BackOpening Bell 28 February | Investors take comfort from US Fed comments
Asian markets are trading mixed; S&P gains after Janet Yellen blamed recent economic softness on harsh weather conditions
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Mumbai: Federal Reserve chair Janet Yellen has reiterated that the US central bank is likely to maintain its strategy of gradually trimming asset purchases. The Fed will likely reduce the pace of asset purchases in further measured steps at future meetings, Yellen said on Thursday. Read more. The comments have sent the US markets to record highs.
The S&P 500 gained 0.49% to 1,854 after Janet Yellen blamed the recent economic softness on harsh weather conditions. Read the Reuters report.
Asian markets are trading mixed. While the Federal Reserve chair’s comments reiterated her confidence in the US economy, tensions in Ukraine are weighing on investor sentiment.
ITC Ltd and Larsen and Toubro Ltd may witness some action. The government has decided against selling its stake in these companies, reports The Times of India.
A private equity firm is in talks to invest $60 to $70 million in Mahindra Logistics Ltd, reports Mint. Mahindra Logistics is a subsidiary of Mahindra and Mahindra Ltd.
NTPC Ltd issued an expression of interest seeking to buy coal-based power plants, whether they are operational, under construction or in planning stages, reports Business Standard. The company reportedly plans to use its cash reserves to expand its presence in the sector.
Tata Power Co. Ltd has agreed to sell a 30% stake in its Indonesian subsidiary for $120 million. This is a part of the $500 million agreement Tata Power announced on 31 January regarding the sale of 30% stake it held in mining company PT Arutmin Indonesia, and its associated infrastructure assets, to the Bakrie Group. Read more.
Tech Mahindra Ltd has signed an agreement with BASF Business Services Holding GmbH to buy its subsidiary for an undisclosed amount, reports Mint. The transaction is expected to be completed in the first quarter of the financial year 2015.
Auto parts maker Bosch Ltd warned that market conditions would not improve any time soon as the automotive sector is witnessing one of its worst slumps in years, reports Mint. In the December quarter, Bosch’s net profit fell to ₹ 139 crore from ₹ 172 crore a year ago, hurt mainly by a slump in the domestic automotive market.
Lanco Infratech Ltd won a contract worth ₹ 3,960 crore from Tamil Nadu Generation and Distribution Corp. Ltd. With the addition of this project, Lanco’s order book stands at ₹ 27,005 crore. Read more.
Ramky Infrastructure Ltd is in talks to sell three of its road assets, reports The Economic Times. According to the report, the company plans to raise ₹ 900 crore from the asset sale. It wants to use the funds to pare debt.
Financial Technologies (India) Ltd may continue to see heightened action. Confirming the market buzz the company announced that it was setting up a committee to find a strategic partner and also to divest stake in its ventures, reports Business Standard.
The board of directors of the Multi Commodity Exchange of India Ltd (MCX) did not discuss a forensic audit report by PricewaterhouseCoopers, reports Mint. The Forward Markets Commission (FMC) had asked PwC to conduct a forensic audit into the functioning of MCX. The report was submitted to FMC on 20 February.
Lastly, the group of ministers is scheduled to meet on Friday to decide on the price at which shares of Indian Oil Corp. Ltd will be sold to Oil and Natural Gas Corp. Ltd and Oil India Ltd, reports The Hindu Business Line. The ministerial group is also scheduled to take a call on stake sale in Bharat Heavy Electricals Ltd (Bhel) through a block deal, the report adds.
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