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Business News/ Market / Stock-market-news/  Opening Bell 3 June | Markets trade mixed, eye on Infosys
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Opening Bell 3 June | Markets trade mixed, eye on Infosys

Asian markets trading marginally higher following weak cues from US

A file photo of the BSE building in Mumbai. Photo: Abhijit Bhatlekar/Mint (Abhijit Bhatlekar/Mint)Premium
A file photo of the BSE building in Mumbai. Photo: Abhijit Bhatlekar/Mint
(Abhijit Bhatlekar/Mint)

Mumbai: Asian markets were trading on a mixed note on Monday morning following weak cues from Wall Street on Friday and disappointing manufacturing data from China. Japan’s Nikkei Stock Average declined 2.3% prompted by heavy losses in exporter shares. Hong Kong’s Hang Seng was up 0.3% while China’s Shanghai Composite was trading flat after manufacturing activity saw contraction in May, with PMI falling to 49.2 from 50.4. according to HSBC.

On Friday, markets in the US posted their biggest drop since mid-April following mixed economic reports. The Dow Jones Industrial Average, S&P 500 and Nasdaq Composite were each down over 1%.

In India, Infosys Ltd shares will be in the limelight as founder N.R. Narayana Murthy makes a comeback as executive chairman and takes an active role in running the company whose recent performances have been disappointing. Murthy said he will not hesitate to take tough decisions if necessary. The plan also involves the induction of Murthy’s son, Rohan as a member of the chairman’s office.

Auto shares may see some action as the slowing economy discouraged buyers even in May. Maruti Suzuki India Ltd share declined 13% from a year ago to 77,821 units while Mahindra and Mahindra Ltd sales grew 5% to 22,244 units in May. Company executives said that sales are nearing a bottom and should revive in a few months.

Reliance Communication Ltd shares will be in focus as it plans to shift more than 5,500 employees from its call centre functions to third-party business process outsourcing companies. The contract costs could be anywhere between 250 crore and 300 crore a year and will save the company about 10% on current call centre costs.

Top Tata Consultancy Services Ltd executives have got a healthy jump in bonuses and allowances as TCS cemented its place at the top of India’s $108-billion IT sector. N Chandrasekaran, the CEO received a 46% hike in his total compensation package to about 11.7 crore in fiscal 2013, reports Mint.

Sun Pharmaceutical Industries Ltd may see some action as it is in talks to acquire Swedish drug maker Meda for around $5 billion, reports Wall Street Journal India. Pharmaceutical companies are seeking greater scale and product breadth amid fierce competition and pricing pressure.

National Aluminium Co. Ltd shares will be in the limelight after the company raised aluminium prices by 4,500 per tonne in the domestic market following the increase in global market prices.

Lastly, the 15% stake bought by Indian cricket team captain Mahendra Singh Dhoni earlier this year in the sports marketing firm Rhiti that also manages him has spawned a tangled web of business associations, reports Economic Times.

The firm manages four other current cricketers Suresh Raina, Ravindra Jadeja, Pragyan Ojha and R.P. Singh, while M.S. Dhoni votes on them in team selection meetings as the Indian captain.

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Published: 03 Jun 2013, 08:05 AM IST
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