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Business News/ Market / Stock-market-news/  Opening Bell 30 September | Markets eye RBI policy
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Opening Bell 30 September | Markets eye RBI policy

Asian markets were trading mixed as pro-democracy protests continued in Hong Kong

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: In India, infrastructure shares will be in focus after Prime Minister Narendra Modi pitched for big-ticket investments to develop India’s infrastructure and create more jobs in a meeting with top US chief executive officers. Modi assured US CEOs that there will be tax stability and friendlier business environment in the country.

Overnight, US stocks recovered from early selling bout, but still finished lower on Monday, as investor confidence was hit by violent unrest in Hong Kong and a brief spike in the dollar, reports MarketWatch. The Dow Jones Industrial Average, Nasdaq Composite and S&P 500 advanced were down around 0.3% each.

Asian markets were trading mixed on Tuesday morning as pro-democracy protests continued in Hong Kong. The Shanghai Composite was flat, Hong Kong’s Hang Seng was down 1.3% as thousands of pro-democracy students stage a peaceful sit-in to blockade key parts of the city. Japan’s Nikkei Stock Average was up 0.8%.

Indian markets though will take their cues from the RBI policy.

In India, Wipro Ltd shares will be in focus after it started a restructuring exercise to slim down by a third, without resorting to mass layoffs. Wipro employs around 1.46 lakh employees and plans to bring it down to 100,000 in the next three years, reports Economic Times.

IDFC Ltd shares will be in focus after the private equity arm sold two of its real estate investments—a special economic zone (SEZ) in Pune and an information technology park in Noida to private equity firm Blackstone Group LP for enterprise value of 1,100 crore, providing a 22% internal rate of return, reports Mint.

Strides Arcolab Ltd has agreed to buy rival Shasun Pharmaceuticals Ltd in an all-stock transaction valued at about 1,200 crore to ensure an assured supply of drug ingredients and generate cost savings, reports Mint. Shasun stockholders will receive five shares of Strides Arcolab for every 16 they hold, giving Shasun shareholders a 26% stake in the merged entity,

Tata Motors Ltd shares will be in focus after it named Mayank Pareek as the president of passenger car business unit to steer the company.

United Spirits Ltd (USL) is rearranging its financial house as it has decided to repay its fixed deposit holders to the tune of 450 crore before the end of this financial year, reports Business Standard. This move by USL comes with Diageo Plc undertaking various measures to bring global accounting standards to the former’s balance sheet.

National Highways Authority of India Ltd has initiated talks with a clutch of non-banking financial companies in the hope to revive unfinished road projects through the Asset Restructuring Companies, which would take over the bank loans extended to such projects, reports Business Standard.

Tata Power Ltd and US based Honeywell International Inc. have signed an agreement to produce a navigation system in India to cater to the needs of the south Asian nation’s military, reports Wall Street Journal India.

Rural Electrification Corporation Ltd and Power Finance Corporation Ltd shares will be in focus after the government selected merchant bankers to manage the share sales. Three merchant bankers, including Morgan Stanley and JM Financial Ltd will manage the Rural Electrification Corp. Ltd share sale. The Power Finance share sale will be managed by Standard Chartered Bank, Axis Capital and SBI Capital, reports Wall Street Journal.

Lastly, to those who have heard Narendra Modi address the public on other occasions, the Madison Square Garden speech sounded more like an wine in a very shiny new bottle. Wall Street Journal’s India Real Time looks at what is pretty much guaranteed when the Indian prime minister makes an address.

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Published: 30 Sep 2014, 08:15 AM IST
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