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Fundamentals May 16, 2013

Nik's Diary
The Indian markets opened flat today with a negative bias tracking marginally negative opening in SGX Nifty which is trading lower by 0.1%. Most of the Asian markets too are trading in the red.US market saw some volatility on Wednesday but extended the recent upward move by reaching new record highs and ended the day in positive. The better than expected housing data offset negative sentiment generated by a separate report from the Federal Reserve showing a bigger than expected drop in industrial production in April. Thursday’s trading could be impacted by another slew of U.S. economic data, including reports on weekly jobless claims, housing starts, and Philadelphia-area manufacturing activity along with the news on corporate 
earnings. Meanwhile, a similar trend was seen in the European markets despite weak GDP reports from Germany, France and the Eurozone. Traders also welcomed the news that the Bank of England raised its economic growth forecast.Indian markets rallied to a 28-month high on Wednesday, buoyed by rate cut hopes after RBI Governor said the central bank will take note of falling inflation when discussing potential interest rate cuts.

TTMT global sales down 7% yoy in April 2013
Continuing its downward trend, Tata Motors today reported 7.02 per cent fall in its global sales for last month at 81,241 units. The company had sold 87,377 units during April 2012. Sales of luxury brands from Jaguar Land Rover were up at 28,874 units in April as against 25,143 units in the year-ago period. While sales of luxury sedans of Jaguar brand stood at 5,334 units, Land Rover sales were at 23,540 units during the month, the company said in a statement. Total passenger vehicle sales stood at 41,272 units in April, from 49,369 units in the same month previous year. Commercial vehicle sales went up to 39,969 units from 38,008 units in April 2012. Tata Motors global sales comprise Tata Daewoo and Hispano Carrocera range of commercial vehicles, Tata passenger vehicles, along with the distributed brands in India, Jaguar and Land Rover. Source: TOI

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