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Business News/ Market / Stock-market-news/  Opening Bell | Reliance, Nestle, Sahara in focus
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Opening Bell | Reliance, Nestle, Sahara in focus

Asian markets were trading lower following the release of a solid jobs reports in the US

A file photo of the BSE building in Mumbai. Photo: HT Premium
A file photo of the BSE building in Mumbai. Photo: HT

US adds 280,000 more jobs in May

On Friday, US markets ended mixed after it added 280,000 jobs in May indicating that the economy is returning to growth after contracting in the first three months of this year, reports the Financial Times. The jobs report reinforced expectations that the Federal Reserve could raise interest rates in 2015. Nasdaq Composite ended flat, while Dow Jones Industrial Average and S&P 500 fell 0.3% and 0.1%, respectively.

Asian markets trade on a subdued note

Asian markets were trading lower following the release of a solid jobs reports in the US, which would cause borrowing costs to go up and raise the potential for investors to take cash out of emerging markets. China’s Shanghai Composite was flat, Hong Kong’s Hang Seng was down 0.2% and Japan’s Nikkei Stock Average fell 0.4%.

Reliance Group upbeat about power deal in Bangladesh

The shares of Reliance Power Ltd and Reliance Infrastructure Ltd will be in focus as the Anil Ambani-owned companies is set to bag a contract worth 10,000 crore for the $3-billion power-cum-LNG Bangladesh project. This will be backed by a power purchase pact with a statutory body. The group plans to enter commercial coal mining as well as the defence sector in a big way, reports The Economic Times.

Can Nestle’s milk products business cushion the Maggi blow?

Nestle’s milk products business contributes to slightly less than half of its revenue and is expected to benefit from falling milk prices in 2015. Those savings could be used to drive volume growth or improve profitability and can cushion the blow to from the Maggi noodle recall, read more.

42 stalled projects revived since the budget

The BJP-led Narendra Modi government has facilitated clearances for 42 stalled projects worth 1.15 lakh crore since it presented the budget this year, reports The Economic Times. Highway projects account for half of the pending clearances and the rest are from the oil and gas, power and transmission, and railways and mining sectors.

Strategic debt conversion on the anvil for defaulters

Debt-heavy companies will be in focus as the Reserve Bank of India is mulling a proposal to give lenders 51% equity control in any company that fails to repay loans even after its debt is rejigged to give the management a second chance, reports The Economic Times.

Reuben Brothers to refinance Sahara Group’s $900 million loan

Sahara Group shares will be in limelight as Reubon Brothers, a UK-based investment company, will refinance the $900 million (around 5,500 crore) loan taken from Bank of China to save the group’s Grosvenor hotel in London, reports Business Standard. Sahara’s deal with Reuben Brothers is likely to be the largest negotiated from inside a prison.

Workers at Tata Steel Europe will go on indefinite strike

Tata Steel shares will be under pressure as Britain’s largest trade union, Unite, has said workers in Europe are ready for an indefinite strike if the management does not negotiate on its proposal to scrap the British Steel Pension Scheme, reports Business Standard.

Bihar polls to have a major impact on Modi wave

The upcoming Bihar polls will have a major impact on Narendra Modi’s political authority. If all the 31 seats the National Democratic Alliance won from Bihar in 2014 Lok Sabha polls are translated into assembly segments, BJP ought to win 188 out of the total 243 seats. The biggest unspoken strategy is to keep the opposition divided as anything less that 77% would be proof that the Modi wave has ebbed, read more.

Anshu Jain resigns from Deutsche Bank

Lastly, Deutsche Bank AG named John Cryan as chief executive officer in a surprise revamp. This is after Jain and Juergen Fitschen struggled to win investor backing for a strategy overhaul after Germany’s biggest bank failed to meet previous targets in the face of mounting legal costs, read more.

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Published: 08 Jun 2015, 08:10 AM IST
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