Market may open higher on firm Asian stocks

The market may open higher on firm Asian stocks. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 14.50 points at the opening bell. The government will unveil data on the wholesale price index (WPI) for April 2013 today, 14 May 2013. WPI eased to the lowest level in 40 months at 5.96% in March 2013, and sharply lower than 6.84% in February 2013. Dr Reddy's Laboratories and Reliance Infrastructure unveil Q4 results today, 14 May 2013. Tata Steel said after market hours on Monday, 13 May 2013, that the company has substantially completed its year end impairment review for the consolidated financial statements for the financial year end 31 March 2013 (FY 2013) as required under the Indian Accounting Standards. This review was undertaken taking into account the external economic environment and macroeconomic conditions especially in Europe, the underlying demand-supply imbalance of the global steel industry and the prudent view of the forecast of the businesses. Following the review, the company expects non-cash write down of the goodwill and assets in the consolidated financial statements for the year ended 31 March 2013 of around $1.6 billion. The impairment is primarily due to a weaker macroeconomic and market environment in Europe where apparent steel demand has fallen significantly in 2012-13 by almost 8% which in aggregate results in almost 30% since the emergence of the global financial crisis in 2007. This has led to a downward revision of cash flow expectations underlying the valuation of the European business. The impairment also includes the effect of write down of assets in the ferro chrome business in South Africa and the mini blast furnace in Tata Steel Thailand which has been impacted by the high cost of raw material feedstock. The final figures will be included in the full year results on 23 May 2013, Tata Steel said. The company's financial covenants are unaffected by the above non-cash write down of goodwill and assets, it added. Ranbaxy Laboratories said after market hours on Monday, 13 May 2013, that a previously disclosed investigation by the US Department of Justice (DOJ) of data integrity and manufacturing processes at certain Ranbaxy facilities in India has been concluded. The investigation related to conduct which occurred several years ago, and Ranbaxy's current management team fully cooperated with the DOJ, Ranbaxy said. On 20 December 2011, Ranbaxy announced that it had signed a consent decree with the US Food and Drug Administration (USFDA), under which Ranbaxy had committed to further strengthen procedures and policies to ensure data integrity and to comply with Current Good Manufacturing Practice (cGMP). In anticipation of the settlement agreement with the DOJ, Ranbaxy had announced at that time its intention to make a financial provision of $500 million related to expected costs associated with resolving the DOJ investigation. Under the terms of the final settlement agreement, Ranbaxy and its affiliates have agreed to settle alleged civil violations of the False Claims Act with the US, all 50 states and the District of Columbia. Separately, a US subsidiary, Ranbaxy USA, Inc., has agreed to plead guilty to a criminal information charging violations of the Food, Drug and Cosmetic Act and other criminal statutes. Ranbaxy's payments related to both the civil and criminal settlements total $500 million in aggregate. The financial provision Ranbaxy established in December 2011 will be sufficient to cover all material financial obligations under the agreement, Ranbaxy said. Mr. Arun Sawhney, CEO & Managing Director, Ranbaxy, stated, "Today's announcement marks the resolution of this past issue. We are pleased to continue bringing safe, effective and quality medicines to market for the benefit of consumers in the US and other parts of the world. While we are disappointed by the conduct of the past that led to this investigation, we strongly believe that settling this matter now is in the best interest of all of Ranbaxy's stakeholders; the conclusion of the DOJ investigation does not materially impact our current financial situation or performance. Ranbaxy has successfully launched several generic products recently and is well-positioned for future growth in the US and around the world with a robust pipeline of important products as it continues to build a strong global portfolio of branded and generic prescription and OTC pharmaceuticals. Our conduct is guided by our philosophy of 'Quality and Patients First'." Realty major DLF undertakes an institutional placement programme through the stock exchanges mechanism today, 14 May 2013. The company will issue up to 8.1 crore shares to eligible qualified institutional buyers. The floor price for the qualified institutional placement is Rs 222 per equity share, with price band of Rs 222 to Rs 233 per share. Key benchmark indices slumped on Monday, 13 May 2013, after the latest data showed that the country's trade deficit widened in April 2013. Weakness in European and Asian stocks also weighed on sentiment. The S&P BSE Sensex lost 430.65 points or 2.14% to settle at 19,691.67 on that day, its lowest closing level since 6 May 2013. Foreign institutional investors (FIIs) bought shares worth a net Rs 244.08 crore on Monday, 13 May 2013, as per provisional data from the stock exchanges. The focus of the market is on Q4 results. Bajaj Auto announces Q4 results on Thursday, 16 May 2013. ITC unveils Q4 results on Friday, 17 May 2013. Coal India unveils standalone FY 2013 results on 20 May 2013. L&T unveils Q4 results on 22 May 2013. Tata Steel and Bharat Heavy Electricals (Bhel) unveil Q4 results on 23 May 2013. Coal India unveils consolidated FY 2013 results on 27 May 2013. Sun Pharma, GAIL (India) and Hindalco Industries unveil Q4 results on 28 May 2013. BPCL announces Q4 results on 29 May 2013. M&M and Tata Power unveil Q4 results on 30 May 2013. Most Asian markets rose on Tuesday as an unexpected gain in US retail sales boosted optimism the recovery in the world's largest economy is gathering momentum. Key benchmark indices in Hong Kong, Indonesia, Japan, South Korea, Singapore, and Taiwan rose by 0.12% to 0.85%. China's Shanghai Composite fell 0.72%. US stocks finished little changed on Monday as investors mulled when the Federal Reserve may begin to scale back its $85-billion-a-month bond-buying program. US retail sales rose 0.1% in April, which was higher than forecast, signaling that central bank efforts to spur economic growth are working.