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Business News/ Market / Stock-market-news/  Opening Bell 6 February | Asian markets track gains on Wall Street
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Opening Bell 6 February | Asian markets track gains on Wall Street

Asian markets were trading higher after US stocks regained their ground and oil prices rallied

A file photo of the BSE building in Mumbai. Photo: Hemant Mishra/MintPremium
A file photo of the BSE building in Mumbai. Photo: Hemant Mishra/Mint

Mumbai: Indian markets may remain under pressure in the near-term on account of large supply of shares, high valuations, and weak corporate earnings. A loss in the Delhi assembly elections for the Bharatiya Janata Party (BJP) could accentuate any correction, read more.

Asian markets were trading higher on Friday morning after US stocks regained their ground and oil prices rallied. Japan’s Nikkei Stock Average was up 0.5%, Hong Kong’s Hang Seng was trading flat, while China’s Shanghai Composite was trading marginally lower.

Overnight, Wall Street indices resumed their upward momentum led by a rebound in oil prices and a huge takeover deal in the pharmaceutical sector, reports Financial Times. The Dow Jones Industrial Average closed flat; Nasdaq Composite and S&P 500 were up over 1% each.

In India, Tata Motors Ltd shares will be in focus after its December quarter profit missed analyst estimates as sales of cars made by Jaguar Land Rover luxury unit declined and the company booked a one-time charge related to its Singur project. Net profit fell 26% to 3,580 crore in the December quarter and net sales rose 8.8% to 69,121.61 crore.

Infosys Ltd shares will see some action as CEO Vishal Sikka is making his first set of senior management changes at the company six months after he took charge. Vishal Sikka is seeking to strengthen its delivery and human resource functions as well as deploy trusted lieutenants to key positions, reports Mint.

HDFC Bank Ltd has successfully raised 10,000 crore by selling shares to local and foreign institutional investors. The bank sold 18.7 million shares to local institutional investors at the issue price of 1,067 per share through a qualified institutional placement and sold 22 million American Depository Receipts to be listed in New York at $57.76 per receipt.

Bharti Enterprises Ltd managing director Manoj Kohli has resigned from the board of Bharti Airtel Ltd, marking his formal exit from the telecom business of the group. Shishir Priyadarshi has been appointed as an independent director, the firm said about changes in the composition of its board of directors.

Britannia Industries Ltd is busy finalising a roadmap to help shed the company’s cookie-maker tag by building existing non-biscuit categories and entering newer businesses, reports Economic Times.

Export Import Bank of India Ltd shares will be in focus as it has raised $500 million by selling bonds maturing in five-and-a-half years to investors in Asia and Europe, reports Mint. The bonds were raised at 2.75% which is the lowest coupon for a bond of this maturity from any financial institution based in India.

With the decline in gold imports, the government may consider 2-4% reduction in import duty on it in the forthcoming Budget, a move that could help boost exports and manufacturing of gems and jewellery, reports Economic Times.

Bad loans have piled up for Indian Overseas Bank Ltd, UCO Bank Ltd and Allahabad Bank Ltd in the December quarter. Indian Overseas Bank reported net loss of 516 crore with gross non-performing assets rising to 8.12%. UCO Bank’s net profit fell 3.5% to 304 crore and bad loans widened to 6.5%, while Allahabad Bank’s net profit halved to 164 crore with gross bad loans rising to 5.5%.

Dena Bank Ltd, Jet Airways India Ltd, Tata Steel Ltd and Sun TV Network Ltd shares will be in focus as they report their December quarter earnings.

Ant Financial Services Group, an affiliate of China’s largest e-commerce firm Alibaba Group Holding Ltd, has agreed to buy a 25% stake in One97 Communications Ltd, which owns mobile payment platform Paytm. Alibaba is aiming to tap the mobile payments business in a market where the lines between telcos, banks, retailers, and so-called e-wallet companies such as One97 are set to blur.

Lastly, Arvind Kejriwal’s decision to quit as chief minister last year could be his smartest campaign trick in Delhi, reports Wall Street Journal India. Some of his constituents see him as a leader who doesn’t cling to power and hark back to the halcyon fleeting days when his party was in office.

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Published: 06 Feb 2015, 08:09 AM IST
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