BackOpening bell | Economic growth worries return to haunt global equities
India's economy is forecast to expand at a faster pace in the full year to March although GDP growth slowed in the fiscal third quarter
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Mumbai: US markets closed lower. S&P 500 lost 1.4% to 1,853 on selling in shares of financial services companies. Tracking the losses, Asian markets opened weak. Anxiety over global economy is driving investors to safer assets, reports Bloomberg.
India’s GDP growth may accelerate to 7.6% in FY16
India’s economy is forecast to expand at a faster pace in the full year to March although gross domestic product (GDP) growth slowed in the fiscal third quarter, reports Mint. Data released by the Central Statistics Office projected a growth of 7.6% in 2015-16.
Consumer goods firms’ sales growth slowest in five years
Sales at major consumer packaged goods companies like Hindustan Unilever Ltd, Colgate-Palmolive (India) Ltd, Gillette India Ltd and Dabur India Ltd grew at their slowest pace in five years in the December quarter, reports Mint.
Telecom shake-up raises worries for tower firms
Ongoing consolidation among India’s telecom services providers has analysts worried over growth prospects of telecom tower companies in the country, reports Mint. Telecom tower companies earn revenues from their tenant mobile service providers, and consolidation shrinking the potential client base has raised concerns.
Cognizant issues bleak forecast
US-based Cognizant Technology Solutions Corp. posted fourth-quarter revenue that just met expectations and, worryingly, said it expects little or no growth in the three months to March. Read more.
Tamil Nadu objects to GAIL’s ₹ 3,000-crore project
Tamil Nadu once again raised concerns over GAIL Ltd’s ₹ 3,300 crore pipeline project, stating that it will result in damage to thousands of farmers, reports Business Standard.
Strides to acquire controlling stake in Australian, Kenyan companies
Strides Shasun Ltd has agreed to buy controlling stakes in an Australian and a Kenyan company for $28.7 million ( ₹ 195 crore). Strides Shasun is seeking to expand its presence in Australia and establish a toehold in East Africa through the acquisitions.
Dr Reddy’s, Hindalco earnings today
It will be a results heavy day. Apollo Tyres Ltd, CESC Ltd, Britannia Industries Ltd, Aurobindo Pharma Ltd, CRISIL Ltd, Dhanuka Agritech Ltd, Bharat Forge Ltd, Dr Reddy’s Laboratories Ltd, Gail India Ltd, Hindalco Industries Ltd, Petronet LNG Ltd, Power Finance Corp. Ltd are some of the companies that will release their earnings for the December quarter today.
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