Mumbai: Easing Greek concerns and strong US consumer confidence data are providing support to the equity markets. US consumer sentiment rose to its highest level in more than four years in May. The strong data has allayed some concerns about the recovery in the US economy.
Also fuelling gains is the optimism that Greece will not exit the Euro zone. The pro-austerity conservative party has taken a poll lead in Greece. The rising support will help them form a coalition government.
All of this has had a salubrious effect on the markets. Japan’s Nikkei at 8,612 is up 0.38%.
However, US stocks closed lower on Friday. Concerns about the European debt crisis kept investors cautious. S&P 500 at 1,317 was down 0.22%.
Back home, state controls and a slump in global prices are weighing on margins of sugar companies. Analysts are worried that rising cane prices and surplus sugar production for a second year will crimp earnings.
Maruti Suzuki India is planning to build its third diesel engine plant in Gujarat. The company is expected to develop the plant next to its car manufacturing hub. Read the Mint report.
Bharti Airtel added 2.01 million mobile users in April. The company’s total subscriber base in India now stands at 183.3 million.
Shares of Anil Dhirubhai Ambani Group companies could be in the limelight. Reliance Communications reported a surprise jump in fourth quarter profit.
Reliance Infrastructure, on the other hand, is scouting to buy road projects from developers who have not been able to complete the works due to a lack of money. The company reported a flat profit for March quarter.
Lanco Infratech is looking to sell its roads business, reports The Economic Times. According to the report, the company’s roads business is estimated to be worth about Rs 1,500 crore.
Real estate developer DB Realty posted a 75.2% drop in March quarter revenues. Net profit, however, jumped 152.7% to Rs 20.26 crore.
The Odisha government has slapped a Rs 1,306 crore fine on Mahanadi Coalfields, reports Business Standard. Mahanadi Coalfields is a subsidiary of Coal India. The company was fined for mining coal without clearances.
Mahindra & Mahindra is looking to enter the general insurance business, reports The Economic Times. According to the report, the company is in talks with US-based Travelers Group for a prospective partnership in India.
Finally, six countries have sought India’s help to replicate “Project Tiger”. The six countries-Bangladesh, Nepal, Russia, Vietnam, Myanmar and China have asked India for help in undertaking a similar tiger conservation program. Read The Times of India report.