Mumbai: Asian markets are trading higher. Japan’s Nikkei gained 1.02% to 10,912 on continuing weakness in the yen. Buying in export-dependent companies is helping the benchmark index trade in gains.
Overnight, US markets closed mixed. The S&P 500 lost 0.09% to 1,470 on selling in shares of Apple Inc. Apple’s shares slumped on reports that it has had to curb iPhone production on weak demand. Read more.
Back home, Tata Consultancy Services Ltd reported a 26.7% year-on-year rise in net profit for the December quarter. While revenue rose 21.7% in rupee terms business volumes were slightly lower than analysts’ expectations. Read more.
The new managing director of Tata Motors Ltd, Karl Slym, has charted a makeover plan for the company, reported Mint. Slym has identified three problem areas and has earmarked Rs.15,000 crore in capital expenditure over the next three-five years.
Keep an eye on Yes Bank Ltd and IndusInd Bank Ltd stocks. The banks are in talks to acquire Royal Bank of Scotland’s retail assets in India. The purchase will help expand the banks retail presence. Read more.
The on-going discount sale has bought in substantial revenues for SpiceJet Ltd. According to The Economic Times, the airline is estimated to have collected Rs.160 crore worth of revenues through sale of discounted fares in just three days.
SpiceJet Ltd, meanwhile, is in talks with foreign airlines to sell stake in the company. According to The Times of India, Mid Eastern airline Qatar Airways may purchase a stake in the low cost airline.
JSW Energy Ltd has received forest clearance for its planned 240 megawatt hydropower project in Himachal Pradesh, reported The Economic Times. The project has been stuck for some time now due to lack of clearances.
GVK Power and Infrastructure Ltd has pulled out of a road project it was to build in Madhya Pradesh. Aggressive bidding and tightening of bank lending for road projects is leading to cancellation of projects. Read more.
Crompton Greaves Ltd has decided to acquire the compact fluorescent lamp (CFL) manufacturing business of Himachal Pradesh-based Karma Industries. The acquisition would double Crompton’s capacity in the CFL segment.
Axis Bank Ltd, Bajaj Finserv Ltd, Development Credit Bank Ltd, Essar Oil Ltd, NIIT Technologies Ltd and Reliance Industrial Infrastructure Ltd are some of the notable companies that will release their earnings for the December quarter on Tuesday.
Finally, China has shut dozens of factories and pulled government cars off the road to limit pollution. The development comes after air pollution reached hazardous levels for a third day. Read more.