The on-going earnings season has been disappointing. Mint analysis of the 230 firms that announced their March quarter results indicate that income from the core business operations fell for the first time in at least 10 quarters.
A clearer picture will emerge when more companies declare their March quarter earnings. Asian markets, meanwhile, are trading higher. The weaker than expected US GDP growth data has sparked hopes of more monetary stimulus. South Korea’s Kospi at 1,984 is up 0.44%.
US stocks closed higher on Friday. Better than expected earnings by technology companies helped equities inch higher. S&P 500 at 1,403 is up 0.24%.
Back home, keep an eye on BHEL. The Rajasthan government has scrapped tenders worth Rs 12,000 crore won by BHEL. The state government company scrapped the engineering, procurement and construction tenders for the upcoming power projects, reports the Business Standard.
Reliance Power stock could trade with positive momentum. The company has got a reprieve as the ministerial panel has endorsed a decision that allowed the company to use excess coal from Sasan power project’s mines to generate electricity in another plant. Read the Times of India report.
Maruti Suzuki stock could trade with positive momentum. The company reported lower than expected drop in profit and 4.9% growth in volumes. According to the Business Standard, the company is looking to boost margins by reducing input costs.
Oil India has joined the group that is bidding for British Gas group’s stake in Gujarat Gas, reports The Economic Times. According to the report, ONGC and BPCL will transfer 5% stake each in the consortium to Oil India.
Dunlop India and Falcon Tyres are converting loans into shares. The ownership of the promoter group will be diluted to 38.5% in Dunlop and 31.9% in Falcon, down from 65.4% and 72.5%, respectively. Read the Mint report.
Alstom T&D, Bank of India, Dabur India, Exide Industries, Oriental Bank of Commerce, Procter & Gamble, Punj Lloyd, Titan Industries and United Phosphorus are some of the companies that will release their March quarter earnings today.
Finally, anti-German sentiment is keeping away German tourists from Greece. The absence of German tourists is making things worse as tourism accounts for 15% of Greece’s GDP and Germans are estimated to be the largest group of visitors. Read the Reuters report.