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Business News/ Market / Stock-market-news/  Things to watch in the market today
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Things to watch in the market today

Asian stocks stumbled on Wednesday in sympathy with weak US and European markets

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

Slump in bonds spooks Asian stock markets

Asian stocks stumbled on Wednesday in sympathy with weak US and European markets as equities investors were spooked by a vicious selloff in sovereign bonds globally. The sudden spike in bond yields is being mirrored by an equally rapid rally in resources to suggest investors are becoming less concerned about the danger of deflation. MSCI’s broadest index of Asia-Pacific shares outside Japan was off 0.4% in early trade, led by a 1.2% decline in Australia.

US trade data unsettles markets

Overnight, US markets ended lower after a trade deficit report indicated that trade gap had hit its highest level in seven years, following a resolution of labour disputes at West coast, and this may lead to revision in gross domestic product or GDP figures, reports MarketWatch. The S&P 500, Dow Jones Industrial Average and Nasdaq Composite gained 0.2% to 0.3% each.

R-Com looking to sell its tower unit

In India, Reliance Communications Ltd shares will be in focus today as the company is looking to sell a majority stake in tower unit Reliance Infratel at a valuation of Rs20,000-25,000 crore. RCom is selling its tower unit to focus on core operations and pare debt, reports The Economic Times.

Real estate bill in limbo

The real estate bill that proposes to set up a regulatory agency to improve credibility of the property sector in India was put off indefinitely after a united opposition insisted on sending it to a select committee of Parliament. The Congress said that bill intended to benefit builders at the expense of middle-class home-buyers. With real estate bill in limbo, the government is now looking at salvaging the GST bill in this session.

Infosys to invest in startups

Infosys Ltd is evaluating at least half a dozen startups in India for investments. The company aims to park $10-25 million per startup if the talks are successful. The move signals Infosys’ intentions to tap into the evolving software products ecosystem, reports The Economic Times.

Hero’s parts business takes off

Hero MotoCorp. Ltd aims to generate around Rs6,000 crore, or about 10% of its annual revenue, through sales of auto parts by 2020, reports Mint. The company started selling motorcycle components in 2013 and later announced a plan to set up a global parts centre in Rajasthan, which earned a revenue of Rs1,800 crore.

Kotak Mahindra Bank’s earnings beat estimate

Kotak Mahindra Bank Ltd reported better-than-expected consolidated net profit growth of 38% in the Mach quarter, helped by higher loan growth and better performance from its banking, investments and securities businesses. The bank will issue one bonus share for every share held, pending approval in the annual shareholders’ meeting.

Rahul Yadav is back in Housing.com

Lastly, Rahul Yadav, co-founder and CEO of Housing.com is back in the company in just a day. This is after SoftBank took charge of operations and entered a truce with Yadav, who had resigned in a huff early on Tuesday, buying time for itself and a company once considered to be one of India’s most exciting startups.

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Published: 06 May 2015, 08:18 AM IST
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