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Business News/ Market / Stock-market-news/  Opening Bell 19 May | Markets may take more considered view of election results
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Opening Bell 19 May | Markets may take more considered view of election results

Asian markets are trading mixed; keep an eye on shares of Adani group companies

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

Mumbai: Asian markets are trading mixed. Japan’s Nikkei at 14,086 is marginally down 0.08% in morning trade. Read the Reuters report.

Over the weekend, US markets closed with gains. S&P 500 at 1,877 was up 0.37% on encouraging housing starts data. Read more.

The landslide win for the Bharatiya Janata Party (BJP) in the general elections bodes well for India, and the Indian stock market, Christopher Wood, equity strategist at CLSA Asia-Pacific Markets said in an interview to Mint. With the mandate, India is now best placed among the Bric countries on the back of internal and external factors, argues Wood.

The South-West monsoon has set in over most parts of the Andaman Sea and some parts of south-east Bay of Bengal, reports The Hindu Business Line. According to the report, the conditions are favourable for further advancement of the seasonal rain.

Speciality Restaurants Ltd may see some action. The company is in talks to purchase stake in SK Restaurants Pvt Ltd, reports The Economic Times. Among others, SK Restaurants operates Khazana, The Yellow Chilli and Pin Yin eateries.

Escorts Ltd is embarking on a drive to improve profitability through the introduction of high-end products, reports Mint. As part of the strategy, the company plans to manufacture Ferrari tractors locally. The company is also working with Porsche Design and Porsche Consulting to introduce next-generation tractors.

Manganese ore producer Moil Ltd is considering a three-way joint venture (JV) with state-owned steel makers-Steel Authority of India Ltd (Sail) and Rashtriya Ispat Nigam Ltd—to set up a ferro alloy plant at Bhilai, reports Mint. The decision follows a plan to scrap a proposed plant in Andhra Pradesh after the state government failed to assure power supply.

SpiceJet Ltd posted its biggest ever net loss of 1,003 crore for the fiscal year ended March. The loss widened five times from 191.07 crore a year ago, reports Mint. The airline blamed the loss on the weak rupee and slower economic growth, which has limited growth in passenger traffic.

Also keep an eye on shares of Adani group companies-Adani Power Ltd and Adani Enterprises Ltd. The Mumbai wing of the Directorate of Revenue Intelligence issued a 5,500 crore show cause notice to the group. Read more. Market regulator Sebi and other agencies may investigate alleged duty evasion by the Adani Group companies, reports The Economic Times.

Adani Ports and Special Economic Zone Ltd plans to raise capacity at the Dhamra port, including building a container terminal in two-three years, reports Business Standard. Last week Adani Ports said it was buying Dhamra Port in Odisha.

Kumar Mangalam Birla is planning to directly purchase a stake of 16% stake in Century Textiles and Industries Ltd, reports The Economic Times. Eventually, Birla is set to inherit the company from his grandfather.

Lastly, IL&FS Engineering and Construction Co. Ltd, Reliance Infrastructure Ltd, Reliance Power Ltd and Saint-Gobain Sekurit India Ltd are some of the companies that will release their March quarter results on Monday.

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Published: 19 May 2014, 07:56 AM IST
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