Fundamentals April 30, 2013

Nik's Diary

The Indian markets opened in the green following strong start to SGX Nifty and major Asian indices after better-than-expected reading on US housing sales and amid speculation that central banks will continue the stimulation measures. The US markets ended on a positive note on Monday with S&P 500 closing at a record high as traders reacted positively to the latest batch of economic news. The strength on Wall Street reflected a positive reaction to a report from the National Association of Realtors showing a bigger than expected rebound in pending home sales in the month of March. The pending home sales index rose by 1.5% in March 2013 after falling by 1% in February 2013. A separate report from the Commerce Department showed that personal spending climbed 0.2% in March 2013 following a 0.7% increase in February 2013. Meanwhile in India, renewed hopes of an interest rate cut at the RBI's monetary policy meet that is scheduled on May 3 helped stocks close higher on Monday. Going ahead, release of economic data points is likely to remain in focus on Tuesday, with traders likely to keep an eye on reports on home prices, consumer confidence, and Chicago-area business activity.

HMCL reaches on a wage settlement agreement with Gurgaon union

Two-wheeler market leader Hero MotoCorp Ltd (HMCL) on Monday said it has signed a three-year wage settlement agreement with its workers at Gurgaon plant after months of negotiations. It is understood that the company has agreed to hike salaries of worker on an average by Rs 9,000 per month over a period of three year as part of the agreement, which will be valid for three years with retrospective effect from August 1, 2012. "HMC has successfully concluded the wage settlement process with the workers of its Gurgaon plant," the company said in a statement. Talks between workers and management had remained inconclusive for nearly seven months with Hero MotoCorp Workers Union (HMCWU) demanding hike in monthly wages of up to Rs 18,000 over a three-year period, which was nearly three times higher than what the company was willing to pay. With the settlement looking a far cry, in February this year the union had threatened that it was keeping the option of strike open and had held protests outside the factory gate at Gurgaon. The Gurgaon plant of the company has 1,100 permanent workers. Source: business today

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