Mumbai: Asian markets were trading lower on Tuesday morning following weak global manufacturing data, despite better numbers from China. Worries over lack of progress on the US fiscal cliff deal also weighed on investor sentiment. Hong Kong’s Hang Seng and China’s Shanghai Composite declined 0.1% each while Japan’s Nikkei Stock Average was down 0.4%
US markets fell on Monday following unexpected contraction in the factory activity in November, reports MarketWatch. The Institute for Supply Management’s index of manufacturing activity fell to 49.5% in November against expectations of 51.7%, signalling a contraction. The Dow Jones Industrial Average and the S&P 500 declined 0.5% each while Nasdaq was down 0.3%.
In India, GMR Infrastructure Ltd will be in focus after the Maldives government rejected Singapore court’s stay on its order of cancelling the $500 million deal for the Male airport. Maldives’ President said the government’s decision is non-reversible and non-negotiable.
Axis Bank Ltd will be under pressure because the lender has exposure to the Male International Airport Development Project, reports Business Standard. Banks led by Axis have written to the Maldives government that it is liable to compensate the lenders if the project contract is terminated.
Reliance Industries Ltd may end up buying back shares less than 50% of targeted amount by February next year, reports Economic Times. RIL has acquired just a third of its buyback target of Rs.10,440 crore. The buyback may not lift RIL shares since concerns of declining refining margins continue to weigh.
The Reserve Bank of India is introducing the supervisory college concept for State Bank of India and ICICI Bank Ltd to keep them abreast of the latest worldwide regulatory rules, reports Mint. RBI met SBI officials along with regulators from the UK, US and Europe on Monday.
Network18 shares will be in focus following a Business Standard report that it is selling its entire stake in Newswire18 for Rs.90 crore to Samara Capital, as the company plans to focus on its core television and digital business. The transaction will add around Rs.70 crore to Network18’s consolidated profit for the current quarter.
Several private project developers have dressed up their accounts and inflated capital expenditure for getting funding from banks, reports Mint. Small companies without experience may have adopted unfair practices for setting power plants said analysts.
Cipla Ltd may see some action after a division bench of the Delhi high court asked the drug maker to prove that its anti-lung cancer drug does not infringe a patent belonging to Swiss drug maker Roche, reports Mint.
Larsen and Toubro Ltd may see some action following reports that is setting up one of the largest residential projects worth Rs.5,000 crore in Powai, Mumbai, reports Business Standard. Residential real estate prices in Powai are around Rs.25,000 per square feet.
Lastly, Britain’s royal family announced that Prince William and his wife Kate Middleton are expecting their first child. The news broke via a tweet from Buckingham Palace, reports Wall Street Journal.