1. India-Global Market Summary 14-1-2013
• Market valuts as Govt defers implementation of GAAR by two years. Market rose after Finance Minister
P. Chidambaram said that the government has decided to defer the implementation the General Anti
Avoidance Rules or GAAR by two years until 1 April 2016. Data showing easing of inflation based on the
wholesale price index (WPI) eased in December 2012 and firm global stocks aided gains on the domestic
bourses. The market breadth was strong. The market sentiment was boosted by data showing that foreign
institutional investors (FIIs) remained buyers of Indian stocks on Friday. Among the 30-share Sensex pack,
21 rose while the rest of them fell. Nifty rose 1.22% to 6024.05 and Sensex up by 1.23% to 19906.41
• Finance Minister said that the government has decided to defer the implementation the General Anti
Avoidance Rules or GAAR by two years until 1 April 2016, thereby accepting the recommendation of the
Parthasarathi Shome Committee on GAAR. The provisions of GAAR will apply to only those foreign
institutional investors (FIIs) who seek to take advantage of the double taxation avoidance treaties India has
with different countries, Chidambaram said. He said that the rules won't apply to the non-resident
individual investors who put money with the FIIs, adding that any investments made before 30 August
2010, won't be examined under GAAR. No investor should have any apprehension about their investments
in India, Mr. Chidambaram said, adding that the GAAR provisions strike a balance between the
government's need for revenue generation and investors' interests.
• The annual rate of inflation based on the monthly wholesale price index (WPI) declined to 7.18% in
December 2012 from 7.24% in November 2012. Build up inflation in the financial year so far was 4.72%
compared to a build up of 5.22% in the corresponding period of the previous year. Within WPI inflation,
the non-food manufacturing inflation or core inflation, eased to 4.24% in December 2012 from 4.5% in
November 2012. Meanwhile, the government revised downward WPI inflation for October 2012 to 7.32%
from 7.45% reported on 14 November 2012.
• Inflation based on the combined consumer price index for urban and rural India edged up to 10.56% in
December 2012 from 9.9% in November 2012, data released by the Central Statistics Office (CSO) today,
14 January 2013, showed. Within the consumer price index, inflation with respect to food and beverages
stood at 13.04% in December 2012.

2. • ITC edged higher. Reliance Industries (RIL) extended intraday gains in late trade. Interest rate
sensitive banking and realty stocks surged as December's softer headline inflation print along
with recent data showing contraction in industrial production in November 2012 and decline
in exports in December 2012 would bolster expectations that the Reserve Bank of India will
shift its attention to supporting economic growth by lowering interest rates at its monetary
policy review on 29 January 2013. IT stocks gained for the second straight day after Infosys
CEO and Managing Director S. D. Shibulal said at the time of announcement of the
company's Q3 December 2012 results before trading hours on Friday, 11 January 2013, that
the management continues to gain confidence from a strong pipeline of large deals. Among oil
stocks, ONGC hit 52-week high. Most metal stocks rose on renewed buying.
• CMC rose, with the stock extending Friday's 3.44% gains triggered by the company reporting
strong Q3 earnings.
• CMC's consolidated net profit rose 23.6% to Rs 61.06 crore on 7.51% growth in net sales to
Rs 492.68 crore in Q3 December 2012 over Q2 September 2012. CMC had net addition of
473 employees during the quarter, taking the total employee count to 11,224.
• Petronet LNG net profit rose 7.82% to Rs 318.50 crore on 32.94% growth in total income to
Rs 8437.69 crore in Q3 December 2012 over Q3 December 2011.
• Triveni Turbines' net profit jumped 48.2% to Rs 30.52 crore on 18.7% growth in net sales to
Rs 173.04 crore in Q3 December 2012 over Q3 December 2011.
• Tata Communications lost 1.13% after the company's ADR fell 4.6% to settle at $8.71 on the
New York Stock Exchange on Friday, 11 January 2013.
• Jaiprakash Power Ventures reported a net loss of Rs 97.58 crore in Q3 December 2012
compared to net profit of Rs 59.52 crore in Q3 December 2011.
• Crompton Greaves said it has entered into a definitive agreement with Himachal Pradesh-
based Karma Industries to buy the latter's compact fluorescent lamp (CFL) manufacturing
business. The operations, located in Baddi, Himachal Pradesh, are dedicated to manufacturing
CFL products.

3. Global news
• European stocks rose Monday after Federal Reserve Bank of Chicago President
Charles Evans said the US central bank should continue to support economic
recovery. Most Asian stocks rose on Monday as Chinese shares rallied before the
release of data this week that's expected to show China's economy is recovering.
Trading in US index futures indicated that the Dow could gain 17 points at the
opening bell on Monday. US stocks ended little changed on Friday, 11 January
2013, with Wells Fargo & Co. weighing on the financial sector after the bank
reported a decline in its net interest margin.
• China may increase the quota for foreign investors to invest in its domestic
equity market, according to China's securities regulator chief, according to
reports.
• Bank of Japan holds a two-day meeting on interest rates in Japan on 21 and 22
January 2013. Federal Reserve Chairman Ben Bernanke will be speaking later in
the global day today, 14 January 2013, in Ann Arbor, Mich., with a question-and-
answer session to follow.The Federal Open Market Committee (FOMC) holds a
two-day meeting on interest rates in the United States on 29 and 30 January
2013.

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