Mumbai: The first quarter earnings season begins today with four of the smaller companies set to release their April-June quarter results. Bigwigs HDFC, Infosys and TCS are scheduled to declare their earnings later this week.
Cues from the global markets are not encouraging. Asian markets are trading lower on concerns about the economic recovery in the US.
US employers added only 80,000 jobs in June. According to the Associated Press it is the third straight month of weak hiring. Unemployment rate remained unchanged at 8.2%.
The employment data heightened concerns about the slowing economy. Japan’s Nikkei fell 0.95% to 8,934. S&P 500 lost 0.94% to 1,354 on selling in industrial and financial services stocks.
Back home, as an indication of the overall economic slowdown, growth in bank lending to power, telecom, agriculture and textile sectors has dropped to its lowest in four years, reports Mint. The sharp decline in loan growth is accompanied by the fastest rise in bad loans of Indian banks.
Reliance Infrastructure stock could be in focus. Citing safety defects in the civil structure, the company suspended the operations of the airport line of the Delhi Metro. Read more.
To invest more money and raise the output, Cairn India is seeking extension of Rajasthan block contract. Read The Economic Times report.
Keep an eye on Indraprastha Gas. To offset the impact of falling rupee, the company has increasing the prices of CNG by Rs 2.90 per kg in Delhi. Read The Times of India report.
TVS Motor Co. is in talks with German auto maker BMW AG’s motorcycle division to source technological know-how for developing high-end motorcycles, reports Mint. The move is expected to help TVS compete with other motorcycle firms that have partnered with overseas companies.
Cox & Kings stock could witness some action. The Supreme Court has rejected the group’s claims to run the luxury train Maharaja Express. Read The Times of India report.
NTPC is hopeful of getting back three of its five de-allocated mines this month, reports the Business Standard. The coal ministry last year had de-allocated five mines as the company failed to develop them in stipulated time-frame.
Finally, here is the Financial Times list of five prizes for “world changing achievements.” The list includes an award for accurately pinpointing a ship’s longitude and Napoleon’s preservation prize.