciting new vehicles to them, with outstanding British design and engineering, creating a world-class Jaguar Land Rover facility incorporating leading premium manufacturing technologies. We have established excellent working relationships with the State of Rio de Janeiro, the City of Itatiaia & the Rio de Janeiro State Industrial Development Company and we look forward to attracting new customers to our business in this important market".
Based in the City of Itatiaia, the new programme represents a total investment of 750 million reais by 2020. Construction of the premium manufacturing facility will commence in mid-2014. It is anticipated that the first vehicles will come off the assembly line in 2016, subject to the final approval of the plans from the Brazilian Federal Government under its Inovar-auto Programme, JLR said. The new plant will have a capacity to build 24,000 vehicles annually for the Brazilian market. Initially, the plant will employ almost 400 people. This number is expected to almost double by the end of the decade, JLR said. Following a detailed feasibility study, JLR selected the City of Itatiaia, close to the heart of the emerging Regional Automotive Zone, due to its excellent logistics links, access to the local supplier base and skilled workforce, the company said in a statement.
Sergio Cabral, Governor of Rio de Janeiro State commented: "The choice of Rio de Janeiro to host the Jaguar Land Rover's new facility is another historic achievement for our state. We offer perfect conditions to JLR to install its plant in Brazil, as we have an automotive hub in the South Fluminense region that concentrates qualified labour and important suppliers. It is a privilege to welcome this great group, with an estimated investment of up to R$750 million and we are confident that this agreement will bring to Brazil extraordinary results".
India's largest car maker by sales Maruti Suzuki India rose 1.23%. The company announced during market hours on Friday, 6 December 2013, that production fell 10.25% to 93,900 units in November 2013 over November 2012. The company had said on 2 December 2013 its total sales declined 10.7% to 92,140 units in November 2013 over November 2012. Domestic sales dropped 5.9% to 85,510 units in November 2013 over November 2012. Export sales declined 46.2% to 6,630 units in November 2013 over November 2012.
M&M rose 0.02%. The company announced after market hours on Thursday, 5 December 2013 that it would carry out preventive replacement of one part in its Scorpio Ex variant. This is in keeping with its customer centric approach as well as in compliance with the recently announced voluntary code on vehicle recall.
Mahindra will carry out preventive replacement of a pressure regulating valve in 800 units of only Scorpio's Ex variant which were manufactured between October/ November 2013. This replacement would be carried out with immediate effect and would be done free of cost for Scorpio Ex customers who would be individually contacted by the company/authorized dealers.
The recall is limited only to the Scorpio Ex variant manufactured during the said period and does not affect other Scorpio variants.
Shares of two-wheeler makers were mixed. Hero MotoCorp rose 2.35%, while Bajaj Auto fell 1.04%.
A foreign brokerage upgraded Hero MotoCorp to 'outperform' from 'sell'. The brokerage also upgraded Bajaj Auto to 'underperform' from 'sell'.
FMCG stocks tumbled. FMCG major Hindustan Unilever (HUL) tumbled 5.65% to Rs 560.85. It was the top Sensex loser last week.
India's largest cigarette maker by sales ITC fell 2.66% to Rs 311.65.
The BJP has emerged as the biggest winner in four key state elections, exit polls estimated on Wednesday, 4 December 2013, a possible blow to the ruling Congress ahead of a general election due next year. Assembly elections in Delhi, Madhya Pradesh, Rajasthan, Chhattisgarh and Mizoram were held over the past few weeks. The elections were marked by record high turnout in most states. Despite the gains predicted for the BJP it was unable to win a majority of seats in the capital Delhi, two polls showed. One poll suggested the race was close in Chhattisgarh. While the exact results varied from exit poll to exit poll, the general trend was clear: The ruling Congress party recorded embarrassing declines in support in Delhi as well as the western state of Rajasthan. Meanwhile voters in Madhya Pradesh and Chhattisgarh voted basically on the same lines they voted five years ago, backing the main opposition party, the BJP.
Counting of votes for assembly elections in Delhi, Madhya Pradesh, Chhattisgarh and Rajasthan takes place on Sunday, 8 December 2013. Counting of votes for assembly elections in Mizoram takes place on 9 December 2013. The results are being closely watched by markets as a potential indicator of the mood of voters in the world's biggest democracy before the 2014 general election.
Indian manufacturing returned to growth last month as a strong rise in orders pushed factories to step up production, a business survey showed on Monday, suggesting a slow economic recovery is on its way. The HSBC Manufacturing PMI, compiled by Markit, rose to 51.3 in November from October's 49.6. The PMI index is the highest since March and marks its first time above the watershed level of 50 that divides growth from contraction in four months. The new orders sub-index rose to 51.9 last month, its highest since April. In October it shrank to 48.9.
"Manufacturing activity picked up, led by a rise in new domestic orders, which helped pull up output growth," said Leif Eskesen, chief economist for India at survey sponsor HSBC. Both input and output costs rose at a softer pace in November, the survey showed. Eskesen said the RBI would be getting closer to the end of its tightening cycle if the trend of easing inflation continues.
India's Gross Domestic Product (GDP) increased at improved pace of 4.8% in Q2 September 2013, compared with 4.4% growth recorded in Q1 June 2013. The economic activities which registered significant growth in Q2 September 2013 over Q2 September 2012 were 'agriculture, forestry and fishing' at 4.6%, 'electricity, gas and water supply' at 7.7% 'construction' at 4.3%, 'financing, insurance, real estate and business services' at 10% and 'community, social and personal services' at 4.2%.
The fiscal deficit touched Rs 4.58 lakh crore during April-October 2013, or 84.4% of the full-year target, data released by the government after trading hours on Friday, 29 November 2013, showed. In the annual budget presented in February, Finance Minister P. Chidambaram had committed to narrow the fiscal deficit to 4.8% of gross domestic product (GDP) this fiscal year from 4.9% a year ago.
Stock Picks - Dec 7 2013
| Scrip | CMP | Target | Potential Upside | Reco |
| Reliance Industries Ltd | 898 | 1130 | 26% | Buy |
| Infosys Ltd | 3323 | 3859 | 16% | Buy |
| Aditya Birla Nuvo Ltd | 1212 | 1669 | 38% | Buy |
| Divi's Laboratories Ltd | 972 | 1346 | 38% | Buy |
| Bajaj Finance Ltd | 1316 | 1400 | 6% | Buy |
| Jyothy Laboratories Ltd | 185 | 245 | 32% | Buy |
| Gujarat Pipavav Port Ltd | 50 | 61 | 22% | Buy |
| KEC International Ltd | 35 | 43 | 23% | Buy |
| Dishman Pharma. Ltd | 63 | 73 | 16% | Buy |
| MT Educare Ltd | 100 | 116 | 16% | Buy |
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