BackOpening Bell | Wipro, ICICI Bank, United Breweries in focus
Asian markets were trading on a cautious note as they braced for a run of policy announcements from the world's major central banks this week
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Asian markets cautious ahead of Bank of Japan meeting
Asian markets were trading on a cautious note as they braced for a run of policy announcements from the world’s major central banks this week, with all eyes on the Bank of Japan’s meeting later in the day after it stunned markets in January by adopting negative rates. Hong Kong’s Hang Seng declined 0.6%, Japan’s Nikkei Stock Average fell 0.1% and China’s Shanghai Composite was off 0.5%.
US markets end higher
Overnight, the Dow industrials logged a new closing high for 2016 on Monday, while the S&P 500 edged lower as losses in the materials and energy sector capped gains for consumer discretionary shares. The S&P 500 declined 0.13%, the Dow Jones Industrial Average was up 0.1% and the Nasdaq Composite closed flat. All eyes are on the US Federal Reserve’s two-day policy meeting which kicks off on Tuesday, with a policy statement slated to be released on Wednesday.
Retail inflation eases opening doors for a rate cut
India’s retail price inflation eased at a faster-than-expected pace to a four-month low of 5.18% in February, increasing hopes of further monetary easing by Reserve Bank of India, any time between now and a scheduled monetary policy review on 5 April, read more.
Wipro sets growth target of 12-14% for FY17
Wipro Ltd shares will be in focus as the chief executive officer Abidali Neemuchwala has set an ambitious revenue growth target of 12-14% for fiscal 2017 that is more than three times the growth at India’s third largest software services exporter in the current year, read more.
ICICI Bank to raise $700 million via off-shore 10-year bonds
ICICI Bank Ltd shares will be in focus as it has raised $700 million by selling dollar bonds, becoming only the third Indian lender to access global debt markets this year, after a drop in bond yields in Europe and the US revived demand for riskier emerging markets debt, read more.
Bankers warn distressed corporates to accelerate asset sales
Bankers led by the State Bank of India warned distressed corporates to accelerate their asset sales so that they can recover their dues, failing which banks would themselves take it in their hands the process of disposal of assets, reports Economic Times.
Heineken appoints JM Financial to increase stake in UBL
United Breweries Ltd (UBL) shares will be in focus as the Dutch beer giant Heineken has appointed investment bank JM Financial to help increase its stake and control in UBL from 42.38%. This is yet another sign that beleaguered liquor baron Vijay Mallya’s hold over the last big company of his once flourishing business empire is under threat, reports Economic Times.
Govt set to auction off Mallya’s assets
The government is getting set to auction Vijay Mallya’s assets, including his personal Airbus ACJ 319, as it looks to recover service tax dues of ₹ 812 crore, which includes penalties and interest. The government also wants to sell five smaller ATRs and three helicopters belonging to Mallya’s Kingfisher Airlines which owes banks more than ₹ 9,000 crore, reports Economic Times.
USL funds transfer of ₹ 4,000 crore under scanner
United Spirits Ltd shares will be under pressure as the Enforcement Directorate and Reserve Bank of India have launched a probe into the transfer of ₹ 4,000 crore from United Spirits Ltd to the British Virgin Islands in early 2007 by the company before it was taken over by Diageo in 2012, reports Business Standard.
Grant Thorton under scanner for brand valuation of Kingfisher Airlines
Lastly, Grant Thornton India Llp has come under the scanner of the Serious Fraud Investigation Office (SFIO), which is looking into the brand evaluation of closely ₹ 4,100 crore carried out by the tax and advisory firm in 2011 for the Vijay Mallya-promoted Kingfisher Airlines Ltd, reports Mint.
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