ITC scales record high

Key benchmark indices edged higher on first trading session of the week as gains in European stocks and higher US index futures boosted sentiment. The barometer index, the S&P BSE Sensex, jumped 100.78 points or 0.52%, up 103.10 points from the day's low and off 41.44 points from the day's high. Index heavyweight and cigarette major ITC scaled record high. Index heavyweight Reliance Industries (RIL) was slightly lower. The market breadth, indicating the overall health of the market, was positive. The Sensex has risen 551.73 points or 2.93% in this month so far (till 29 April 2013). The Sensex has declined 39.21 points or 0.2% in calendar 2013 so far (till 29 April 2013). From a 52-week high of 20,203.66 on 29 January 2013, the Sensex has declined 816.16 points or 4.04%. From a 52-week low of 15,748.98 on 4 June 2012, the Sensex has surged 3,638.52 points or 23.1%. Coming back to today's trade, FMCG stocks rose after the India Meteorological Department (IMD) on Friday, 26 April 2013, forecast normal southwest monsoon seasonal rainfall during 2013. FMCG major Hindustan Unilever (HUL) jumped after reporting good Q4 results. IT stocks rose on renewed buying. In pharma pack, shares of Dr Reddy's Laboratories scaled record high. Realty stocks gained as slowing wholesale price inflation has raised rate cut expectations. Exide Industries declined after Q4 results. Two-wheeler major Hero MotoCorp edged higher after the company said at the time of announcement of the Q4 results that it has hiked prices of its products, ranging from Rs 500 to Rs 1,500 with immediate effect. Jindal Steel and Power (JSPL) extended Friday's losses triggered by weak Q4 results. Among bank stocks, IndusInd Bank hit record high. The market edged higher amid initial volatility. The market pared gains after hitting fresh intraday high in morning trade. The market further trimmed intraday gains in mid-morning trade. The Sensex was up marginally in early afternoon trade. Key benchmark indices bounced back after briefly turning negative in afternoon trade The Sensex hovered in positive zone in mid-afternoon trade. The market sentiment was also boosted by data showing that foreign funds remained net buyers of Indian stocks on Friday, 26 April 2013. Foreign institutional investors (FIIs) bought shares worth a net Rs 224.75 crore on Friday, 26 April 2013, as per provisional data from the stock exchanges. The S&P BSE Sensex jumped 100.78 points or 0.52% to 19,387.50, its highest closing level since 25 April 2013. The index jumped 142.22 points at the day's high of 19,428.94 in late trade. The index fell 2.32 points at the day's low of 19284.40 in afternoon trade. The CNX Nifty was up 32.65 points or 0.56% to 5,904.10, its highest closing level since 25 April 2013. The index hit a high of 5,918.65 in intraday trade. The index hit a low of 5,868.80 in intraday trade. The total turnover on BSE amounted to Rs 2351 crore, higher than Rs 2264.76 crore on Friday, 26 April 2013. The market breadth, indicating the overall health of the market, was positive. On BSE, 1,291 shares advanced and 1,065 shares declined. A total of 134 shares were unchanged. The BSE Mid-Cap index rose 0.68% and outperformed the Sensex. The BSE Small-Cap index gained 0.27% and underperformed the Sensex. The BSE Auto index (up 0.53%), BSE Oil & Gas index (up 0.55%), BSE Teck index (up 1.04%), BSE IT index (up 1.03%), BSE Power index (up 1.44%), BSE Realty index (up 1.53%), BSE FMCG index (up 2.3%) and BSE Consumer Durables index (up 2.43%) outperformed the Sensex. The BSE Capital Goods index (up 0.08%), BSE PSU (up 0.25%), BSE Bankex (up 0.47%), BSE HealthCare index (down 0.08%), BSE Metal index (down 0.79%), underperformed the Sensex. Among the 30-share Sensex pack, 19 stocks rose while rest of them fell. Index heavyweight Reliance Industries (RIL) declined 0.11% to Rs 792.30. The scrip hit high of Rs 799 and a low of Rs 789. At the time of announcement of its Q4 results, RIL in mid-April 2013 said that the company is working towards next wave of projects to exploit the undeveloped discovered resources in KG-D6 gas field targeted over the next 3-5 years. RIL has submitted an Integrated Block Development Plan (IBDP) for four discoveries in NEC -25 block (D-32, D-40, D-9 and D-10) proposing for a phased manner development. First gas is expected by mid-2019 subject to timely approvals. Index heavyweight and cigarette major ITC rose 1.19% to Rs 322.75. The stock hit record high of Rs 324.80 in intraday today, 29 April 2013. West Bengal chief minister Mamata Banerjee on 24 April 2013, announced a 10% hike in the value-added tax (VAT) on cigarettes to 25% from 15% to raise money for a relief fund for those depositors who have lost money in the Saradha chit fund scam. Earlier, the Centre raised the excise duty on cigarettes by about 18% on all cigarettes except cigarettes of length not exceeding 65 mm in Union Budget 2013-14, which was unveiled on 28 February 2013. FMCG stocks rose after the India Meteorological Department (IMD) on Friday, 26 April 2013, forecast normal southwest monsoon seasonal rainfall during 2013. FMCG firms derive substantial sales from rural India. Marico, Dabur India, Godrej Consumer Products, Nestle India and Tata Global Beverages rose by 0.4% to 3.03%. The year 2013 will most likely have a normal southwest monsoon seasonal rainfall for the country as a whole i.e. 96 to 104% of Long Average during June to September, the Union Minister of Earth Sciences & Science and Technology Mr. S. Jaipal Reddy announced on Friday, 26 April 2013. Quantitatively, the monsoon seasonal rainfall is likely to be 98% of the Long Period Average with a model error of ± 5%. Also, the probability for normal rainfall is 46%, as against the climatological value of 33%. The IMD will issue the update forecast in June 2013 as a part of the second stage forecast. Along with the update forecast, separate forecasts for the monthly (July and August) rainfall over the country as a whole and seasonal (June-September) rainfall over the four geographical regions of India will be issued. FMCG major Hindustan Unilever vaulted 6.98% to Rs 497.60 on good Q4 results. The company's net profit before exceptional items rose 18% to Rs 781 crore on 12.13% growth in total income from operations to Rs 6465.81 crore in Q4 March 2013 over Q4 March 2012. The company announced the Q4 results during market hours today, 29 April 2013. While commodity costs were relatively benign during the quarter, competitive intensity remained at high levels, HUL said. The company said it continued to invest behind its brands. The company's expenditure on Advertising and Promotions (A&P) rose by Rs 144 crore in Q4 March 2013. Despite this step up, profit before interest and tax (PBIT) grew 17% and PBIT margin improved by 60 bps, the company said. HUL said that during the quarter, the domestic consumer business grew at 13% with strong 6% underlying volume growth. Both Home and Personal Care (HPC) and Foods and Beverages (F&B) registered double digit growth in Q4 March 2013, the company said in a statement. Dr Reddy's Laboratories rose 0.22% to Rs 1994.50. The stock hit record high of Rs 2018.75 in intraday trade today, 29 April 2013. Sun Pharmaceutical Industries fell 1.55% to Rs 941. The stock had scaled a record high of Rs 980.30 in intraday trade on 25 April 2013. Lupin rose 0.06%. The company announced after market hours on Friday, 26 April 2013, that its subsidiary Lupin Pharmaceuticals Inc. (collectively Lupin) has received final approval for its Pirmella 7/7/7 (Norethindrone and Ethinyl Estradiol Tablets USP, 0.5 mg/0.035 mg, 0.75 mg/0.035 mg and 1mg/0.035 mg) and Pirmella 1/35 Tablets (Norethindrone and Ethinyl Estradiol Tablets USP, 1 mg/0.035 mg) from the United States Food and Drugs Administration (US FDA) to market a generic version of Janssen Pharmaceuticals, Inc.'s Ortho-Novum 7/7/7 Tablets and Ortho-Novum 1/35 tablets. Lupin would commence shipping the product shortly. Lupin's Pirmella 7/7/7 and Pirmella 1/35 Tablets is indicated for the prevention of pregnancy in women who elect to use the product as a method of contraception. The combined annual sales of Ortho Novum 7/7/7 and Ortho Novum 1/35 Oral Contraceptive Tablets stands at $96.5 million (as per IMS MAT December 2012 data). Auto stocks were mostly higher. Maruti Suzuki India rose 0.45%, with the stock extending Friday's 5.26% gains triggered by strong Q4 results. Maruti's net profit, excluding the effect of the merger of Suzuki Powertrain India (SPIL), jumped 79.8% to Rs 1147.50 crore on 9.4% rise in net sales to Rs 12566.60 crore in Q4 March 2013 over Q4 March 2012. Suzuki Powertrain India was merged with the company during the year ended 31 March 2013 (FY 2013) and the effect of the merger was given in the books of accounts in Q4 March 2013. Maruti announced the results during market hours on Friday, 26 April 2013. Maruti said that the increase in net profit during the quarter was on account of higher sales of new models such as Ertiga, DZire and Swift, cost reduction and localization efforts and the benefit of a favourable exchange rate. Mahindra & Mahindra (M&M) gained 1.52%. M&M on 22 April 2013 said that the tool down strike at the company's Igatpuri plant, which started on 9 April 2013 has been withdrawn by the workers and production will soon be restored to normalcy. Considering the pipeline of stocks as also assembly of higher number of engines at other plant locations, there was no material impact on sales volume and going forward the company expects to build up the pipeline stock, M&M said. Tata Motors declined 0.2%. Tata Motors' subsidiary Tata Technologies which is a leading global provider of engineering services and manufacturing enterprise IT, on Friday, 26 April 2013, announced that it has signed definitive agreements for the acquisition of US-based Cambric Corporation, a premier engineering services company providing turnkey engineering services to its customers. The partnership will strengthen Tata Technologies' global footprint and domain capabilities to provide high-end engineering services to a diverse set of existing and new clients, especially in Europe. It will also provide Cambric access to the Asia Pacific region. Cambric had revenue of $25 million for the year ended 31 December 2012 with majority of revenues coming from the construction and heavy equipment sector. Two-wheeler major Hero MotoCorp rose 2.76% after the company said at the time of announcement of the Q4 results that it has hiked prices of its products, ranging from Rs 500 to Rs 1,500 with immediate effect. The company's net profit fell 4.86% to Rs 574.23 crore on 1.79% rise in total income to Rs 6250.26 crore in Q4 March 2013 over Q4 March 2012. The company announced its Q4 results after market hours today, 26 April 2013. Bajaj Auto was unchanged at Rs 1,893. Bosch rose 0.09%. The company after market hours today, 29 April 2013, reported 22.65% fall in net profit to Rs 259.77 crore on 2.77% fall in total income to Rs 2296.75 crore in Q1 March 2013 over Q1 March 2012. Exide Industries declined 2.52% after Q4 results. The company's net profit rose 2.76% to Rs 146.46 crore on 6.99% rise in total income to Rs 1571.63 crore in Q4 March 2013 over Q4 March 2012. The company announced its Q4 results during market hours today, 29 April 2013. Exide Industries' net profit rose 13.36% to Rs 522.78 crore on 18.73% increase in total income to Rs 6147.25 crore in the year ended March 2013 over the year ended March 2012. Jindal Steel and Power (JSPL) dropped 4.12%, with the stock extending Friday's 4.29% losses triggered by weak Q4 results. The company's consolidated net profit after tax and before minority interest and share of profit/loss of associates declined 35% to Rs 752.75 crore on 3% growth in income from operations to Rs 5648.44 crore in Q4 March 2013 over Q4 March 2012. The company announced the results after market hours on 25 April 2013. JSPL's consolidated net profit after exceptional item declined 27.25% to Rs 2911.62 crore on 9% growth in income from operations to Rs 19806.78 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012). Net profit before exceptional item declined 14% to Rs 3485.74 crore in FY 2013 over FY 2012. Sesa Goa rose 2.07%, with the stock reversing intraday fall. The company's consolidated net profit fell 74% to Rs 298 crore on 90% decline in net sales to Rs 291 crore in Q4 March 2013 over Q4 March 2012. The company announced Q4 results on Saturday, 27 April 2013. Sesa Goa's consolidated net profit declined 15% to Rs 2280 crore on 69% drop in net sales to Rs 2554 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012). Sesa Goa said it has posted a loss before depreciation and taxes for Q4 March 2013 at Rs 206 crore, as against cash profit of Rs 1110 crore in Q4 March 2012. The cash profit for FY 2013 declined to Rs 23 crore from Rs 3235 crore in FY 2012 on account of suspension of iron ore operations, the company said in a statement. Sesa Goa said that its iron ore operations were affected by the suspension of mining in Goa and Karnataka. On 18 April 2013, the Supreme Court of India has given clearance for resumption of mining operations for A and B category mines in Karnataka subject to statutory clearances. Sesa Goa's Karnataka mine falls under B category, and the company is awaiting statutory clearances, including forest clearance which expired in October 2012, to resume mining, the company said. The company said it expects to commence mining shortly, subject to the grant of statutory clearances. Regarding the suspension of mining in Goa, the date for initial hearing is yet to be fixed by Supreme Court of India, Sesa Goa said. In the meantime, the state government and major miners including Sesa Goa, have filed their responses to the Central Empowered Committee report, the company added. Separately, the company has filed an application to the Supreme Court seeking a stay on the suspension of mining and restrictions on ore transportation, Sesa Goa said in a statement. In Q4 March 2013, production of pig iron and metallurgical coke were 75% and 48% higher at 1,04,000 tonnes and 94,000 tonnes, respectively, due to the new capacities commissioned in Q2 September 2012, the company said. For the full year, the production of pig iron and metallurgical coke grew by 24% and 29% respectively, Sesa Goa said in a statement. Sesa Goa's power sales were 43 million units in Q4 March 2013 and 159 million units for FY 2013. Power sales are not comparable with the previous periods in view of Goa Energy acquisition in March 2012, and the commissioning of new 30 (megawatts) MW power plant, the company said in a statement. During the year, Sesa Goa acquired the remaining 49% of the outstanding common shares of Western Cluster (thereby taking the equity interest in the project to 100%) for a cash consideration of $33.5 million. With regard to the update on Sesa Sterlite merger, Sesa Goa said the proposed Vedanta Group Consolidation and Simplification has received the approval of the High Court of Bombay at Goa on 3 April 2013. The hearings at the High Court of Madras have been completed and the order is awaited, the company said. Following the receipt of Court Approvals, a record date will be announced to complete the transaction, Sesa Goa said in a statement. Sesa Goa's board of directors at a meeting held on Saturday, 27 April 2013, recommended dividend of 10 paise per share for FY 2013. IT stocks edged higher on renewed buying. Wipro surged 3.86%. Wipro issued weak revenue outlook at the time of announcement of Q4 March 2014 results on 19 March 2013. Wipro expects a between 0.63% fall to a growth of 1.57% in revenue from IT services business at between $1.575 billion to $1.61 billion in Q1 June 2013 over Q4 March 2013. At a post-result conference call, Wipro's management indicated that Q1 for Wipro will be the traditionally weak quarter on account of softness from the India business. The management expects Q2 September 2013 to be better than Q1 June 2013 for the company. Wipro's IT services revenue rose 0.5% to $1.585 billion in Q4 March 2013 over Q3 December 2012. On year on year basis, IT services revenue rose 3.2% to $1.585 billion in Q4 March 2013 over Q4 March 2012. Infosys gained 0.89%. Infosys has forecast a tepid 6% to 10% growth in revenue in both rupee terms and dollar terms for the year ending 31 March 2014 (FY 2014) as the company says that global economic uncertainties remain challenging for the IT industry. The revenue growth outlook is lower than industry body Nasscom's projection of 12% to 14% growth in IT exports in the current fiscal year. Infosys has not given full year earnings guidance this time. Infosys had earlier stopped offering quarterly guidance in July 2012. HCL Technologies rose 2.68% to Rs 702. The stock had hit a record high of Rs 809 in intraday trade on 17 April 2013 after the company reported strong Q3 results. Consolidated net profit as per US accounting standards rose 7.8% to Rs 1040 crore on 2.4% growth in revenue at Rs 6425 crore in Q3 March 2013 over Q2 December 2012. Tata Consultancy Services (TCS) advanced 0.14%. TCS posted good Q4 results on 17 April 2013. Its consolidated net profit rose 1.9% to Rs 3616 crore on 2.2% growth in revenue to Rs 16430 crore in Q4 March 2013 over Q3 December 2012. Net profit jumped 33.6% to Rs 13917 crore on 28.8% growth in revenue to Rs 62989 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012). The company clocked volume growth of 16.8% in FY 2013 over FY 2012. At a post result conference call held on 17 April 2013, TCS' management said it expects FY 2014 to be better year than FY 2013 and anticipates defending the margins in narrow band despite the headwinds from the wage hikes through other levers. Mahindra Satyam rose 1.75%. The company today, 29 April 2013, said it has appointed Niraj Vedwa as Global Head - Banking, Payments and Cards. Niraj has over 26 years experience in the IT industry and close to 16 years in the BFSI (banking, financial services and insurance) area. At Mahindra Satyam, he will be responsible to grow and support the existing businesses and also to strategize and incubate new service offerings in the BFSI space. Bank stocks were mixed. Shares of India's biggest commercial bank in terms of branch network, State Bank of India (SBI), declined 0.98%. ICICI Bank rose 0.41%. The bank's net profit rose 21% to Rs 2304 crore on 10.26% rise in total income to Rs 12573.52 crore in Q4 March 2013 over Q4 March 2012. The bank announced Q4 results during market hours on Friday, 26 April 2013. Net interest income increased 22% to Rs 3803 crore in Q4 March 2013 from Rs 3105 crore in Q4 March 2012. The cost-to-income ratio reduced to 40% in Q4 March 2013 from 41.6% in Q4 March 2012. HDFC Bank rose 0.3%. HDFC Bank's net profit rose 30.06% to Rs 1889.84 crore on 21.08% increase in total income to Rs 11127.54 crore in Q4 March 2013 over Q4 March 2012. Net profit rose 30.18% to Rs 6726.28 crore on 24.54% increase in total income to Rs 41917.49 crore in the year ended March 2013 over the year ended March 2012. IndusInd Bank jumped 3.89% to Rs 475.85. The stock hit record high of Rs 484.20 in intraday trade today, 29 April 2013. IndusInd Bank's net profit rose 37.61% to Rs 307.40 crore on 23.55% increase in total income to Rs 2190.66 crore in Q4 March 2013 over Q4 March 2012. The result was announced on 18 April 2013. Federal Bank fell 3.48%. The bank's net profit declined 6.59% to Rs 221.94 crore on 8.58% growth in total income to Rs 1780.31 crore in Q4 March 2013 over Q4 March 2012. The bank announced the results on Saturday, 27 April 2013. Axis Bank fell 0.78%. The bank's net profit rose 21.75% to Rs 1555.15 crore on 18.39% growth in total income to Rs 9054.72 crore in Q4 March 2013 over Q4 March 2012. The bank announced Q4 results on Wednesday, 24 April 2013. Axis Bank said that the bank is well capitalised with equity capital of Rs 5537 crore raised in Q4 March 2013. The bank said that it is well positioned for growth with a healthy capital adequacy ratio (CAR) of 17%, and Tier-I CAR at 12.23% as on 31 March 2013. Indian Overseas Bank tumbled 5.07% to Rs 63.70 after sliding to a 52-week low of Rs 62.20 in intraday trade today, 29 April 2013. The bank's net profit declined 88.86% to Rs 58.87 crore on 8.92% growth in total income to Rs 5898.15 crore in Q4 March 2013 over Q4 March 2012. The bank announced Q4 results during trading hours today, 29 April 2013. Indian Overseas Bank's (IOB) net profit declined 45.98% to Rs 567.23 crore on 15.68% growth in total income to Rs 22649.63 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012). IOB's provisions and contingencies jumped 206.13% to Rs 1186.56 crore in Q4 March 2013 over Q4 March 2012. The bank's provision coverage ratio stood at 58.89% as on 31 March 2013. The state-run bank's ratio of gross non-performing assets (NPA) to gross advances improved to 4.02% as on 31 March 2013, from 4.13% as on 31 December 2012, but jumped from 2.74% as on 31 March 2012. The ratio of net NPAs to net advances stood at 2.5% as of 31 March 2013, higher than 2.33% as on 31 December 2012 and 1.35% as of 31 March 2012. Capital Adequacy Ratio (CAR) as per Basel II norms stood at 11.85% as on 31 March 2013, higher than 11.65% as on 31 December 2012, but lower than 13.32% as on 31 March 2012. Among other banks, Union Bank of India (up 5.01%), Punjab National Bank (up 1%), Yes Bank (up 1.08%), and Bank of India (up 0.63%), edged higher. Reliance Anil Dhirubhai Ambani (ADA) Group shares rose on renewed buying. Reliance Infrastructure (up 4.33%), Reliance Broadcast Network (up 2.95%), Reliance Capital (up 3.03%), Reliance MediaWorks (up 1.43%) and Reliance Power (up 3.66%) gained. Reliance Communications (RCom) galloped 7.79% to Rs 100.30. The stock hit a 52-week high of Rs 101.35 in intraday today, 29 April 2013. RCom, on 22 April 2013, announced that Samena Capital in a proposed consortium with certain other global PE funds is at an advanced stage of the process of due diligence and completion of definitive documents in relation to the acquisition of the company's global communications services business unit -- Reliance Globalcom. The intended time line for completion of the transaction is end May 2013. At this point, there can be no certainty that this will lead to a transaction, RCom said. A further announcement will be made in due course, if and when appropriate, the company added. RCom also said that it has discontinued discussions with Batelco Group for selling its sake in Reliance Globalcom. RCom had earlier said in March 2013 that it was in discussions with Batelco Group with respect to Reliance Globalcom. Shree Cement rose 2.01%. The company after market hours today, 29 April 2013 reported 139.84% jump in net profit to Rs 274.09 crore on 4.19% rise in total income to Rs 1514.41 crore in Q3 March 2013 over Q3 March 2012. Realty stocks gained as slowing wholesale price inflation has raised rate cut expectations. Lower interest rates may help revive demand for properties. Purchases of both residential and commercial property are largely driven by finance. DLF (up 1.75%), HDIL (up 1.49%), D B Realty (up 1.33%), Sobha Developers (up 2.35%) and Unitech (up 3.15%) gained. Power generation firm Lanco Infratech jumped 11.04% after the firm said the litigation for a claim of AUD 3.5 billion by Perdaman Chemicals against Griffin Coal and Lanco Group in the Supreme Court of Western Australia is now at an end. The company made the announcement during trading hours today, 29 April 2013. Lanco has agreed to pay Perdaman Chemicals (Perdaman) a nominal amount of AUD 7.5 million plus legal costs to be taxed by the Court, without admissions of any of the allegations of Perdaman, Lanco Infratech said in a statement. This settlement was reached pursuant to the rules of Supreme Court of Western Australia, which allows for early and cost effective resolution of such claims, Lanco Infratech added. Lanco Infratech said that this outcome will have a positive impact on the entire group, and especially for Griffin Coal, a 100% subsidiary of Lanco. The stock market remains closed on Wednesday, 1 May 2013, on account of Maharashtra Day. The focus of the market is on Q4 results. IDFC announces Q4 results on Wednesday, 1 May 2013. Bharti Airtel and Kotak Mahindra Bank unveil Q4 results on Thursday, 2 May 2013. ACC and Ambuja Cements announce Q1 March 2013 results on Friday, 3 May 2013. Grasim and Jaiprakash Associates unveil Q4 results on Saturday, 4 May 2013. HDFC and Lupin unveil Q4 results on 8 May 2013. Ranbaxy announces Q1 March 2013 results on the same day. Asian Paints announces Q4 results on 9 May 2013. NTPC announces Q4 results on 10 May 2013. Dr Reddys Laboratories announces Q4 results on 14 May 2013. Bajaj Auto announces Q4 results on 16 May 2013. BPCL announces Q4 results on 29 May 2013. M&M announces Q4 results on 30 May 2013. The Prime Minister's Economic Advisory Council (PMEAC) in a report released on 23 April 2013 projected 6.4% growth in India's GDP for the current fiscal year 2013/14, higher than an estimated 5% growth for the fiscal year 2012/13. The net FDI inflow is expected at $24 billion in 2013-14 from an estimated $18 billion in 2012-13, the PMEAC said. In contrast, FII inflows are seen sliding to $18 billion in 2013-14 from an estimated $24 billion in 2012-13, the PMEAC said. Markit Economics will unveil HSBC India Manufacturing PMI, which gauges the business activity of India's factories, for April 2013 on Wednesday, 1 May 2013. The HSBC India Manufacturing PMI fell to 52 in March 2013, after a surge to 54.2 in February 2013. Markit Economics will unveil the result of a monthly survey on the performance of India's services sector for April 2013 on Friday, 3 May 2013. The HSBC Services Purchasing Managers' Index, based on a survey of around 400 companies, fell to a 17-month low of 51.4 in March from 54.2 in February. Services make up over 60% of India's economy. Slowing wholesale price inflation has raised expectations that the Reserve Bank of India (RBI) will cut its key policy rate viz. the repo rate to boost economic growth. The (RBI) will announce the Monetary Policy Statement 2013-14 on Friday, 3 May 2013. The RBI cut its key policy rate viz. the repo rate by 25 basis points to 7.5% after a mid-quarter monetary policy review on 19 March 2013. Inflation based on the monthly wholesale price index (WPI) eased to the lowest level in 40 months at 5.96% in March 2013, and sharply lower than 6.84% in February 2013, data released by the government on 15 April 2013 showed. Non-food manufacturing inflation or core inflation slowed further to 3.41% in March 2013, the data showed. The finance ministry in October 2012 announced a five-year plan to cut fiscal deficit. The government hopes to reduce the fiscal deficit to 3% by March 2017. The government needs to pass many crucial bills, including the finance Bill in the last two weeks of the Budget Session which ends on 10 May 2013. Neither House has transacted any business so far after Parliament reconvened for the second half of the Budget session last week with adjournments and uproar over various issues. Most European markets edged higher on Monday amid optimism central banks in US and Europe will maintain monetary stimulus. Key benchmark indices in France and Germany were up by 0.31% to 0.68%. UK's FTSE 100 fell 0.07%. The European Central Bank's (ECB) Governing Council meets in Bratislava on Thursday, 2 May 2013, to review euro area interest rates. The ECB is seen cutting euro area interest rates by 25 basis points to a record low of 0.5% as economic conditions continue to deteriorate across the euro zone and as inflation remains well below the bank's target. Enrico Letta was sworn in on Sunday, 28 April 2013, as Prime Minister of Italy after a lengthy political deadlock. Most Asian stocks rose on Monday. Key benchmark indices in Hong Kong, Taiwan, Indonesia and Singapore rose by 0.10% to 0.43%. South Korea's Seoul Composite was down by 0.20%. Markets in China and Japan were closed for a holiday. Trading in US index futures indicated that the Dow could gain 40 points at the opening bell on Monday, 29 April 2013. Most US stocks dipped in thin volume on Friday amid a mixed bag of earnings and weak economic figures. Gross domestic product expanded at a 2.5% rate in the first quarter, below estimates of 3%, heightening fears the US economy could struggle to cope with deep government spending cuts and higher taxes that kicked in earlier this year. A two-day meeting of the Federal Open Market Committee on US interest rates begins tomorrow, 30 April 2013.