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Business News/ Market / Stock-market-news/  Opening Bell 21 July | RIL shares in focus following buoyant results
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Opening Bell 21 July | RIL shares in focus following buoyant results

Asian markets were trading marginally higher as risk aversion faded; RIL shares will be in limelight

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: Reliance Industries Ltd (RIL) shares will be in limelight after it reported 13.7% year on year increase in consolidated net profit to 5,957 crore helped by good performance of the US shale gas business in the June quarter. Revenue at $270 million, grew 26% from a year ago and the retail business swung to profit compared to an Ebit loss last year.

Asian markets were trading marginally higher on Monday as risk aversion faded following the tragic downing of Malaysia Airlines flight MH17 above Eastern Ukraine and the intensification of Israel’s ground war in Gaza late last week, reports Financial Times. China’s Shanghai Composite was flat, Hong Kong’s Hang Seng advanced 0.1% and Japan’s Nikkei Stock Average was down 0.8%.

US markets rebounded on Friday as equity market volatility which had surged last week on geopolitical tensions receded. The S&P 500 gained 0.5%, Nasdaq Composite was up 0.6% and Dow Jones Industrial Average advanced 0.5%.

Multi Commidity Exchange of India Ltd (MCX) shares will be in focus with Kotak Mahindra Bank Ltd set to buy a 15% stake in MCX for 459 crore from Jignesh Shah-led Financial Technologies India Ltd (FTIL). FTIL’s latest agreement to sell stake will reduce its shareholding in MCX to 5% and it will soon exit the commodity stock exchange by divesting its remaining holding.

Tata Consultancy Services Ltd (TCS) shares will be in focus as its CEO—N. Chandrasekaran has deputed A.S. Lakshminarayanan to head TCS’ Japan business and grow its revenues in the largely unpenetrated market after the company announced it was acquiring Mitsubishi Corp.’s IT arm for $500 million in revenue, reports Economic Times.

Vedanta Resources Plc increased its shareholding in metals and mining firm Sesa Sterlite Ltd by two percentage points to 57% in the June quarter for about 1,700 crore indicating confidence that the new government will clear the pending approvals that marred Sesa Sterlite’s performance over the past three years, reports Economic Times.

Retailers will be in focus as the government may completely unshackle foreign investment in single-brand retail. The department of industrial policy and promotion is looking at scrapping the 30% domestic sourcing clause, which could result in higher foreign direct investment inflows.

Lastly, Modinomics seems to have charmed the global financial elite. Investment professionals all across the world have named India as the most promising emerging market in a new Bloomberg Global Poll. More than 51% respondents said that they are optimistic about Prime Minister Narendra Modi’s policies.

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Published: 21 Jul 2014, 08:14 AM IST
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