Mumbai: More supportive comments emerged from Europe over the weekend after the head of the Euro-group, Jean-Claude Juncker said that the euro-zone members, the rescue fund and the European Central Bank will soon act to save the euro, reports MarketWatch.
US markets ended higher on Friday following anticipation of moves by the European Central Bank to buy bonds as well as some form of stimulus by the US Federal Reserve. Wall Street’s S&P 500 added almost 2%, its biggest one-day gain in four weeks, and the index posted a weekly gain of 1.6%. The Dow Jones Industrial Average gained 1.5% and Nasdaq was up 2.2%.
Asian markets were trading higher on Monday morning, extending Friday’s gains over upbeat comments by European leaders. Japan’s Nikkei Stock Average gained 0.7%, Hong Kong’s Hang Seng was up 1.1% and China’s Shanghai Composite was up 0.1%.
In India, the government has revived a plan to sell factories of Cement Corporation of India Ltd. The state-owned firm will put up for sale six of its 10 cement plants valued around Rs 17,000 crore, reports Mint.
Lupin could see some action following news that it has entered into a marketing alliance with Novartis to sell the asthma drug, Onbrez, which has a market of around Rs 1,693 crore, in India, reports Business Standard. Novartis would share a part of its revenue from the sales of the drug with Lupin.
Indian Oil Corporation will be in focus after the company said that it is setting up its first refinery outside India with an investment of upto Rs 20,000 crore in Sri Lanka, reports Business Standard. The capacity of the Sri Lankan refinery is expected to be 5-9 million tonnes per annum.
Maruti Suzuki will be see some action after it reported 23% fall in net profit to Rs 424 crore for the first quarter on the back of a weak rupee and higher costs.
Central Bureau of Investigation is likely to file two more charge sheets to probe into Unitech’s suspicious transaction of Rs 250 crore and the stake transfer from Swan to the Mauritius-based Delphi Investment Fund, reports Business Standard.
Reliance Industries may invest as much as $1 billion over the next few years into its aerospace business taking on conglomerates such as Tata Sons and the Mahindra Group for a sector that holds high revenue potential, reports Wall Street Journal India.
Pipavav Defence, Radico Khaitan, Glodyne Technoserve, Parsvnath Developers, Tulip Telecom and Era Infra Engineering will be in focus after Bombay Stock Exchange and National Stock Exchange on Friday said they have reduced the trading bands to 5% on these stocks because of surveillance concerns, reports Wall Street Journal India.
Lastly it was a golden start for Ryan Lochte who won the 400-meter individual medley Saturday, beating Michael Phelps in an Olympic race for the first time and making the case that Lochte will be the best swimmer in the world, reports Wall Street Journal.