 "Bharti results, Infy settlement: 10 things to know before opening bell")
Global cues:
The Dow and S&P 500 ended at record highs on Tuesday after economic data supported views that the Federal Reserve would keep its stimulus intact for several months and IBMrallied after the company announced a stock buyback.
Asian share markets should take heart from record highs in US stocks on Wednesday as investors wager the Federal Reserve will rock no boats at its policy meeting and leave stimulus in place for the next few months at least.Australia was the first market to dip its toe in the water, gaining 0.5 percent, while MSCI’s index of Asia-Pacific shares outside Japan was a shade firmer.
[caption id=“attachment_1195529” align=“alignright” width=“380”]  AFP[/caption]
The dollar traded at one-week highs against a basket of major currencies early in Asia on Wednesday as investors further trimmed bearish positions ahead of the outcome of the Federal Reserve policy meeting.
Business/ Stock news:
Vodafone Group Plc has sought approval from the authorities to raise its stake in the India unit for Rs 10,141 crore it said on Tuesday, after India allowed foreign companies to take full ownership of local carriers.
Pharmaceutical firm Ranbaxy Laboratories posted a net loss of Rs 454 crore in three-month period ended September 2013 as against profit of Rs 754 crore in a year ago period, dented largely by forex loss of Rs 302.2 crore. Profit was also impacted by Mohali stock write offand other charges of Rs 69.5 crore, finance cost of Rs 111 crore and impairment loss on vaccine plant in Bangalore due to prevalent market conditions.
Infosys is set to be hit with a $35 million fine by the US government on allegations of visa misuse. The violations pertain to using employees on business visas to do work typically done by engineers on long-term work visas.
Tata Steel, Europe’s second-largest steel producer, said on Tuesday it could cut around 500 jobs under plans to restructure the part of its British business that supplies the construction and engineering industries.
Bharti Airtel, DLF,IDBI Bank, JB Chemicals and Pharmaceuticals, Jindal Steel and Power, LIC Housing Finance, Nestle India and Suzlon Energy are some of the notable companies that will release their September quarter earning today.
Economy news:
The Reserve Bank of India raised interest rates for the second time in as many months on Tuesday, warning that inflation is likely to remain elevated despite sluggish growth, and rolled back an emergency measure put in place in July to support the rupee.Facing some of the fiercest price pressures in Asia, the RBI lifted its policy repo rate by 25 basis points (bps) to 7.75 percent, in line with expectations.
The Direct Taxes Code Bill, which seeks to replace the archaic Income Tax Act, is likely to be placed in Parliament during the winter session, Finance Minister P Chidambaram said on Tuesday.
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