BackOpening Bell 18 August | Asian markets weak over Ukraine-Russia tensions
Markets trade mixed after Ukrainian military strike on Russian convoy over the weekend
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Mumbai: Asian markets were trading mixed on Monday morning as investors digested weekend developments of an Ukrainian military strike on a Russian convoy. Hong Kong’s Hang Seng was trading flat, China’s Shanghai Composite was up 0.4% and Japan’s Nikkei Stock Average advanced 0.1%.
Wall Street indices ended lower on Friday as worries over the Ukraine-Russia conflict mounted, pushing investors into the perceived safety of the US treasuries, reports Financial Times. The S&P 500 closed flat, Nasdaq Composite advanced 0.3% and Dow Jones Industrial Average declined 0.3% on Friday.
In India, Bajaj Auto Ltd shares will be in focus as its Chakan plant unions have finally reached an agreement to hike the wages by up to ₹ 10,000 a month for employees who have spent three years or more with the company after a series of negotiations and intermittent unrest affecting production.
Lanco Infratech Ltd shares will be in limelight after it posted a net loss of ₹ 306.3 crore in the June quarter due to sluggish execution, high interest costs and under-utilization of capacities at its power plants because of fuel shortages.
The firm will raise ₹ 20,000 crore by selling power plants with capacity of 3,000 MW stepping up efforts to liquidate assets just days after selling an electricity generating station in Karnataka for ₹ 6,000 crore to Adani Power Ltd, reports Economic Times.
Mahindra and Mahindra Ltd (M&M) has brought in Prakash Wakankar from its private equity arm Mahindra Partners to replace K. Venkataraman as CEO at Mahindra Retail after the kidswear retailer booked losses following an expansion spree, reports Mint.
Jet Airways (India) Ltd and the yet-to-be launched Vistara are poised to offer more full-service options to Indian airline passengers who are used to budget options although the move may be expensive and take time, reports Economic Times.
Infrastructure companies may take advantage of a small window of opportunity offered by the Reserve Bank of India (RBI) to refinance at least ₹ 30,000 crore worth of loans from banks without having to classify them as bad loans, reports Economic Times.
Diageo Plc has extended its corporate guarantee by another six months on the $135-million loan Mallya has taken for one of his personal companies Watson Ltd. Watson is a 22.19% stakeholder in Mallya’s United Breweries Holdings Ltd and also one of the companies Mallya is using to run his Sahara Force India F1 team, reports Business Standard.
Lastly, floods triggered by heavy rains in the Himalayas have inundated nearly 1,500 villages in Uttar Pradesh, killing at least 28 people and leaving thousands homeless, read more here.
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