BackOpening Bell | Asian markets open higher; RBI monetary policy, Adani Power in news
In other news, HDFC Life Insurance, Max Life seal three-step merger deal
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US stocks end lower; Asian markets open higher
US equities closed slightly lower on Monday, despite a rise in oil prices, as investors awaited key retail sales data due later this week. The Dow Jones industrial average closed 0.08% lower, at 18,529 points. The S&P 500 fell 0.09% and the Nasdaq slipped 0.15%.
Asian markets advanced modestly on Tuesday morning, with traders awaiting inflation data from China and a monetary policy decision from the Reserve Bank of India (RBI). In Japan, the Nikkei 225 was up 0.18%, while across the Korean Strait, the Kospi gained 0.26%.
RBI seen maintaining status quo in Raghuram Rajan’s last policy review
Outgoing RBI governor Raghuram Rajan will likely choose to leave policy rates unchanged on Tuesday, leaving it to his successor to decide on future rate cuts, reports Mint.
HDFC Life Insurance, Max Life seal three-step merger deal
The boards of HDFC Life Insurance Co. Ltd and Max Life Insurance Co. Ltd on Monday signed off on their merger, which will create India’s largest private sector insurer. It may also set in motion the process of long-awaited consolidation in the insurance sector. Read more.
India’s largest spectrum auction to start from 29 September
Bidding rounds for the country’s biggest-ever spectrum auction will begin from 29 September, in which mobile airwaves worth 5.63 trillion at the base price value will be put up for sale. The government will put a total of 2,354.55 megahertz of mobile airwaves frequencies for auction for all bands.
Idea PAT down by 74% in Q1
Idea Cellular, India’s third-largest mobile operator by subscribers, posted a 74.2% decline in the consolidated profit after tax (PAT) to ₹ 220.4 crore for the quarter-ended June, compared with ₹ 854.8 crore in the same period a year ago.
Britannia Q1 profit up 13% at ₹ 219 crore, revenue meets estimates
Bakery and dairy products manufacturer Britannia Industries’ consolidated profit grew by 13.15% to ₹ 219.13 crore in the April-June quarter compared with ₹ 193.66 crore in the year-ago period. It was ahead of estimates and was driven by other income and better-than-expected operational performance.
Zydus acquires skin treatment lotion Melgain from Issar Pharma
Zydus Group firm Cadila Healthcare has acquired Melgain lotion used for treatment of skin depigmentation from Issar Pharma to strengthen its dermatological portfolio. Melgain will be marketed in India by Liva Healthcare, a specialty division of the group catering to the dermatological segment
Motorcycle sales drive Hero’s Q1 net profit to a record high
India’s largest two-wheeler company Hero MotoCorp Ltd’s net profit for the quarter ended 30 June rose 18.3% to a record high due to an increase in motorcycle sales. Net profit increased to ₹ 883.10 crore during the quarter from ₹ 747.54 crore in the year-ago period. Read more.
Tata Motors global sales jumps 20% to 88,159 units in July
Tata Motors reported a 20% rise in global sales at 88,159 units, including that of Jaguar Land Rover (JLR) vehicles, in July. The company had sold 73,535 units in July 2015.
Aurobindo Pharma gets USFDA nod for anti-infective injection
Aurobindo Pharma has received approval from the US health regulator to make and market its anti-infective Linezolid injection in the American market. It is expected to be launched in the second quarter of the 2016-17 fiscal. Read more.
Earnings corner
Adani Power, Apollo Tyre, JK Tyre, Lupin, Natco Pharma and UCO Bank are among the companies which will report their June quarter earnings today.
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