1. India-Global Market Summary 2-12-2013
• Market gains for the 3rd day in a row. Market began on positive note as key benchmark edged higher after
the outcome of a business survey showed that India's manufacturing activity returned to growth in
November 2013 as a strong rise in orders pushed factories to step up production. The market breadth,
indicating the overall health of the market, was positive. The market sentiment was also boosted by data
showing that foreign funds remained net buyers of Indian stocks on Friday, 29 November 2013. The market
edged higher in early trade as data released by the government after trading hours on Friday, 29 November
2013, showed a recovery in India's GDP growth in Q2 September 2013, from the lowest expansion in four
years in Q1 June 2013. Among the 30-share Sensex pack, 21 stocks rose and rest fell.
• RBI said that beginning last week, the Public Sector Oil Marketing Companies (PSU OMCs) have started
accessing the foreign exchange (FX) market for their entire daily dollar demand. Going forward, the PSU
OMCs have been advised to smoothen their daily dollar demand so that the upcoming bunched up demands
on any particular day is covered in advance in the forward forex market or covered on days with low
demand, the RBI said in a statement. Apart from covering in the forward markets, the PSU OMCs have also
been advised to utilize the revolving lines of credit made available by banks with the specific objective of
tiding over humps in dollar demands, the RBI said. The central bank also said that it will consider opening
the swap window to PSU OMCs on the rare days when there is a pronounced spurt in dollar demand in the
FX market.
• Given the backdrop of broad stability returning to the forex market, on the basis of an ongoing review of the
demand conditions in the market, PSU OMCs have been allowed to source dollars even beyond their normal
daily requirements, the RBI said. This process has already been put in place last week and it is expected that
the excess demand of the PSU OMCs will be funneled to meet their swap (second leg) commitments over a
period of time, the central bank said. As indicated earlier, the RBI is closely monitoring the market and will
continue to keep all options open regarding settlement of PSU OMC swaps, including rupee settlement,
depending upon the evolving flow dynamics in the market, the RBI said.
• Indian manufacturing returned to growth last month as a strong rise in orders pushed factories to step up
production, a business survey showed on Monday, suggesting a slow economic recovery is on its way. The
HSBC Manufacturing PMI, compiled by Markit, rose to 51.3 in November from October's 49.6. The PMI
index is the highest since March and marks its first time above the watershed level of 50 that divides growth
from contraction in four months. The new orders sub-index rose to 51.9 last month, its highest since April.
In October it shrank to 48.9.

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The fiscal deficit touched Rs 4.58 lakh crore during April-October 2013, or 84.4% of the full-year target, data
released by the government after trading hours on Friday, 29 November 2013, showed.
Shares of infrastructure companies rose after the Securities and Exchange Board of India (Sebi) on Friday, 29
November 2013, relaxed fundraising rules for infrastructure debt mutual funds in its continued bid to channel longterm capital to finance infrastructure projects in the country. L&T gained after the company said it is evaluating
alternatives for monetisation of certain assets of its subsidiary L&T Infrastructure Development Projects (L&T
IDPL), including a potential initial public offering and listing in Singapore of selected road assets of L&T IDPL,
through a business trust in Singapore. Metal stocks edged higher as manufacturing in China continued to grow last
month. PSU OMCs rose after raising diesel prices.
State Bank of India rose 1.35% after the bank said it plans to raise up to Rs 9576 crore through issue of equity
shares to institutional investors or a follow-on public offer or any other mode.
ONGC tumbled 2.93% on reports the Gujarat high court on Saturday, 30 November 2013, directed the company to
pay royalty dues worth over Rs 10000 crore to the state government.
L&T rose 1.99% after the company said it is evaluating alternatives for monetisation of certain assets of its
subsidiary L&T Infrastructure Development Projects.
Amtek India surged 17.21% after net profit surged 86.9% to Rs 55.13 crore on 48.9% increase in net sales to Rs
558.25 crore in the quarter ended September 2013 over the quarter ended September 2012.
Idea Cellular rose 1.37% after the company said its board has approved increase in the aggregate investment limit of
Foreign Institutional Investors from 24% to 49% of the paid-up equity capital of the company.
Maruti Suzuki India lost 0.51% after the company said its total sales declined 10.7% to 92,140 units in November
2013 over November 2012
Financial Technologies (India) rose 1.08% after net profit fell 61.16% to Rs 27.01 crore on 12.83% decline in total
income to Rs 128.92 crore in Q2 September 2013 over Q2 September 2012
Videocon Industries said that the board of directors proposed to seek shareholders approval, to issue equity shares or
any other convertible instruments for an amount not exceeding Rs 5000 crore
Marico said it has stopped manufacturing activities at its Dehradun Camp Road Plant and initiated steps for a
closure of the plant.
Mahindra & Mahindra's Farm Equipment Sector tractor sales rose 13% at 23119 units in November 2013 over
November 2012.
Tata Motors' total sales (including exports) of Tata commercial and passenger vehicles in November 2013 were
40,863 vehicles.

3. Global news
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European stocks dropped on Monday as a report showed that Spanish manufacturing unexpectedly declined last
month. Asian stocks edged higher on Monday, 2 December 2013, as manufacturing in China continued to grow
last month . Trading in US index futures indicated a flat opening of US stocks on Monday, 2 December 2013.
US stocks ended mostly lower on Friday as the Dow Jones Industrial Average and the S&P 500 index dipped in
thin holiday trading, but technology stocks helped lift the Nasdaq Industrial Composite index to a 13-year high.
Manufacturing in the euro area expanded for a fifth month. The final reading of Markit Economics' factory index
rose to 51.6 in November from 51.3 in October. Today's reading was above the initial estimate of 51.5. In Spain,
the gauge fell to 48.6, the lowest since May.
China's Shanghai Composite index fell 0.59% in choppy trade. China's securities regulator said 50 companies
will be ready for initial public offerings by the end of January 2014 as authorities prepare to lift a more than oneyear ban on new listings in the world's second-biggest economy. It will take about a year to review more than
760 companies that are seeking first-time share sales, the China Securities Regulatory Commission said in a
statement on its website on Nov. 30. The regulator also issued regulations on reverse mergers and said it may
begin a trial program for letting companies sell preferred stock.
New rules that pave the way for a switch to a registration-based system for IPOs and letting investor demand
determine pricing underscore the Communist Party's pledge to allow markets to play a decisive role in allocating
resources. China, the world's largest IPO market in 2010, hasn't had a new listing since October 2012 as the
CSRC cracked down on fraud and misconduct among advisers and companies.
Chinese manufacturing growth beat analyst estimates in November, indicating the nation's economic recovery is
sustaining momentum amid government efforts to rein in credit growth. The Purchasing Managers' Index was
51.4, the National Bureau of Statistics and China Federation of Logistics and Purchasing said on Sunday. A
separate gauge from HSBC Holdings Plc and Markit Economics today also indicated a reading above the 50
level dividing expansion from contraction. The HSBC China Manufacturing Purchasing Managers' Index had a
final reading of 50.8 in November, compared with 50.9 in October.
The US holiday shopping season started with estimated total spending over the Thanksgiving weekend falling to
$57.4 billion, down 2.7% from a year ago, according to the National Retail Federation. The federation said it
still expects total holiday sales through the year-end to rise 3.9% from a year ago.
Investors are keeping a close watch on economic data in the United States as the Federal Reserve monitors the
pace of recovery to gauge when it will begin to reduce monetary stimulus for the US economy, which has been
aimed at encouraging growth. The US government will release the influential US non-farm payrolls data for
November 2013 on Friday, 6 December 2013. The Fed has said improvement in the labor market is a key factor
in its policy assessment.

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