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Asian markets were trading lower dragged down by Chinese markets over concerns of valuation
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Chinese markets continue to slide in Asia
Asian markets were trading lower dragged down by Chinese markets over concerns of valuation. China’s Shanghai Composite was down 3.5%, Hong Kong’s Hang Seng fell 0.6% and Japan’s Nikkei Stock Average was trading flat.
Nasdaq Composite hits record high
Overnight, US markets ended slightly lower as investors grappled with comments from Federal Reserve officials about the possibility of raising interest rates this year. Nasdaq Composite was down 0.2%, Dow Jones Industrial Average and S&P 500 fell 0.2% each.
Government is open to compromise on Land bill
Prime Minister Narendra Modi signaled that the NDA was willing to consider a compromise to generate consensus on the land bill and was also looking at relaxing foreign direct investment norms in more sectors, in an interview with PTI.
SpiceJet swings to profit in March quarter
SpiceJet Ltd shares will be in focus after it swung to profit in the fourth quarter, beating analysts’ estimates, after six quarters of losses. While the management of the cash-strapped airline termed it a transformational quarter marking the beginning of a turnaround, experts said earnings were buoyed by several one-off items, read more.
Government to list ONGC Videsh Ltd shares
The government has asked ONGC Ltd to consider listing shares in its overseas arm ONGC Videsh Ltd at a time when state owned company is battling concerns over its domestic production capabilities and falling yields at its aging oilfields, reports Mint. Net profit declined 19.7% to ₹ 17,773 crore for ONGC in FY15.
Bank of India posts loss for the first time since 2001 in Q4
Bank of India Ltd shares may remain under pressure as it reported a net loss of ₹ 56 crore in March quarter for the first time since 2001. The bank had to set aside higher provisioning for bad loans which hurt the profitability and led to a fall in bank’s net interest income.
Hindalco Industries Ltd profit plunged 36%
Hindalco Industries Ltd shares will be in focus after it reported 36% decline in its stand-alone net profit to ₹ 159 crore for the March quarter due to higher fuel and finance costs, and weaker prices in the international markets.
Lower e-auction sales drag Coal India’s profit
Coal India Ltd’s net profit for the quarter ending March fell by 4.4% from a year ago to ₹ 4,239 crore as realization from the more lucrative e-auction sales dropped, read more.
Sebi says MAT must be dispelled at the earliest
Capital markets regulator Sebi has stepped in to back foreign portfolio investors as they oppose the minimum alternate tax (MAT). In a letter to the finance ministry Sebi has voiced concerns over the possible impact of MAT on foreign funds and has said that retrospective tax must be dispelled at the earliest, reports Economic Times.
Reform at state run banks
In a major reform of state-run banks, the government is close to appointing Ravi Venkatesan, an independent director on the Infosys board, and former revenue secretary Sumit Bose as chairmen of two public-sector banks, reports Economic Times.
Blackstone buys land in Mumbai for ₹ 1,060 crore
Lastly, Blackstone Group Lp, a global private equity fund is set to buy a commercial office project in suburban Mumbai for ₹ 1,060 crore, including debt from HCC Real Estate Ltd and IL&FS Milestone Realty Advisors Pvt. Ltd after nearly two years of negotiations, read more.
Earnings in focus
BEML Ltd, Cipla Ltd, Glenmark Ltd, Indian Hotels Co Ltd, IL&FS Engineering and Construction Ltd, IRB Infrastructure Developers Ltd, Just Dial Ltd, Jet Airways Ltd, M&M Ltd on account of March quarter earnings.
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