Market this week Key indices closed firm on Friday, recovering from the mid-week sell-off. That helped Nifty eke a 0.1 percent rise and the Sensex, 0.3 percent. Key drivers were L&T, Maruti and ITC, up 3-5 percent on better-than-expected third quarter numbers. Bharti Airtel rose over 3 percent after telecom companies raised tariffs.
Results that affected market this week SpiceJet returned to profits in Q3, netting Rs 102 crore, compared to a loss of Rs 39 crore last year, on better realizations despite flying fewer passengers. Larsen & Toubro's (L&T) topline and bottomline growth disappointed investors, but order inflow was better than expected. The company has maintained its full-year order flow guidance of Rs 80-85,000 crore. Maruti Suzuki's third quarter net profit grew 2.4 times year-on-year, sending shares to a 3-year high of Rs 1,601.
FM lures foreign investors Finance Minster has promised foreign institutional investors (FIIs) that he will stick to the 5.3 percent fiscal deficit target for the current year. He aims to reduce the deficit by 60 basis points in each year for the next four years till it reaches 3 percent. Also, he sees India getting to 8 percent GDP growth rate by FY14. (Read here for full story)
World Economic Forum (WEF) The annual meeting of WEF at Davos, Switzerland that kicked on Wednesday, saw participation of over 100 Indian business and political honchos as well as global leaders. Some of the issues discussed so far are US Fiscal cliff, reviving world economy, failure to address crucial issues of equitable distribution and gender equality and boosting employment for the youth.
Gold import duty raised from 4% to 6% On Monday, the government hiked the import duty on gold and platinum to 6 percent from 4 percent with immediate effect. The move is aimed to curb imports on the precious metals to check the widening current account deficit.
FinMin likely to prune FY13 expenditure by 28%: FinMin is likely to cut plan expenditure for this year by roughly a third to Rs 5.21 lakh crore. The finance ministry is putting in place stringent guidelines for different ministries saying all utilisation certificates for a particular scheme have to be in place before funds are released. (Click here for complete story)
Bharti Airtel raises call prices, rivals likely to follow India's top mobile phone carrier, Bharti, raised voice call prices to account for rising costs, sending shares of telcos higher as investors bet that rivals will follow the market leader. The increase in price comes as mobile phone carriers in India face billions of dollars in airwave surcharges after the government overhauled its system of spectrum sales in response to a massive scandal in 2011 over an alleged below-market-price sale of permits and airwaves three years before.