Mumbai: After dilly dallying with several macro numbers, markets are finally concentrating on earnings and management talk. Unfortunately both of them do not seem to be encouraging. Even though first quarter results are coming-in line with expectations, companies are putting a big question mark on future earnings. Managements are talking cautious and markets are finding it difficult to gauge the exact impact of the slowdown on corporate earnings. Here’s a list of things to watch out for before trading starts.
Overnight, stock markets in the US closed flat amidst concerns that the government will fail to increase the debt limit. The S&P 500 closed marginally down by 0.07%.
Stocks in Asian markets are swinging between gains and losses. Lack of progress on the debt deal is leading to selling in stocks of companies that depend on exports.
Back home, Warburg Pincus has reportedly started exiting Kotak Mahindra Bank. According to reports, the private equity giant is reducing its stake through a share sale in the open market. The private equity fund has reportedly sold 1.88% during first quarter.
Expect some action in Dish TV also. Strong subscriber additions helped the company narrow its losses to Rs 18 crore in the first quarter. The company’s EBITDA jumped from Rs 32 crore last year to Rs 112 crore in the June quarter.
Oil India is reportedly in talks to buy a stake in Etablissements Maurel & Prom’s assets in Gabon. According to reports, the company is studying the fields and plans to appoint banks for financial due diligence.
Dr Reddy’s Laboratories has shelved plans to develop anti-diabetes molecule Balaglitazone. Difficulty in finding partners and side effects has forced Dr Reddy’s Laboratories to keep the molecule in an abeyance.
Apparel maker Raymond is entering the forgings business. Its engineering business unit is looking to supply forged machine components to original equipment makers this year. The company has reportedly lined up investment of up to Rs 200 crore for the forgings foray.
Hindustan Copper has decided not to raise fresh equity through the proposed follow on public offer. The copper miner has sought an approval to defer the earlier decision to infuse 10% additional equity into the company.
Viom Networks is willing to acquire GTL Infrastructure if the beleaguered tower company slashes its debt through a restructuring process.
Rakesh Jhunjunwala, Radhakrishna Damani and others agreed to invest Rs 120 crore in Sterling Holiday Resorts India Ltd. The fund infusion paves way for restructuring of the company that pioneered time share vacations in India. Jhunjunwala and Damani are investing Rs 40 crore each, with rest of the amount coming from other investors. Read more...
Hero Honda, Biocon, 3i Infotech, DB Corp, Hindustan Zinc, Info Edge, KPIT Cummins, Noida Toll Bridge, Rallis India, Sesa Goa, Yes Bank and Zee Entertainment will announce their June quarter April-June quarter earnings.
Finally, curiosity seekers are paying the authorities to spend a night in jail. Authorities in a US county charged $30 a night for anyone who volunteered to go behind bars, so officials could give the new jail a test run before it opened for real. And people from three different states spent the night at the jail. Some are lawyers and a couple celebrating their first anniversary. Read more...