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Asian markets were trading higher on Monday morning tracking gains in the US market last week
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Mumbai: Asian markets were trading higher on Monday morning tracking gains in the US market last week, reports Financial Times. Hong Kong’s Hang Seng gained 0.9% and China’s Shanghai Composite was up 1% led by gains in banks and oil shares, while Japan’s Nikkei Stock Average was trading flat.
S&P 500 was back to within a whisker of its record high after the US central bank expressed confidence in the strength of the economy but offered reassurance it would be patient in judging when to raise interest rates last week. The Dow Jones Industrial Average, Nasdaq Composite and S&P 500 rallied were up around 0.2% to 0.5% each.
In India, SpiceJet Ltd shares will continue to be in focus on Monday morning as co-founder Ajay Singh is negotiating with its current owners for a three-phased investment plan to help rescue the cash-strapped airline, reports Mint. Singh plans to buy significant stake in the airline followed by investments by two foreign private equity firms.
Arundhati Bhattacharya, chairperson of State Bank of India, in an interview to Mint said that the bank plans to unlock value of its holding subsidiaries, including its insurance and credit card units by selling shares, after discussing its proposal with its joint venture partners, read more.
IT shares will be in focus as Accenture Plc’s revenue rose to $7.9 billion, beating its own forecast and street estimates by a handsome margin, reports Mint. The growth was broad-based with four of the company’s five operating groups growing in double digits.
Flipkart Pvt. Ltd said it received $700 million in fresh funds, bringing its overall fund raising this year to nearly $2 billion. Flipkart and its rivals—Snapdeal and Amazon India are topping up their war chests so that they can buy attractive start-ups, offer deeper discounts to buyers and increase their logistics reach for a fast-growing e-commerce market, read more.
Infosys Ltd shares will see some action as it is looking at putting together a staff appraisal practice followed by Google Inc. and Facebook Inc., and will start evaluating employees based on the new appraisal system from October, reports Economic Times.
Reliance Industries Ltd’s (RIL) retail arm plans to start online sales of mobile phones, laptops, televisions and home appliances next quarter, expanding its e-commerce business currently confined to only grocery sales in Mumbai, reports Economic Times.
The Bharatiya Janata Party (BJP) is poised to win the Delhi assembly polls comfortably, but the people of Delhi want Arvind Kejriwal as their chief minister according to the recent opinion poll commissioned by Economic Times and TNS India to gauge the mood of voters in Delhi state.
Lastly, the oil ministers of Saudi Arabia and the United Arab Emirates (UAE) have blamed the oil price rout on producers outside of Organization of the Petroleum Exporting Countries (Opec) and reaffirmed their stance to keep output at current levels, reports Financial Times.
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