Market may open higher

The market may edge higher in early trade on firm Asian stocks. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 27 points at the opening bell. Jet Airways (India) said after market hours on Tuesday, 14 May 2013, that Securities and Exchange Board of India has permitted the company and relaxed the requirement of 12 week cool off period after the proposed inter se transfer of shares to enable the company to undertake the Offer for Sale through Stock Exchange Mechanism (OFS) for the purpose of achieving the minimum level of public shareholding as required under the Securities Contracts Regulations, 1957. Realty major DLF has received strong investor response for its institutional placement programme. Investors bid for a total quantity of 14.81 crore shares under the institutional placement programme through the stock exchanges mechanism held during a single day on Tuesday, 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 was set at Rs 222 per equity share, with price band of Rs 222 to Rs 233 per share. United Spirits after trading hours on Tuesday, 14 May 2013, said that the Directorate General of Central Excise Intelligence (DGCEI), Mumbai has issued a show cause notice for service tax demand of Rs 69.30 crore on the company. The company said that DGCEI, Mumbai examined soft copy of the company's ledger extract of Advertisement & Sales Promotion expenses for the period 2007-08 to 2011-12. The DGCEI without verifying the nature of the expenses accounted for in the ledger extract has considered the entire amount as 'sponsorship services' and served a show cause notice on the company for service tax demand of Rs 69.30 crore, United Spirits said. The company said it is process of replying to the show cause notice by highlighting the error. The company said it has been paying service tax on applicable services regularly ever since such taxes were introduced by statute, United Spirits said. PSU OMCs will be in focus after the Reserve Bank of India Deputy Governor H.R. Khan on Tuesday said that that the central bank has allowed oil marketing companies to raise a part of their short-term capital requirements through overseas borrowings. Shares of realty firms will be in focus after Khan on Tuesday also said that the RBI has allowed companies building low-cost housing projects to raise overseas loans. Shares of aviation firms will be in focus after Khan on Tuesday also said that the RBI has extended the time by a few more months for civil aviation firms to make foreign borrowings. In early 2012, the government permitted companies in the aviation sector to raise a total of $1 billion to help tide over their capital shortages. These borrowings were to be made in the last year ended 31 March 2013. Key benchmark indices closed marginally higher on Tuesday, 14 May 2013, with the market recovering after over 2% slide on Monday, as the latest data showing sharp fall in wholesale price inflation in April 2013 raised hopes that the RBI may further cut policy rates to perk up economic growth. The S&P BSE Sensex advanced 30.62 points or 0.16% to settle at 19,722.29 on that day, its highest closing level since 11 May 2013. Foreign institutional investors (FIIs) bought shares worth a net Rs 420.99 crore on Tuesday, 14 May 2013, as per provisional data from the stock exchanges. The focus of the market is on Q4 results. Bajaj Auto announces Q4 results tomorrow, 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, State Bank of India 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. ONGC, NMDC and BPCL unveil Q4 results on 29 May 2013. M&M and Tata Power unveil Q4 results on 30 May 2013. Asian shares rose on Wednesday, with Japan's Nikkei Average surging to a fresh 5-1/2 year high as Japanese exporters rallied on the yen's sharp slide. Key benchmark indices in Indonesia, Japan, Hong Kong, Taiwan, and Singapore rose by 0.1% to 2.26%. Key benchmark indices in China and South Korea fell by 0.02% to 0.13%. US stocks rallied to record highs on Tuesday, continuing an ascent driven by the Federal Reserve's easy monetary policy, though investors' focus has turned to when the Fed may start to rein in its bond-purchase programme.