Wednesday, 7 August 2013

Apollo Tyres to acquire Cooper Tire & Rubber Company

Apollo Tyres is likely to acquire the US headquartered Cooper Tire & Rubber Company. This will make the company a global player with 14 plants spread across India, the United States, China, Europe and Mexico. Cooper Tire & Rubber Company is specialized in the design, manufacture, marketing and sales of replacement automobile and truck tyres, and subsidiaries that specialize in medium truck, motorcycle and racing tyres.

Apollo Tyres produces the entire range of automotive tyres for ultra and high speed passenger cars, truck and bus, farm, off-the-road, industrial and specialty applications like mining, retreaded tyres and retreading material. These are produced across Apollo’s eight manufacturing locations in India, Netherlands and Southern Africa. 

NTPC arm to supply 250-MW power to Bangladesh

Mumbai, Aug 7 NTPC Vidyut Vyapar Nigam (NVVN) today said that the supply of 250-MW power to Bangladesh is expected to begin from September.

NVVN is a 100 per cent subsidiary of NTPC and is into power trading.

A release from NTPC said Md. Anwar Hossain, Joint Secretary (Development), Power Ministry, Bangladesh, handed over the sovereign guarantee to Nand Kishore Sharma, Chief Executive Officer of NVVN.

The guarantee is payment security against power supply for 25 years from NTPC under the PPA (power purchase agreement) inked between NVVN and the Bangladesh Power Development Board on February 28, 2012.

Lupin Expands Branded Play AnnouncesAcquisition of ExclusiveUS RightstoAlinia® for Oral Suspension


Pharmaceutical Major, Lupin Ltd. and its US subsidiary, Lupin Pharmaceuticals Inc. (collectively Lupin) announced today that it has signed a strategic licensing agreement with US pharmaceutical company Romark Laboratories, L.C. (Romark) which grants Lupin exclusive rights to promote, distribute and market Alinia® (nitazoxanide)forOral Suspension in theUS.

Alinia® (nitazoxanide) isthe first thiazolide approved by the FDA for the treatment of diarrhea caused by Cryptosporidium and Giardia and is the only FDA‐approved treatment for Cryptosporidium. Alinia® for Oral Suspension is indicated for the treatment of diarrhea caused by Giardia lamblia or Cryptosporidium parvum in patients 1 year of age and older. These are the twomost common protozoal causes of diarrhea in the developed and developing world.

Use of Alinia® suspension in children is facilitated by relatively simple dosing and administration; a strawberry flavored suspension given twice a day forthree days(100mg BIDfor ages 1 ‐ 3 and 200mg BIDfor ages 4 ‐ 11).

According to the Centers of Disease Control & Prevention (CDC) it is estimated that there are 1.2 million cases of Giardiasis and 750,000 cases of Cryptosporidiosisin the US annually, although many cases go undiagnosed. Cryptosporidium is one of the most frequent causes of waterborne disease among humans in the United States. Pediatric diarrhea is a major
complaint in more than 10% of office visitsfor children lessthan 3 years of age,saysthe American Academy of Pediatrics (AAP). Over 300,000 children under five years of age are hospitalized with gastroenteritis annually. Pediatric diarrhea is often left untreated based on limited treatment options(no other productisindicated for children < 3 years of age). Older
children are sometimestreated with flouroquinolones(e.g., CIPRO), cephalosporins(e.g., SUPRAX) and metronidazole. The cost of care for diarrhea‐related illness exceedsUSD2 billion each year according to AAP.

Alinia® for Oral Suspension will not only enable Lupin to strengthen its existing Brand portfolio but also expand its offering specifically, but not limited to the US Pediatrics segment. Key prescribers for Alinia® include pediatricians, pediatric, gastroenterologists and primary care physicians which are strategic customer groupsfor Lupin,so we are well positioned to capitalize on this opportunity. Lupin’s current 160+ strong brandssalesforce will promote Alinia® forOralsuspension in the USmarket. The product will bemarketed along with Lupin’s Suprax® and Antara®.

“We are very excited with the addition of Alinia® forOral Suspension to our Brands portfolio. The agreement demonstrates Lupin’s commitment to grow its brand franchise in the US and bring meaningful productsto the Pediatric community. Our sales and marketing efforts will commence immediately and we are optimistic that Alinia will contribute to our growth and
profitability in the coming quarters and years.” said Vinita Gupta, CEO, Lupin Pharmaceuticals Inc. and Group President, Lupin Limited.

About Lupin Limited

Headquartered in Mumbai, Lupin is an innovation led transnational pharmaceutical company producing and developing a wide range of branded and generic formulations and APIs globally. The Company is a significant player in the Cardiovascular, Diabetology, Asthma, Pediatric, CNS, GI, Anti‐Infective and NSAID space and holds global leadership
positionsin the Anti‐TB and Cephalosporin segment.

Rupee down 50 paise at 61.27/$

The rupee fell by 50 paise to 61.27 against the US dollar.
Meanwhile, Sensex is flat at 18732, while S&P CNX Nifty is also flat at 5,541. The Nifty opened at 5,549, up 7 points while the Sensex opened at 18,759, up 26 points.

The Indian banking sector is unlikely to recover in the next 18-24 months. 

That's according to a report titled "Slack Economic Growth Dents Recovery Prospects For Indian Banks," that Standard & Poor's Ratings Services published today.

Rupee has hit a record low on Tuesday.

Emirates launches its luxury private jet service

Customers can then ‘start their journey’ via the request form and define a travel experience that meets their exacting demands and specifications

Emirates, one of the world’s fastest growing airlines, has announced the launch of its luxury private jet service which can now be booked on www.emirates-executive.com. Customers seeking unsurpassed luxury in travel can book a tailor-made experience on Emirates Executive, the ultra-spacious Airbus 319 aircraft, and enjoy new technology and design to meet the most discerning traveller’s requirements.

Available in English and Arabic, the Emirates Executive website offers visitors a glimpse of the bespoke experience through a videothat takes the customer on a journey showcasing the aircraft and offers an insight into its premium features. Customers can then ‘start their journey’ via the request form and define a travel experience that meets their exacting demands and specifications.

“Emirates Executive elevates the high standards and quality of Emirates that our customers have come to expect, with the flexibility and luxury that can only be offered by a private chartered flight,” said Adnan Kazim – Emirates' Divisional Senior Vice President – Planning, Aeropolitical & Industry Affairs. “We have seen an increasing demand in the private travel segment, especially in the Middle East and Europe as well as in markets such as India, Russia and China, and with Emirates Executive and the launch of its website, we are looking to tap into this niche market with the high-quality of service and attention to detail associated with Emirates.”

Providing a private charter service to most locations worldwide and beyond the existing Emirates network, the aircraft offers a new configuration with a high level of comfort and service for up to 19 passengers. Always pioneering, Emirates Executive introduces many firsts from private suites to a large multi-functional lounge area on-board, making it a service versatile enough to provide diverse travel options for both the private customer and corporations alike.

The configuration of the A319 Emirates Executive aircraft is based on two main zones. The first area is a wide dining and executive lounge at the front of the aircraft designed to seat up to 12 passengers, combining a work area and a rest zone with two large sofas surrounding four mechanically-activated tables and two 42” HD LCD screens. The second distinct area comprises 10 Private Suites each featuring a fully lie flat seat and a 32” HD LCD screen.  

The suites are complemented by a large and elegant Shower Spa, equipped with a full-height shower, featured innovations like a floor heating system, decorative serigraphy on mirrors and marble accents, as well as luxury, all-natural skincare products.

Customers can also enjoy a variety of multi-course culinary options from Emirates’ award-winning menus, and the finest selection of hot and cold beverages, as well as customised options to suit any palette or dietary requirement. The aircraft is equipped with state-of-the-art technology including Emirates’ award winning in-flight entertainment (ice) with up to 1,500 channels of on-demand entertainment, as well as a live TV, video conferencing facilities and high-speed internet and mobile phone connectivity.


The personalised service for customers includes booking an aircraft at short notice and a premium chauffeur drive service. The A319 aircraft is supported by a dedicated team of highly trained and experienced inflight crew and ground staff.

EIH strengthens on plan to develop proposed Goa project as a joint venture

EIH is currently trading at Rs. 44.50, up by 0.40 points or 0.91% from its previous closing of Rs. 44.10 on the BSE.

The scrip opened at Rs. 44.50 and has touched a high and low of Rs. 45.15 and Rs. 43.30 respectively. So far 8975 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 84.75 on 08-Aug-2012 and a 52 week low of Rs. 44.00 on 06-Aug-2013.

Last one week high and low of the scrip stood at Rs. 47.95 and Rs. 44.00 respectively. The current market cap of the company is Rs. 2520.62 crore.

The promoters holding in the company stood at 35.23% while Institutions and Non-Institutions held 13.67% and 51.03% respectively.

EIH is planning to develop the proposed Goa project as a joint venture. It has received planning approval for the 55-acre beach front site at Goa and is awaiting environment clearance. The company is likely to open its Hyderabad property consisting of 326 keys in the next couple of week.

The company has reported a fall of 40.08% in its net profit at Rs 27.04 crore in Q4FY13 as compared to net profit of Rs 45.13 crore in the same quarter previous year. However, total income from operation of the company has increased by 6.43% to Rs 352.62 crore as compared to Rs 331.31 crore in corresponding quarter last year.

Markets recover from day's low, banks gain

The broader markets are outperforming the benchmark. BSE Midcap and Smallcap indices are up nearly 0.5%.

 Benchmark indices have trimmed the losses but continue to remain in negative zone weighed down by Asian markets and weakening rupee. However, oil and banking shares are helping the markets to recover from lower levels.

At 11:15 AM, the Sensex was down 69 points at 18,664 and the Nifty was down 21 points at 5,520.

The broader markets are outperforming the benchmark. BSE Midcap and Smallcap indices are up nearly 0.5%

According to Shshank Mehta, Derivatives Strategist, Shah Investor's Home, “the benchmark indices are in unchartered territory with the trading range also shifting downwards. We want to wait and see Nifty Futures can trade comfortably above 5550 and Bank Nifty above 9740 levels, only then there is any chance of a relief rally with strong resistance seen at 5690-5700 levels in Nifty Futures and 10100 in Bank Nifty Futures. Till then we continue to remain bearish on the markets.”

On the global front, Asian stocks fell to their lowest in a month on Wednesday following a second day of losses on Wall Street, led by a steep decline in the Nikkei as a firmer yen took a toll on Japanese exporters.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.7% to its lowest since July 11, and Tokyo's Nikkei slid to a one-week trough as the dollar slumped to a six-week low against the yen.

Back home, the rupee weakened in trades on Wednesday due to persistent dollar demand by importers. According to currency dealers, there is also dollar demand from foreign banks on behalf of Foreign Institutional Investors (FIIs) who are selling stocks.

At 11:10 am, the rupee was quoting at Rs 61.38 compared with previous close of Rs 60.80. It had opened at Rs 61.25.

On the sectoral front, BSE FMCG index has slumped by nearly 2% followed by counters like Auto, Capital Goods and Healthcare, all declining between 0.5-1%. However, BSE Realty index has surged by nearly 2% after witnessing a sharp slide yesterday. Sectors like PSU, Power and Oil & Gas and Bankex have gained by nearly 1% each.

Tata Motors is the top Sensex loser, down nearly 4% ahead of its April-June (Q1) quarter earnings today.

According to an average estimates, Tata Motors, India's largest commercial vehicle maker, is likely to report flat net profit of Rs 2,220 crore and net sales of Rs 46,021 crore for the quarter ended June 30, 2013.

Other notable losers are L&T, ITC, Hindalco, Cipla, Maruti Suzuki, Sun Pharma and HDFC.

On the gaining side, Tata Power, Wipro, SBI, BHEL and ONGC have risen between 1-3%.

Oil and Natural Gas Corporation shares gained 0.86% after Barclays and Credit Suisse upgrade the state-run refiner, citing valuations and upside to earnings.

Among other shares, Strides Arcolab has soared nearly 20% to Rs 833 in early noon deals on back of heavy volumes in otherwise weak market on the Bombay Stock Exchange (BSE).

The market breadth in BSE remains marginally negative with 864 shares declining and 809 shares advancing.

HDFC Bank hikes base rate by 20 bps to 9.8%

Second to hike minimum lending rate after Yes Bank

HDFC BANK,  the second largest private sector bank in the country, has increased its base rate by 20 basis points to 9.8%. The rate hike is effective from August 3, 2013.

The private lender became the second bank to hike its minimum lending rate after the Reserve Bank of India's (RBI) first quarter monetary policy review on July 30, 2013.

Earlier, Yes Bank had increased its base rate by 25 basis points to 10.75%.

Prior to the base rate hike, HDFC Bank had raised its deposit rates on maturities ranging from seven days up to six months by 100 basis points. Rival Axis Bank had also increased short-term deposit rates by 50-225 basis points even though the private lender is yet to revise its lending rate.

While RBI has kept the key policy rate unchanged in its monetary policy review, its liquidity tightening measures in the past few weeks have impacted the short-term rates.

The central bank on July 15, 2013 capped bank's borrowings under liquidity adjustment facility (LAF) and increased the marginal standing facility (MSF) rate by 200 basis points to 10.25%.

The measures have led to an increase in cost of funds and bankers had said if the steps are not rolled back soon their margins will get affected. Bankers also indicated that if deposit rates hardened, they will have to increase lending rates to protect their margin.

Adani Group to take part in auction of $800 million assets of Stemcor India

Adani Group has decided to take part in the auction of $800 million assets of Stemcor India, joining the likes of Tata Steel, JSW and JSPL. It has already evinced interests to buy Stemcor India assets with Stemcor management in London. With this initiative, the company will be able to foray into the iron ore sector, as Stemcor India’s trading business fits with Adani’s existing business domain. The company is already saddled with debt and thus, funds may not come easy for the company for carrying out the acquisition.

Adani Enterprises (AEL) is the flagship company of the Adani Group, it is the country's largest coal importer-turned-domestic private mine developer-cum-operator (MDO). The company is truly a diversified asset backed commodities trader, sourcing, producing, marketing and transporting them across the globe.

Yash Management & Satellite surges on buzz to receive Rs 1.73 crore from NSEL

Yash Management & Satellite is currently trading at Rs. 6.48, up by 0.69 points or 11.92% from its previous closing of Rs. 5.79 on the BSE.

The scrip opened at Rs. 6.48 and has touched a high and low of Rs. 6.48 and Rs. 6.48 respectively. So far 1 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 13.05 on 05-Dec-2012 and a 52 week low of Rs. 5.26 on 06-Aug-2013.

Last one week high and low of the scrip stood at Rs. 6.99 and Rs. 5.26 respectively. The current market cap of the company is Rs. 6.29 crore.

The promoters holding in the company stood at 43.49% while Non-Institutions held 56.51%.

Yash Management & Satellite is set to receive a sum of Rs 1.73 crore of Pending Contract from The National Spot Exchange (NSEL) as on August 05, 2013.

There is payment crisis going on in NSEL as the exchange offered a pair of contracts for which settlement was due in two days and a second for which settlement was due in 25-50 days. This allowed speculators to make financial returns without actually taking physical possession of commodities.

Yash Management & Satellite is a finance and investment company; and has diversified into nano-technology research and consultancy services through its division called Yashnanotech.

Results to be announced on 07th Aug 2013

 
Scrip Name   Date
Aban Offshore   07-Aug-13
ABC India-$   07-Aug-13
ABM Knowledge   07-Aug-13
ACCELYA   07-Aug-13
Acrow India   07-Aug-13
Adinath Exim   07-Aug-13
Albert David-$   07-Aug-13
Alembic Pharma   07-Aug-13
Alka India   07-Aug-13
Alkyl Amines-$   07-Aug-13
Alpha Graphic   07-Aug-13
Ambika Cotton   07-Aug-13
Amrutanjan Health-$   07-Aug-13
Apis India   07-Aug-13
Apollo Hosp   07-Aug-13
Apollo Tyres   07-Aug-13
Archies   07-Aug-13
ARROW TEX   07-Aug-13
Arvind Remedies   07-Aug-13
Asian Films   07-Aug-13
ASIANHOTNR   07-Aug-13
Asit C Mehta Fin   07-Aug-13
Associated Ston   07-Aug-13
AUSOM ENT   07-Aug-13
Binny   07-Aug-13
Birla Capital   07-Aug-13
Bombay Burmah   07-Aug-13
Borosil Glass   07-Aug-13
Cadila Health   07-Aug-13
Century Extr   07-Aug-13
Chartered Cap   07-Aug-13
CINEPRO   07-Aug-13
Conart Engr-$   07-Aug-13
Delta Mag   07-Aug-13
Denso India-$   07-Aug-13
Dhampur Sug Kash   07-Aug-13
Dhampur Sug Mil   07-Aug-13
Dynemic Prod   07-Aug-13
Eicher Motors   07-Aug-13
Emami-$   07-Aug-13
Essar Shipping   07-Aug-13
Fair Deal-$   07-Aug-13
Glaxosmithkl Phar   07-Aug-13
Golkunda Diam   07-Aug-13
Gujarat Boro   07-Aug-13
Gujarat Gas   07-Aug-13
Gujarat Org   07-Aug-13
Gujarat Terce   07-Aug-13
Gulf Oil Corp-$   07-Aug-13
HB Leasing   07-Aug-13
HB Stock   07-Aug-13
Hercules Hoist   07-Aug-13
Hikal   07-Aug-13
Hindustan Foods   07-Aug-13
Ideal Carpets   07-Aug-13
IMC Finance   07-Aug-13
Investment &amp; Prec   07-Aug-13
ISFL   07-Aug-13
JCT Electronics   07-Aug-13
Keynote Corp   07-Aug-13
Khoday India-$   07-Aug-13
Lanco Infra   07-Aug-13
Landmark Prop   07-Aug-13
Lumax Auto Tech   07-Aug-13
Lupin   07-Aug-13
Marathon Next   07-Aug-13
MM Forgings-$   07-Aug-13
MOIL   07-Aug-13
MT Educare   07-Aug-13
Nagarjuna Agrichm   07-Aug-13
NCC   07-Aug-13
Neptune Expo   07-Aug-13
NHC Foods   07-Aug-13
NMDC   07-Aug-13
OCL India   07-Aug-13
Olympic Mgmt   07-Aug-13
Omaxe   07-Aug-13
Paper Products   07-Aug-13
PC Jeweller   07-Aug-13
Pennar Inds-$   07-Aug-13
Permanent Mag-$   07-Aug-13
Pitti Laminations-$   07-Aug-13
Prakash Wool   07-Aug-13
Precision Wires   07-Aug-13
Pro Fin Capital   07-Aug-13
Quantum Digital   07-Aug-13
Rajeswari Found   07-Aug-13
Ranbaxy Lab   07-Aug-13
Rohit Ferro   07-Aug-13
S V Global   07-Aug-13
Salora Intl   07-Aug-13
Samkrg Pistons-$   07-Aug-13
Saurashtra Cem   07-Aug-13
Shrenuj   07-Aug-13
Shyama Infosys   07-Aug-13
Simplex Mills   07-Aug-13
Simplex Papers   07-Aug-13
Simplex Realty   07-Aug-13
Sonata Soft   07-Aug-13
Sovereign Diam   07-Aug-13
Sree Rayal Alkal   07-Aug-13
Sri Vajra Gran   07-Aug-13
Star Paper   07-Aug-13
Steel Strp Whls-$   07-Aug-13
STL Global   07-Aug-13
Swastika Invest   07-Aug-13
SWELECT-$   07-Aug-13
Tata Motors   07-Aug-13
TATAMOTORS-DVR-A-ORDY   07-Aug-13
Tea Time   07-Aug-13
Tilaknagar Inds-$   07-Aug-13
Timex Group-$   07-Aug-13
Uni Abex Alloy   07-Aug-13
Unity Infra   07-Aug-13
Valiant Comm-$   07-Aug-13
Vijay Textiles   07-Aug-13
Welspun India   07-Aug-13
YBRANTDIGI   07-Aug-13
Zee Learn   07-Aug-13
Zydus Wellness-$   07-Aug-13
 

Government approves 12 FDI proposals worth Rs 343.39 crore

Based on the recommendations of the foreign Investment Promotion Board (FIPB) in its meeting held on July 5, the government has approved 12 proposals of foreign direct investment amounting to Rs 343.39 crore. The approved proposals include Sutures (I) to increase FDI holding in the company by another 26 percent, from the current 35.28 percent worth Rs 160 crore and also of BNP Paribas, Total Prosthetics & Onthotics, Imperial Cancer Hospital and Research, and Life Positive.

Meanwhile, as the Department of Industrial Policy and Promotion (DIPP) is in the process of finalising its FDI policy on brown field pharma projects involving transfer of control, the decision on Rs 5,168 crore proposal of Mylan Inc to acquire an Indian pharma company engaged in manufacture of generic pharma products was 'kept in abeyance' till the formulation of the revised FDI policy by DIPP.

As per the share purchase agreement entered between Mylan, Strides Arcolab and its two promoter entities -Arun Kumar and Pronomz Ventures LLP - in February, this year, Mylan would acquire entire issued and outstanding share capital of Agila Specialities, a subsidiary of pharma firm Strides Arcolab. Agila would be acquired by Mylan directly or through one of its subsidiaries.

Another pharma company Symbiotec Pharmalab proposal worth Rs 330 crore for transfer of shares to a foreign company, too has been kept in abeyance pending DIPP policy on FDI in pharma. FIPB has also deferred four proposals and rejected three.

Asian markets trade lower; Nikkei plunges 2.2%

Asian stocks fell to their lowest since mid-July early on Wednesday following a second day of losses on Wall Street as uncertainty about when the Federal Reserve will start to reduce stimulus kept a leash on market bulls, reported Reuters.

Hong Kong's Hang Seng slipped 0.26 percent or 56.83 points at 21,866.87.

Japan's Nikkei plunged 2.28 percent or 328.91 points at 14,072.15.

South Korea's Seoul Composite declined 0.88 percent or 16.70 points at 1,889.92.

Taiwan's Taiwan Weighted fell 0.73 percent or 58.82 points at 7,980.09.

Singapore's Straits Times rose 0.44 percent or 14.16 points at 3,239.05.

China's Shanghai Composite was up 0.13 percent or 2.74 points at 2,063.24.

HDIL hits new low as promoters default on loan


The stock of Housing Development and Infrastructure Ltd has been under pressure after Indiabulls Financial Services accused that its promoters — Sarang and Rakesh Wadhwan — have failed to pay interest worth Rs 3.5 crore accrued on their personal loan worth Rs 46 crore.

HDIL hit a fresh low of Rs 26.1 on the BSE. It closed at Rs 26.9, down 12.2 per cent over the previous day’s close. Since January 1, the stock plunged 77 per cent, leaving a big hole in investors’ pocket.

The company, in a statement to the exchanges after market hours, has confirmed the development.

HOLD 36% STAKE

“We are informed by the promoters that they have taken a mortgage loan against their property situated at Goa for their personal use and interest on the said loan was not paid. We are informed by promoters that they will be clearing the dues shortly and matter is being sorted out and resolved with the lenders,” HDIL said in a filing to the BSE.

Promoters have 36.17 per cent stake in the company as on June 30.

HDIL said the clarification is with respect to notice served on the promoters of the company under Securitisation and Reconstruction of Financial Assets and enforcement of Security Interest Act, 2002 with regard to their loan from Indiabulls Housing Finance Ltd.

Arun Agarwal, Realty Analyst, Religare Securities said: “The latest development will not have any impact on the company but it is a reflection of the company’s poor financials. It would have a negative sentimental impact in the short-term and signals what lies in store for the company and its lenders. They are passing through a bad phase with no cash and it is getting reflected now.”

The company is scheduled to announce its Q1 result on August 14.

Pre-Market: Positive opening seen; Rupee eyed

At 800 hrs Indian Standard Time the SGX Nifty was up 26 points at 5,591.

Indian stocks are likely to open higher after yesterday's sharp fall.

Short-covering may be seen after stocks crashed on Tuesday as a drop in the rupee to record lows raised worries the RBI might introduce more measures to tighten liquidity. However, the rupee recovered after the government announced Raghuram Rajan as RBI’s governor.

At 800 hrs Indian Standard Time the SGX Nifty was up 26 points at 5,591.

According to technical experts, the Nifty may seek support around 5,485-5,455, while face resistance around 5,595-5,630.

Overnight, U.S. stocks slid for a second consecutive day on Tuesday after comments from a pair of U.S. Federal Reserve officials left investors uncertain about the timing of a possible reduction in its bond-buying program.

The Dow Jones industrial average fell 93.39 points or 0.60 percent, to end at 15,518.74. The S&P 500 declined 9.77 points or 0.57 percent, to 1,697.37. The Nasdaq Composite dropped 27.182 points or 0.74 percent, to 3,665.77.

Asian stocks fell to their lowest since mid-July early on Wednesday following a second day of losses on Wall Street as uncertainty about when the Federal Reserve will start to reduce stimulus kept a leash on market bulls.

MSCI's broadest index of Asia-Pacific shares outside Japan lost 0.4 percent, extending a 0.5 percent decline on Tuesday to trade at their lowest since July 19. Tokyo's Nikkei shed 2.4 percent to trade at one-week lows.

Back home, Aban Offshore, Apollo Tyres, Lupin, NMDC, GlaxoSmithKline, Cadila Health, Ranbaxy Labs, Emami, MOIL are set to unveil April-June 2013 quarter results today.

STOCKS TO WATCH

NTPC and L&T have evinced interest in picking up stake in the 2400 Mw power plant proposed by OTPCL, a 50:50 joint venture between OMC and Odisha Hydro Power Corporation (OHPC).

SpiceJet is in active discussions with Singapore-based budget carrier Tigerair for a possible stake sale even as they are set to sign a code share agreement soon.

Adani Group plans to take part in the auction of $800 mn assets of Stemcor India, joining the likes of Tata Steel, JSW and JSPL.

Bombay Dyeing reported a net loss of Rs 27.57 cr for the first quarter ended June 30, 2013, due to higher expenses.

GAIL India plans to sell part of its 4.6% stake in Hong Kong-listed city gas distribution firm China Gas Holdings