BackOpening Bell 20 November | Metal and power shares to be in focus
Asian markets were trading mixed as investors awaited updates on the manufacturing sector for China and Japan
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Mumbai: US markets ended in the red as Fed minutes revealed few insights about the Fed’s policy plans and there was no additional clarity about when interest rates would be hiked. Nasdaq Composite fell 0.5%, S&P 500 and Dow Jones Industrial Average closed marginally in the red.
Asian markets were trading mixed as investors awaited updates on the manufacturing sector for the region’s two largest economies—China and Japan. Japan’s Nikkei Stock Average was trading marginally higher after it recorded its smallest trade gap since June 2013 led by higher exports, Hong Kong’s Hang Seng and China’s Shanghai Composite were down around 0.2% each.
Metal and power producer shares will be in focus after coal secretary Anil Swarup said the government plans to allot 74 of more than 200 coal blocks cancelled by the Supreme Court in September through a mix of auctions and allocations by 16 March. The draft rules for the much-awaited process will allow government-owned companies and power plants using imported coal to bid for the coal blocks.
Infosys Ltd shares will be in focus as six more employees will be sacked at the business processing outsourcing unit to underline its intolerance for financial impropriety. Internal investigations revealed that they had produced inflated invoices and purportedly overbilled Apple Inc. for many months, reports Economic Times.
The Securities and Exchange Board of India (Sebi) toughened the rules against insider trading, made it easier for companies to delist from stock exchanges and said it would review the regulations to deal with wilful defaulters after public consultations.
JM Financial Ltd shares will be in limelight after the former Citigroup Inc. chief executive officer Vikram Pandit and JM Financial said they are investing ₹ 900 crore in JM Financial’s real estate focused NBFC, reports Mint
DLF Ltd has approached the Supreme Court seeking a waiver of ₹ 580 crore of the penalty amount imposed upon it by the antitrust regulator in 2011 for alleged unfair business practices, reports Mint.
Dr. Reddy’s Laboratories Ltd shares will see some action as the US Food and Drug Administration conducted an unannounced inspection at its Visakhapatnam unit on Tuesday evening which could continue till the weekend. Some discrepancies have been found at the unit which supplies formulations to the US and European markets, reports Business Standard.
Lastly, the police arrested self-styled godman Sant Rampal, who was wanted in connection with a murder-conspiracy case after a standoff over two days at his ashram in Hissar, reports Wall Street Journal.
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