Mumbai: Stock markets in Asia rose on optimism that the recovery in the US and Chinese economies are firmly underway. Fuelling the optimism is better than expected economic data.
China’s Purchasing Managers’ Index (PMI) jumped to an 11-month high of 53.1 in March. In the US, economists forecast the economy to have added more than 2 lakh workers in March.
The optimism is leading to buying in stocks of export dependent companies.
Japan’s Nikkei at 10,172 is up 0.88%. US stocks extended the gains on Friday. S&P 500 rose 0.37% to 1,408 on buying stocks of healthcare firms.
Back home, Coal India’s UK-based minority stakeholder is looking to file a petition in Indian court this week. The stakeholder, Children’s Investment Fund Management, claims that the miner has breached fiduciary duties.
To reduce debt Parsvnath Developers is looking to sell a prime property in the national capital region. According to the Business Standard, Sahara Group and ICICI Bank are in talks with Parsvnath to buy its commercial land near Connaught Place in New Delhi.
Lanco Infratech stock could witness some action. Citing inadequate investments, the former owner of the Griffin Coal is claiming the mines back. Lanco Infratech acquired Griffin Coal in March last year. Read the Zee News report.
Keep an eye on DB Corp stock. Zee group is close to buying DB Corp’s stake in DNA reports the Business Standard. According to the report, promoters of the DB Corp are also planning to divest 5-10% stake in the company through the auction route.
Lloyds Steel stock could continue to trade with positive momentum. The Miglani family is planning to increase its stake in the company, reports The Economic Times. The family currently owns 24.5% in the company.
The Government has allowed Titan Industries to import gold directly. The nod is expected help Titan Industries get good quality of gold and save 1% of the operating cost. Read the Business Standard report.
The joint venture between Jaguar Land Rover (JLR) and Chery Automobile Co. is likely to help JLR boost volumes in China. The venture, though, is expected to report lower margins due to low price realization per unit.
Finally, here is The Guardian list of 10 best April fools. Pasta growing on tree and an alien spacecraft are some of the spoofs.