BackOpening Bell 12 August | Markets may react favourably to better corporate results
Stocks gained on hopes that tension between Russia and Ukraine will ease
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Mumbai: Asian markets are trading higher. Stocks gained on optimism that geopolitical tensions are easing as Israeli and Palestinian negotiators resumed indirect talks to end the Gaza war, reports Reuters.
Overnight US markets closed with gains. S&P 500 gained 0.28% to 1,936. Stocks gained on hopes that tension between Russia and Ukraine will ease.
Reserve Bank of India (RBI) governor Raghuram Rajan warned that India “will be tested" by capital outflows once interest rates “start picking up" in industrialized countries, reports Mint. Rajan expressed the hope that the central bank had “done enough" to prepare for an imminent outflow of capital once rates rise abroad.
Tata Motors Ltd’s fiscal first-quarter profit more than tripled, beating analysts’ estimates by a wide margin, reports Mint. Sales at its luxury car making Jaguar Land Rover unit jumped, offsetting dwindling vehicle sales in its home market.
Hindustan Unilever Ltd separated its home and personal care portfolio into two segments with new executive directors for each, reports Mint. The home and personal care category accounts for 75% of the company’s overall revenue.
The government is looking at selling 10% stake in Coal India Ltd. Read more. Meanwhile, to compensate for the rising input costs, the company may raise coal prices, reports The Economic Times.
Wipro Ltd saw the highest increase in compensation of non-executive directors in the year ended 31 March among India’s top 10 companies by market value, reports Mint. The company almost tripled the compensation of its non-executive directors.
Several real estate developers are vying for a 24.5-acre parcel of land in suburban Mumbai being sold by Crompton Greaves Ltd for around ₹ 1,000 crore, reports Mint. The land is located in Kanjurmarg area that is dotted with residential projects.
Jet Airways (India) Ltd’s losses narrowed in the June quarter. Its partnership with Etihad Airways PJSC has helped the company lower costs, reports Mint. Also the airline decided to exit the low-fare segment.
In a relief to IRB Infrastructure Developers Ltd, the Central Bureau of Investigation (CBI) has filed a closure report in its probe of the murder of a Pune-based Right to Information activist, reports Business Standard. According to the report, the agency did not found evidence against the suspects, which include IRB.
State-run Shipping Corp. of India Ltd (SCI) may exit its loss-making container shipping business, reports Mint. The move comes at a time when the government has initiated a review on the relevance of SCI as a state-run firm.
Lenders to Bhushan Steel Ltd stepped in to protect their exposure to the steel maker. A consortium of lenders may meet next week to try to put in place a management agency to oversee the day-to-day running of the company, reports Mint.
Lastly, it will be a results heavy day. Aditya Birla Nuvo Ltd, Apollo Hospitals Ltd, Bhel Ltd, Bhushan Steel Ltd, BPCL Ltd, Britannia Industries Ltd, Gillette India Ltd, Indian Oil Corp. Ltd, Jaiprakash Associates Ltd, Oil India Ltd, Procter and Gamble Ltd and Tata Power Ltd are some of the companies that will release their earnings for the June quarter today.
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