BackNews round-up | Markets closed today after riding high on monsoon forecast
Wall Street indices closed higher, logging a second straight session of gains and pushing the Dow industrials to its best one-day gain in nearly a month
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Asian markets trade higher
The market rally intensified in Asia on Thursday morning as Singapore unexpectedly eased its monetary policy, helping stoke confidence in the ability of central banks to manage a global slowdown and dampening demand for haven assets. Japan’s Nikkei Stock Average was up 2.4%, Hong Kong’s Hang Seng was trading higher by 0.8% and China’s Shanghai Composite clocked 0.3% gains.
Wall Street indices end on a firm note
Overnight, Wall Street indices closed higher, logging a second straight session of gains and pushing the Dow industrials to its best one-day gain in nearly a month. Better-than-feared results from JP Morgan Chase & Co. helped lift the financial stocks. The Dow Jones Industrial Average gained and S&P 500 closed higher by 1% each and Nasdaq Composite advanced 1.6%.
IMD forecast and hopes of recovery spurred rally in Indian markets
The Indian markets will be shut for the next two days on account of holidays. On Wednesday, the BSE benchmark Sensex and Nifty closed at their highest levels in nearly three-and-half months after the India Meteorological Department (IMD) forecast an above-normal monsoon and economic indicators pointed to stronger growth and contained inflation, read more.
Infosys to report sequential revenue growth of at least 2% in Q4
Infosys Ltd will kickstart the earnings season on Friday and is likely to report sequential revenue growth of at least 2% for the March quarter. For the fourth successive time, Infosys’s quarterly growth will likely be higher than that of its larger rival Tata Consultancy Services Ltd, which at best is seen clocking 1.7% sequential revenue growth (in dollar terms), read more.
Bharti Airtel’s buying spree may undermine govt’s spectrum sale
Bharti Airtel Ltd has bought enough airwaves in the past month to be able to provide 4G services everywhere in the country. Even Reliance Jio has been striking deals to make sure it will be able to provide coverage in most of the country when its service debuts this year, leaving fewer players able to bid for airwaves at the prices the government is seeking. In case of Bharti, the telecom regulator was counting on raising ₹ 5.4 trillion, read more.
Mallya may make a revised ₹ 6,000 crore settlement
Vijay Mallya may make a revised ₹ 6,000-crore settlement offer to banks looking to recover ₹ 9,000 crore in dues stemming from loans to Kingfisher Airlines as Mallya faces the threat of having his passport cancelled, reports Economic Times. The new offer is said to involve staggered payments through to September, while banks want the ₹ 4,900 crore principal immediately, reports Economic Times.
ITC rejigs senior management
ITC Ltd has recast its senior management team, continuing the trend of appointing younger executives in critical roles ahead of chairman Y.C. Deveshwar’s proposed retirement next year, reports Economic Times.
Competition Appellate Tribunal stays sale of Lafarge India assets
The merger of global cement giants Lafarge and Holcim in India hit a roadblock on Wednesday with the Competition Appellate Tribunal staying the sale of 11 million tonnes of cement capacity held by Lafarge India Pvt. Ltd, following an appeal by cement maker Dalmia Cement (Bharat) Ltd, read more.
IMF: Volatility in capital flows is a risk for India
Lastly, India has to contend with the domestic risk of nexus between corporates and banks and the external risk to India’s macroeconomic stability could emanate from volatility in capital flows, a top International Monetary Fund (IMF) official warned, read more.
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