BackOpening bell: Asian markets open mixed; SBI, Nestle India in focus
In other news, merchant exports grew 4.32% year-on-year to $22.12 billion last month, while imports rose 10.7% to $31.96 billion
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US stocks end higher; Asian markets open mixed
US stocks closed at fresh highs Wednesday for a fifth straight day as traders continued to bet on a pro-growth agenda under President Donald Trump.
Asia markets traded mixed Thursday morning, despite US gains.
SBI merger with associate banks gets cabinet approval
The cabinet has approved the proposed merger of State Bank of India (SBI) and five subsidiaries—a combination that will create the first Indian lender to rank among the world’s top 50. State Bank of Bikaner and Jaipur (SBBJ), State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), State Bank of Patiala (SBP) and State Bank of Travancore (SBT) will merge with the country’s largest bank, widening the gap between SBI and the No. 2 lender, HDFC Bank Ltd.
Nestle India Q4 net profit down 8.6% to Rs167.31 crore
FMCG major Nestle India has reported a decline of 8.66% in its stand-alone net profit to Rs167.31 crore for the fourth quarter ended on 31 December 2016. Net sales of the company during the quarter under review were up 16.17% to Rs2,261.28 crore as against Rs1,946.44 crore in the corresponding quarter of the last fiscal. Read more
Tata Motors shares fall 10.3%, biggest decline in five years
Shares of Tata Motors Ltd on Wednesday closed down 10.3%, its biggest fall in nearly five years, after most brokerages cut the target price as the company’s net profit crashed 96% in the December quarter. Brokerage firms CLSA, Kotak Institutional Equities, Emkay Equity Research, Edelweiss Securities and Antique Broking have lowered their target price for the stock.
H1-B visa worries ‘hyped up’, says TCS boss N. Chandrasekaran
Tata Consultancy Services chief N. Chandrasekaran on Wednesday said concerns surrounding the H1-B visa are hyped and asked the $155 billion domestic information technology (IT) industry not to get paranoid as these are exciting times with lots of opportunities.
India’s trade deficit narrows to $9.8 billion in January
India’s merchandise exports grew for the fifth month in a row in January, though at a slower pace than in the previous month, signalling a consistent improvement in external demand conditions. Merchant exports grew 4.32% year-on-year to $22.12 billion last month, while imports rose 10.7% to $31.96 billion.
Jet Airways may order at least 50 Boeing 737 Max planes this year
Jet Airways Ltd may order at least 50 Boeing 737 Max planes valued at about $5 billion this year to expand its market and secure spots in the aircraft supply chain. Jet Airways with a 114-plane fleet has 17% of the domestic passenger market share and a sizable international presence, but it has been losing domestic market share to rivals like IndiGo.
Tata Steel UK workers vote to accept cuts to pension benefits
Thousands of workers at Tata Steel’s sites in Wales, Scotland, South Yorkshire and Teeside in the UK have overwhelmingly accepted the company’s offer to move from a “final salary pension" to a less generous scheme, potentially saving their jobs and assuring the future of its plants.
DLF promoters in last leg of talks for Rs12,000-14,000 crore sale deal
Realty major DLF’s promoters are in the final stage of discussion with potential investors to sell their 40% stake in the company’s rental arm DCCDL Ltd for an estimated Rs12,000-14,000 crore. Global investors Blackstone and GIC are in the race to acquire the 40% stake of DLF promoters in DCCDL.
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