Stock markets in Asia are trading higher. Japan’s Nikkei gained 0.77% to 9,162 on positive economic data from the US Consumer sentiment in the US unexpectedly rose in August.
According to Bloomberg, the index for consumer sentiment increased to 73.6, the highest level since May. Economists polled by Bloomberg were expecting the gauge to be little changed at 72.2.
US stocks closed firm over the weekend. S&P 500 rose 0.19% to 1,418 on better economic data and optimism that European Central Bank’s measures will lower credit costs for the Euro zone countries.
Back home, the government is likely to notify the 51% foreign direct investment in multi-brand retail after the Parliament’s monsoon session, reports the Business Standard. According to the report, execution of the decision will depend on the states.
The Mint analysis of 45 Nifty companies shows that profit margins of top Indian firms have sunk to a seven year low in June quarter. Higher expenses and slowing sales have impacted the profit margins.
Bharti Airtel is considering the option of listing its tower arm Bharti Infratel. According to The Economic Times the company may file the draft red herring prospectus with SEBI by early September.
Ranbaxy Laboratories has launched generic version of Takeda’s diabetes drug in the US market. The drug has annual sales of $2.7 billion in the United States. Read more.
Odisha pollution control board asked the Hindalco Industries to close its captive power plant near Hirakud due to pollution issues, reports The Economic Times. According to the report, chemicals from the plant breached ash pond and damaged the crops in the adjoining areas.
Force Motors is planning to set up a new plant to expand its small commercial vehicles range, reports Mint. The company is also planning to set up its own showrooms in five metros.
Britannia Industries is looking to raise prices of its products. With wheat and sugar prices on the rise the company has decided to pass on some burden to the consumers. Read the Mint report.
NMDC may revise iron ore prices for July-August contract in this week, reports Business Standard. According to the report, the company’s board, scheduled to meet on Tuesday, may take a call on the price revision.
Finally, a Chinese court will deliver its verdict against Gu Kailai, the wife of disgraced politician Bo Xilai, today. Gu Kailai is charged with murder of a British businessman. Read more.