BackOpening Bell 10 July | Global markets edge higher
Asian markets open on a positive note; keep an eye on telecom stocks
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Mumbai: Global markets continue to edge higher. Overnight, US markets rose on optimism companies will report better than expected earnings. S&P 500 gained 0.7% to 1,652.
Asian markets opened on a positive note. While Bank of Japan has begun its two-day policy meeting and investors are waiting for Chinese trade data. Read the Bloomberg report.
The International Monetary Fund (IMF) lowered the India’s growth forecast for 2013-14 to 5.6% from the 5.8% it projected in April. The IMF also said India’s growth would recover to 6.3% in 2014-15, marginally lower than its April forecast. Read more.
Odisha is preparing to withdraw curbs on iron ore sales, reports Business Standard. The government is reportedly looking to withdraw the notification that says standalone mining firms sell at least half their extracted ore to industries in the state.
Keep an eye on telecom stocks. Prime Minister Manmohan Singh is backing the finance ministry’s proposal to raise foreign direct investment ceiling in telecom to 100%, reports The Times of India.
Infosys Ltd may also witness some action. The global head of sales at the company has resigned to start his own-venture, reports Mint. The announcement comes three days before Infosys announces its June-quarter results.
Tata Motors Ltd is planning to make Indonesia a hub to export vehicles to Southeast Asia, reports Bloomberg. The company aims to sell enough vehicles in the country to make a local assembly factory feasible.
Malaysia’s Petronas is in talks to sell 10% of its Canadian shale gas assets to Indian Oil Corp. Ltd, reports Reuters. Petronas last year bought Canada’s Progress Energy Resources Corp. that gave it shale gas properties in north-eastern British Columbia.
MTN Group Ltd talks with Reliance Communications Ltd for a strategic tie-up has been put on hold, reports Bloomberg. MTN is reportedly skeptical about the logic behind a deal at a time when India is revising its mergers and acquisitions rules.
Apollo Hospitals Enterprises Ltd has received its board’s approval for ₹ 2,250 crore expansion plan over the next three years, reports Business Standard. The investment will be funded through debt and internal accruals.
Dr Reddy’s Laboratories Ltd wants to focus on Europe and India, the two markets where it has underperformed. As part of the new strategy for Germany, the company wants to launch products outside the scope of tenders. Read the Mint report.
The Central bureau of Investigation has registered a case against the promoters of debt-laden Deccan Chronicle Holdings Ltd. The case has been registered for cheating and criminal conspiracy. Read more.
Finally, Microsoft Corp. is reportedly preparing to unveil its biggest management reorganisation in at least five years. The changes are aimed to make company better compete in a world of mobile devices and web-based services. Read more.
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