BackOpening Bell 27 August | Global equities higher on positive US data
Stocks gained as positive data from the US boosted optimism about the world's largest economy
Premium
Mumbai: Asian markets are trading higher. Stocks gained as positive data from the US boosted optimism about the world’s largest economy.
According to Reuters, US consumer confidence rose more than expected in August, climbing to its highest since October 2007. Separately, another report showed that US durable goods orders jumped 22.6% in July, the biggest in recent times.
The strong economic data increased optimism about the US economy, helping equities at record highs. The S&P 500 at 2,000 is up 0.11%.
Infosys Ltd warned that it may take a while for the company to regain consistent industry-leading revenue growth, reports Mint. The company though maintained its full-year revenue growth forecast of 7-9% for fiscal year 2014-15. According to Business Standard, the company is in the process of internally discussing and finalising the future course of action under new leadership.
Oil and Natural Gas Corp. Ltd (ONGC) and Reliance Industries Ltd (RIL), are looking to invest in Mexico, reports Bloomberg. Mexico is allowing private investment in the oil industry in December to help reverse a slump in output.
Meanwhile, the oil ministry proposes to rationalise the subsidy-sharing mechanism for state-run oil producers-ONGC and Oil India Ltd, reports The Times of India. According to the report, the government is proposing to consider oil industry development cess paid by the companies as part of their subsidy share.
Reliance Jio Infocomm, a unit of RIL has signed an agreement with Bharat Sanchar Nigam Ltd for leasing around 4,000 mobile towers, reports PTI. Reliance Jio already has an agreement with Bharti Airtel Ltd, Reliance Communications Ltd, amongst others to utilise their infrastructure.
Larsen and Toubro Ltd (L&T) has secured a $200 million (about ₹ 1,200 crore) contract from the Bangladesh Power Development Board for setting up a gas-based power plant in Chittagong, reports The Hindu Business Line. The company’s work includes design, supply, installation and commissioning of the plant on a turnkey basis.
As part of a business review, OnMobile Global Ltd asked nearly 300 employees to leave, reports Mint. The company may fire an equal number in coming months, the report says. The lay-offs follow a spate of senior-level exits over the past two years.
Deutsche Post DHL has chosen India to pilot its e-commerce business model for the Asia-Pacific region, reports Mint. Through its subsidiary Blue Dart Express Ltd, the company plans to invest in infrastructure and development of fulfilment centres.
Electrotherm (India) Ltd may continue to see some action. The Central Bureau of Investigation registered a case against directors of the company and officials of Central Bank of India Ltd for cheating the bank to the tune of ₹ 436.74 crore.
Lastly, according to a report Apple Inc. is preparing to roll out a larger, 12.9-inch version of its iPad for 2015, reports Bloomberg. The development comes amid reports of declining sales of its 10-inch and 7.9-inch tablets.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
