Mumbai: Asian markets are trading higher with Japan’s Nikkei gaining 0.39% to 11,235 on strong payroll data from the US. Payrolls in the US increased 157,000 in January.
The continued expansion in payrolls has strengthened investors’ belief that the labour market is making steady progress. The positive economic data helped the S&P 500 gain more than 1% to 1,513 on Friday.
Back home, third quarter numbers indicate that corporate earnings may have bottomed out. Mint analysis of the 958 firms that have declared their earnings so far reveals that profits have grown at the fastest pace in almost three years in the December quarter.
Truck sales continue to fall in India. According to Business Standard, sales fell more than one-third in January due to weak replacement demand.
Keep an eye on Ranbaxy Laboratories Ltd stock. According to The Economic Times, the company’s generic drug Lipitor is facing a recall threat in the US.
Jet Airways (India) Ltd swung to a profit in the third quarter. The company reported a net profit of Rs.85 crore for the quarter ended December against a net loss of Rs.101.22 crore in the year-ago period. Read more.
Meanwhile, Jet Airways’ chairman Naresh Goyal has said he does not want to cede management control to Etihad Airways. Jet Airways is in talks with Etihad Airways to sell 24% stake in the company. Read the Mint report.
UltraTech Cement Ltd is in talks to purchase a cement plant in Gujarat, reported The Economic Times. According to the report, UltraTech Cement has offered Rs.4,660 crore for the company.
Power equipment maker Bharat Heavy Electricals Ltd (Bhel) has been granted Maharatna status by the government. This will help Bhel realize its long-term objectives. Among other things, a Maharatna firm can take an investment decision of up to Rs.5,000 crore without going to the government.
In a relief to Sesa Goa, the ministry of corporate affairs has asked the Serious Fraud Investigation Office not to initiate prosecution against the company. The case relates to allegations of over and under invoicing exports and imports. Read more.
Shares of Hindustan Zinc Ltd may also witness some action. The government is looking at the option of selling its stake in the company in the stock markets, reported The Times of India.
Bank of Baroda Ltd, IL&FS Transportation Networks Ltd, Ingersoll Rand Ltd, J&K Bank Ltd, Jain Irrigation Ltd, Kingfisher Airlines Ltd, Rashtriya Chemicals & Fertilizers Ltd and Rural Electrification Corp. Ltd are some of the notable companies that will release their earnings for the December quarter on Monday.
Finally, a judge in Russia has resigned after a video apparently showed him asleep during a trial. The person who was convicted by the judge will now have a new trial. Read the Reuters report.