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Business News/ Market / Stock-market-news/  Opening Bell 20 February | Global markets struggle for clarity
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Opening Bell 20 February | Global markets struggle for clarity

Asian markets were trading marginally higher following mixed global cues

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: Asian markets were trading marginally higher on Friday morning following mixed global cues. Japan’s Nikkei Stock Average was up 0.4% led by gains in exporter shares, Hong Kong’s Hang Seng was up 0.2%, while China’s Shanghai Composite was shut on account of Chinese New Year.

Global markets struggled to find a clear trend as the saga of Greece’s debt negotiations rumbled on and the outlook for Federal Reserve policy came under renewed scrutiny, reports Financial Times. Overnight in the US, Dow Jones Industrial Average was down 0.2%, Nasdaq composite gained 0.4% and S&P 500 closed flat.

In India, HDFC Bank Ltd shares will be in limelight as it will raise 4,500 crore via infrastructure bond before the end of March, following up on its jumbo share sale earlier this month. The bank is bracing to take advantage of increased lending opportunities for both companies as well as individuals over the next two fiscal years.

Pipavav Defence and Offshore Eng Co. Ltd shares will continue to see some action as the Munjal family, which raised 1,800 crore by selling a 3.3% stake in Hero MotoCorp Ltd earlier this week, is likely to announce a takeover of Pipavav Defence by this weekend, reports Business Standard. Earlier there were reports that even Mahindra group was eyeing contolling stake in Pipavav Defence for a valuations of 4,000 crore.

Tata Motors Ltd UK Unit—Jaguar Land Rover Automotive Plc will sell €300 million worth of bonds maturing in eight years to refinance debt, redeeming existing 8.25% notes due in 2020.

Crompton Greaves Ltd shares will be in the limelight as the board has approved 100% proposed demerger of its consumer products business which has been performing relatively better.

Larsen and Toubro Ltd (L&T) shares will be in focus following a Mint report that Airbus Group NV is in advanced talks with the company for setting up a radar manufacturing facility in India. Airbus Group’s plan comes at a time when India’s armed forces is increasingly relying on indigenously developed radars, designed by a unit of Defence Research and Development Organisation and Bharat Electronics Ltd to replace old Russian radars.

Jindal Steel and Power Ltd shares will remain in focus as it bagged the richest coal blocks in Chhattigarh at lowest bid for any block at 108 a tonne. JSPL won two blocks with total capacity of two mines at 155 million tones, with an annual peak rated capacity of six million tonnes, the highest among the blocks on auction.

Tata Consultancy Services Ltd (TCS) shares will be in focus as the controversy surrounding layoffs at (or, to be exact, the controversy surrounding rumours of large-scale layoffs at TCS) has taken a fresh twist with the company deciding to take the legal route. TCS filed a First Information Report against “unknown persons" at the Thane police station, reports Mint.

Lastly, direct tax rates may be in for a major overhaul in the budget. There could be a recast of the direct tax structure, with the government looking to clean up levies on individuals and companies to create an investment-friendly regime and boost consumer sentiment. Personal income tax and corporate tax structures could see a significant revamp, leaving more money in the hands of individuals and with companies, reports Economic Times.

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Published: 20 Feb 2015, 08:15 AM IST
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