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Fundamentals May 13, 2013


Nik's Diary
The Indian markets open flat with a positive bias tracking marginally positive opening in SGX Nifty, which is higher by 0.2%. US markets moved mostly higher on Friday, despite a relatively quiet day in terms of news. The gains on the day, resulted in the Dow and the S&P 500 reaching new record closing highs, while the Nasdaq rose to another twelve-year high. European markets too rose on Friday after companies like ArcelorMittal and BT Group Plc reported better than expected results and data showed German exports recovered as expected in March, boosting hopes of economic revival. Meanwhile positive global cues and better-than-expected IIP numbers helped Indian shares end notably higher on Friday. The BSE Sensex and NSE Nifty rose by 0.7% each after government data showed India's industrial output grew by 2.5% in March compared to a contraction of 2.8% in the year-ago period. Markets were flat on the special trading session held by exchanges on Saturday during which BSE tested its disaster recovery software. 

Diesel price hiked by `1/litre
Shares of state-run state oil firms such as BPCL, HPCL and IOC rallied 1-2 per cent on Saturday after they raised diesel price by Re 1 per litre from today. At 11:20 am; BPCL was trading 0.9 per cent higher at Rs 418.80. It hit a low of Rs 418 and a high of Rs 422.50. HPCL was trading 1.5 per cent higher at Rs 317. It hit a low of Rs 315 and a high of Rs 318.70. IOC pared some of its opening gains and was trading 0.8 per cent higher at Rs 308.05. The stock rose to a high of Rs 312.60 and a low of Rs 307.30 in trade today. Tracking the momentum, Prakash Gaba recommends buying BPCL for a target of Rs 425. While Vijay Bhambwani, author, ceo, bsplindia.com has an intraday target of Rs 438 on the stock. The Re 1 hike accounts for two months as companies had skipped raising the fuel price by 50 paise previous month because of political considerations. ET had first reported about it on May 8. Source: Economic Times

MM union leaders at Nashik plant calls off hunger strike
The indefinite hunger-strike by two union leaders of Mahindra & Mahindra was called off last night after 'positive' talks with the management. Mahindra Employees Union's Vice-President Amol Sonawane and General Secretary Praveen Shinde were on fast from the last ten days demanding new wage agreement. The hunger strike was withdrawn after positive talks between union leaders, management and deputy labour commissioner R S Jadhav, said General Secretary of the Union Praveen Shinde. The company will put in place a new wage agreement soon and has also agreed to promote workers in certain categories, he said. The company could not be contacted for comments. The hunger strike by two union leaders had not affected production at the plant as other workers were reporting to work, he added. Source: Moneycontrol

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