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Business News/ Market / Stock-market-news/  Opening Bell 3 June | Infosys in focus as CEO search intensifies
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Opening Bell 3 June | Infosys in focus as CEO search intensifies

Asian markets trading higher after China's manufacturing PMI expands at fastest pace in five months

Indian companies showed signs of a recovery, as sales in the quarter ended 31 March rose at the fastest pace in seven quarters and profit growth stabilized. Photo: MintPremium
Indian companies showed signs of a recovery, as sales in the quarter ended 31 March rose at the fastest pace in seven quarters and profit growth stabilized. Photo: Mint

Asian markets are trading higher. Stocks gained after a gauge of China’s manufacturing expanded at the fastest pace in five months. Read more.

US markets closed at record highs. S&P 500 at 1,923 was up 0.18%. Investor optimism was tempered by mixed economic data. Read the Reuters report.

Indian companies showed signs of a recovery, as sales in the quarter ended 31 March rose at the fastest pace in seven quarters and profit growth stabilized. Aggregate net sales rose 6.63% in the March quarter from a year earlier, the fastest expansion since the quarter ended March 2012. Read the Mint report.

State-owned fuel retailers may see some action as diesel prices were hiked by 50 paise a litre over the weekend. The announcement gave clear indications that the Bharatiya Janata Party (BJP) government will continue with the reforms of the previous Congress regime.

Also keep an eye on interest rate-sensitive stocks. The Reserve Bank of India (RBI) is set to release its bimonthly monetary review on Tuesday. Many expect the central bank to keep the policy rates unchanged.

Infosys Ltd has stepped up efforts to find an external candidate to take over as chief executive officer of the company, reports Mint. Executives who have been interviewed include Salil Parekh of Capgemini and Vishal Sikka, former global product head at SAP AG.

According to The Economic Times, former SAP board member Vishal Sikka may be chosen as the new chief executive officer of Infosys.

Hero MotoCorp Ltd’s sales rose 8% from a year earlier in May, reports Reuters. The May figures were up from 571,054 units in April and 557,890 units in May 2013.

DLF Ltd plans to raise upto 3,500 crore this fiscal through issue of securities backed by commercial assets, reports PTI. The plan comes after the company successfully raised 525 crore via commercial mortgage-backed securities.

After boosting margins and sales growth last year, Britannia Industries Ltd is now looking to launch new brands, reports Mint. The company created a market for healthy biscuits but it did not make much headway in the cream biscuits segment.

Keep an eye on GVK Power and Infrastructure Ltd. The roads regulator has served show-cause notice for termination on GVK Transportation for failure to mobilise funds for Shivpuri-Dewas project in Madhya Pradesh, reports Business Standard.

The Multi Commodity Exchange of India Ltd released its earnings for the March quarter after the market hours on Friday. The company posted a decline in net profit to 43.75 crore against 76.62 crore for the corresponding period a year ago.

Financial Technologies (India) Ltd released its earnings on Saturday. The company reported a net loss of 371 crore for the quarter ended March 2014. Read more.

Lastly, cycle helmets may not offer complete protection. According to The Telegraph report, a leading neurosurgeon in London says that many of his patients who have been involved in bike accidents have been wearing helmets that were ‘too flimsy’ to be beneficial.

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Published: 02 Jun 2014, 08:04 AM IST
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