Mumbai: With consumer prices in China rising at a slower pace US markets closed near record high on Tuesday on prospect of continued central bank liquidity and lower Chinese inflation data, reports Financial Times. The S&P 500 and Dow Jones Industrial Average closed up 0.4% each, while Nasdaq Composite gained 0.5%. All eyes are on the minutes from the Federal Reserve’s policy meeting in March, due on Wednesday.
Asian markets were trading mostly higher following upbeat cues from Wall Street and after consumer prices in China rose at a slower pace of 2.1% in March after scaling to 10 month high of 3.2% in February. China’s Shanghai Composite was flat, Japan’s Nikkei stock Average was up 0.8%, and Hong Kong’s Hang Seng edged up 0.3%.
In India, the battle between Coal India Ltd (CIL) and NTPC Ltd is growing over the supply of coal. NTPC is trying to get the support of the states in its fight against the government-owned monopoly coal miner which is supplying poor quality of coal, reports Mint. CIL is concerned that NTPC may join hands with other coal consumers against the miner.
Overseas acquisitions by Indian IT firms are expected to rise in 2013 after the sector saw cross-border M&A transactions worth $1.4 billion in 2012, reports Mint. On Tuesday, TCS Ltd announced acquisition of a French IT firm Alti SA for around Rs.530 crore.
Maruti Suzuki India Ltd shares may see some action as it is in the process of making several top management changes. Its Japanese parent, Suzuki, will closely oversee critical functions, including human resources activities after labour unrest at the Manesar plant last year, reports Mint.
Increasing the duty on gold imports to 6% in January this year has led to rise in smuggling activity. The directorate of revenue intelligence on Monday night caught 35.85 kg of tola bars or unnumbered bars being smuggled into India from Bangladesh, reports Economic Times.
FMCG companies—Hindustan Unilever Ltd, ITC Ltd, Cadbury, Procter & Gamble and Heinz are giving discounts between 10-70% on premium products to push sales in a weak demand environment, as even the input prices have eased, reports Economic Times.
Banks are increasing pressure on Kingfisher Airlines Ltd to recover $2.5 billion in debt, testing liquor mogul Vijay Mallya’s ability to get the carrier flying again, reports Wall Street Journal India.