Markets are likely to open flat tracking mixed cues among the Asian peers as investors remain cautious on a sharp spike in bond yields in developed markets. Mixed economic data coupled with the spike in crude prices are likely to dictate the trend on the bourses.
The retail inflation softened further to a four-month low of 4.87 per cent in April compared to 5.25 per cent in March. In contrast, factory output growth slowed to a five-month low of 2.1 per cent in March as against 5 per cent registered in February which could push the Reserve Bank of India (RBI) to slash key interest rates.
Foreign investors were net sellers in equities to the tune of Rs 1,329 crore on Tuesday, as per provisional stock exchange data.
GLOBAL MARKET
Asian shares firmed on Wednesday, shrugging off weakness on Wall Street as investors bet that a batch of economic data from China due later in the day would bolster the case for more stimulus in the world's second-largest economy.
MSCI's broadest index of Asia-Pacific shares outside Japan added 0.5 percent. Japan's Nikkei stock index edged down slightly.
China will release official data on April industrial production today, as well as retail sales figures for last month and fixed investment.
U.S. stocks ended lower on Tuesday after a recent run-up in global bond yields unsettled investors, though stocks recovered from steeper losses after Treasury yields pulled back slightly from six-month highs.
The early indicator SGX Nifty is up 36 points at 8,166 levels.
STOCKS IN LIMELIGHT
Budget carrier SpiceJet introduced four new services for travellers, albeit for a price, weeks after aviation regulator DGCA gave a free hand to domestic carriers to charge for extra services such as choice seat and extra baggage among others. The airline would charge Rs 500 for assistance with check-in and baggage collection, Rs 200 for priority check-in, Rs 100 for faster baggage delivery, and Rs 35 for extra compensation for baggage loss, flight delays and cancellations.
Aditya Birla Retail acquired Total Superstore in a slump sale deal, continuing with the recent consolidation in the retail sector.
Bennett, Coleman and Company Limited (BCCL) has entered into an agreement with Religare Enterprises to buy out its stake in Aegon Religare Life Insurance, taking its total stake in the company to 72 per cent.
Union Bank of India’s net profit in the quarter ended March declined by 23.35 per cent to Rs 443 crore on higher tax outgo.
Vijaya Bank on Tuesday announced a 29 per cent decline in net profit at Rs 97 crore for the fourth quarter ended March, compared to Rs 136 crore in the corresponding quarter last year. The total income for the quarter went up 12.4 per cent to Rs 3,406 crore, compared with Rs 3,029 crore in the corresponding period last year.
Commercial vehicle firm Ashok Leyland posted a drop of 37 per cent in net profit at Rs 230 crore for the quarter ended March 2015, as against a net profit of Rs 363.4 crore for the same period of the previous financial year.
Dr Reddy's Laboratories reported an eight per cent increase in consolidated net profit at Rs 519 crore for the quarter ended March 2015, on the back of higher sales revenues from global generics business. The net profit for the corresponding quarter last year was Rs 481.6 crore.
The ultra-mega steel plant to be set up by the state-run companies Steel Authority of India Limited (SAIL) and National Mineral Development Corporation (NMDC) in Chhattisgarh’s Bastar region has become problematic with villagers asserting not to give their land.
Zydus Cadila, which is planning to develop a medicine for patients suffering from fatty liver disease, is making a presentation on its novel drug Lipaglyn at the American Association of Clinical Endocrinologists (AACE) 24th Annual Scientific and Clinical Congress to be held this month.
Hindalco is likely to remain in focus after its subsidiary Novelis reported net income of$148 million for fiscal year 2015, a 42 percent increase from the $104 million reported in fiscal 2014. Excluding certain tax-effected items, net income increased four percent to $161 million in fiscal 2015.
Jubilant Life Sciences posted a 56.75 per cent decline in consolidated net profit to Rs 42.73 crore for the fourth quarter of 2014-15 financial year ended March 31.
Sobha reported a 12.39 per cent fall in consolidated net profit for the March quarter at Rs 61.5 crore compared with Rs 70.2 crore previous year.
Credit Analysis and Research (CARE) posted a 15 per cent dip in its net profit at Rs 35.09 crore in the fourth quarter ended March 31, 2015 on account of fall in investment income.
State-run Punjab & Sind Bank today registered Rs 70.24-crore loss for the January-March quarter due to rise in provisions for wage revision and fall in revenue from wholesale and corporate banking.
Global private equity (PE) fund Apax Partners acquired a 20.37% stake in Shriram City Union Finance Ltd, a unit of Shriram Group, by buying out shares held by TPG Capital in a secondary transaction.
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