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Business News/ Market / Stock-market-news/  Opening Bell 30 May | Banking stocks in the limelight
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Opening Bell 30 May | Banking stocks in the limelight

US stocks continued their march to record levels even though treasury yields plumbed to multi-month lows

A file photo of the BSE building in Mumbai. Photo: AFP Premium
A file photo of the BSE building in Mumbai. Photo: AFP

Mumbai: Asian markets were trading higher on Friday morning after Wall Street stocks set yet another record. China’s Shanghai Composite was trading flat and Hong Kong’s Hang Seng was up 0.5%. Japan’s Nikkei Stock Average was unchanged after the latest inflation data came in at an annual clip of 3.4% in April.

Overnight, US stocks continued their march to record levels even though treasury yields plumbed to multi-month lows and data showing that the economy contracted in the first quarter, reports MarketWatch. The S&P 500 gained 0.5%, Dow Jones Industrial Average was up 0.3% and Nasdaq Composite advanced 0.5%.

In India, Reliance Industries Ltd announced that it is taking complete control of Network 18 Media and Investments Ltd, including its subsidiary TV18 Broadcast Ltd after the Board of RIL approved funding of 4,000 crore to Independent Media Trust, reports Mint.

The Reserve Bank of India (RBI) will finalize the guidelines for issuing differentiated banking licences within the next four months after which such licences will be issued on tap, read more.

The National Democratic Alliance (NDA) government is likely present its first budget in the first week of July so that the Finance Bill can be passed before 31 July after discussion. The first budget of the Narendra Modi government is very important because it will shed some light on NDA’s plan for the economy, read more.

Tata Motors Ltd shares will be under pressure after March quarter results came below expectations as net profit declined marginally to 3,918 crore and the loss in its India operations widened to 817 crore due weak demand and currency volatility.

The manufacturing sector may get a boost as the department of industrial policy and promotion has prepared a draft Cabinet note that proposes to allow upto 100% foreign direct investment in defence and incentivise technology transfer, reports Economic Times.

Infosys Ltd is grappling with the conundrum of delineating the roles of chairman and chief executive officer as it moves closer to identifying a successor to S.D. Shibulal, reports Economic Times.

Indian Oil Corp. Ltd will raise $1.65 billion debt in the overseas market and will invest 16,600 crore toward business expansion in the current fiscal year, reports Economic Times.

GVK Power and Infrastructure Ltd shares will be under pressure after it reported consolidated net loss of 235.46 crore in the three months ending March on account of under-utilization of gas-based power plants, rise in interest costs and a one-time tax provision, read more.

Coal India Ltd (CIL) shares will be in focus after its net profit declined 18% to 4,434 crore, weighed down by lower realization from auctions and 876 crore provision to resolve a dispute with its biggest customer NTPC Ltd, read more.

Hindalco Industries Ltd reported 48.5% decline in the stand-alone net profit, to 248 crore for the quarter ended March due to rising costs, even though sales of aluminium were at a record high.

Lastly, the head of Amway Corp.’s Indian business—William Scott Pinckney was arrested for a second time this week following police investigations over allegations that the American direct-selling company is violating a law against pyramid schemes, reports Wall Street Journal India.

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Published: 30 May 2014, 08:20 AM IST
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