Opening bell: Asian markets open mixed; focus on Ashok Leyland, Havells India
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US markets end lower; Asia opens mixed
US stocks closed lower on Monday, amid falling oil prices, as investors digested a number of corporate results, key economic data and remarks from a key US Federal Reserve official. The Dow Jones industrial average fell 0.29%. The S&P 500 fell 0.3%, while the Nasdaq slipped 0.27%.
Markets in Asia were mixed in early trade on Tuesday, with Japanese shares falling on the back of a relatively stronger yen. The benchmark Nikkei 225 was down 0.20%.
GST fate in balance as council begins deliberations
The fate of India’s most ambitious tax reform, the goods and services tax (GST), hangs in balance. Over the next three days, deliberations of the GST council, most of which are expected to be contentious, will determine whether the country can stick to the 1 April deadline for the rollout of the tax. Read more.
Ashok Leyland unveils first Made-in-India electric bus
Ashok Leyland Ltd unveiled its Circuit series electric bus, the country’s first such indigenously made vehicle. Designed and engineered in India, it’s in line with the company’s vision for the future of mass mobility, it said in a statement.
UltraTech Cement Q2 profit rises 25.2% to Rs614.30 crore
UltraTech Cement Ltd, India’s largest cement maker, said its net profit in the quarter ended 30 September rose 25.27% from a year ago because of higher other income. The company reported a consolidated net profit of Rs.614.30 crore in the July-September quarter, compared with Rs.490.39 crore a year ago. Read more.
Rosneft-Essar Oil deal cuts Essar Group’s debt, lifts banks
The Rs.86,000 crore ($13 billion) of cash the Essar Group will get from selling a 98% stake in its oil unit and other assets will not only help it reduce operating company term debt by half, but will also wipe out a substantial part of the holding company’s debt, making it the largest debt reduction exercise by an Indian business.
BSE, NSE to conduct 60-minute ‘muhurat’ trading on Diwali
Leading bourses BSE and NSE will conduct the special muhurat trading session on Diwali on 30 October. Muhurat trading, which is conducted on the auspicious occasion of Diwali, would be held between 1830 hrs and 1930 hrs, the stock exchanges said in separate circulars. Read more.
Axis Bank reduces lending rate by 5 basis points across tenors
Private sector Axis Bank has cut the marginal cost of fund based lending rate by 5 basis points across all tenors, effective from Tuesday.
Lakshmi Vilas Bank reports Rs75 crore bill discounting fraud
Lakshmi Vilas Bank has unearthed a bill discounting fraud of Rs.75 crore from a series of domestic trade finance transactions, even as the private lender posted the second quarter profit of Rs.64.84 crore, its highest in a quarter, up 45% from Rs.44.83 crore last year. Read more.
Kishore Biyani is planning a bigger push for private labels
Future Consumer Enterprise Ltd (FCEL), Future Group’s consumer packaged goods unit, plans to launch a new brand, category or product every two weeks as it aims to have its own labels account for 70% of the products sold in group retail chains such as Big Bazaar and Easyday.
Havells India, Mastek, Can Fin Homes are among the companies that will be announcing their September quarter earnings today.