BackOpening Bell 22 July | Geopolitical tension continue to weigh on markets
US markets ended lower over implications of last week's geopolitical tensions
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Mumbai: Asian markets were trading marginally higher on Tuesday morning, although the upside was capped by lingering concerns about the Ukraine crisis and violence in Gaza. Hong Kong’s Hang Seng gained 0.6%, Japan’s Topix advanced 0.9% and China’s Shanghai Composite was trading marginally lower.
Overnight, US markets ended lower over implications of last week’s geopolitical tensions especially Russia’s relationship with the west after downing of Malaysian Airline flight. The S&P 500 declined 0.2%, Nasdaq Composite was down 0.2% and Dow Jones Industrial Average fell 0.3%.
In India, the government has cleared the decks for six new airlines which could result as in as many as eight new airlines taking to the skies this fiscal year leading to lower fares for consumers and improve connectivity across the country, reports Mint.
HDFC Bank Ltd posted 21% net profit growth, at ₹ 2,233 crore, slowest in over decade on back of lower other income and sluggish growth in retail loans. HDFC’s consolidated net profit increased 10% to ₹ 1,873 crore in the June quarter.
DLF Ltd shares will be in focus as it is selling a 30-acre land parcel in Hyderabad’s Raidurg area to local builder My Home Group for ₹ 550 crore to further reduce debt, reports Economic Times.
Tata Steel Ltd has started the process of raising $3.2 billion in foreign currency bond issue and loans which will used for debt repayments and capex for its new plant in Odisha, reports Mint.
Idea Cellular Ltd shares will be in focus after its June quarter earnings beat analysts’ estimates. Net profit rose 57% to ₹ 728.2 crore led by increase in voice minutes and growth in internet usage, while revenue grew 7.3%.
L&T Infrastructure Finance Co. Ltd will venture into non-infrastructure segments and offer working capital loans as it transforms into the role of a wholesale lender, reports Mint.
Jet Airways India Ltd and SpiceJet Ltd shares are expected to report losses in the June quarter because of high fuel costs and economic slowdown in what’s typically a strong quarter. Jet Airways may post a loss between ₹ 350 crore to ₹ 420 crore and SpiceJet may post loss between ₹ 90 and ₹ 110 crore.
Tata Teleservices Ltd-controlled Viom Networks Ltd has many suitors as Malaysian telecom company—Axiata, PE funds—Carlyle and Providence, and tower company—American Tower have been short-listed as potential stake buyers, reports Economic Times. Viom Networks has 40,000 towers with an equity valuation of close to ₹ 13,000 crore.
Lastly, tomato prices have doubled to ₹ 80 a kg last week and are costlier than onions as plant diseases halved the output in Maharashtra, while heavy rains disrupted supply in the north, reports Economic Times.
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