Ten developments that will influence markets today
China's annual economic growth slowed to a six-year low of 7% in the first quarter, but there was relief it matched expectations
Asia tentative as mixed China data stoke uncertainty
Asian markets were lost for direction on Wednesday after a reading on Chinese growth held up better than many had feared, only for data on retail sales and industrial output to disappoint. Overnight US markets closed marginally higher. S&P 500 gained 0.16% to 2,095 as rebound in oil prices helped energy stocks.
China’s annual economic growth slowed to a six-year low of 7% in the first quarter, but there was relief it matched expectations. A poor trade performance in March had stirred talk growth might fall short of the psychologically important 7% level.
WTO cuts world trade growth forecasts
Due to sluggish economic growth, global goods trade will grow by 3.3% this year and by 4% in 2016, less than previously forecast, the World Trade Organization (WTO) said. Read the Reuters report.
IMF, World Bank see growth picking up
The World Bank and the International Monetary Fund (IMF) emphasized the need for India to push forward the reforms agenda, including a cut in subsidies, even as they remained largely optimistic about the economic prospects of the country. Both projected the economy to expand 7.5% this financial year.
ICICI, Axis Bank cut home loan rates
After SBI Ltd and HDFC Ltd, ICICI Bank Ltd, Axis Bank Ltd cut home loan rates. ICICI Bank lowered home loan rates by 25 basis points.
ACC sales drop 3%
Cement maker ACC Ltd reported a 41% drop in net profit for the quarter ended 31 March due to weak demand. Sales dropped 3% to ₹ 2885 crore. Read more.
Torrent Pharma to make an acquisition
Torrent Pharmaceuticals Ltd is in talks to acquire dermatology business of Encore group, reports The Times of India. According to the report, the deal size is pegged at around ₹ 350 crore.
ABG Shipyard to bring equal partner
ABG Shipyard Ltd plans to bring an equal partner in the business by mid-August, reports Business Standard. According to the report, the company is in talks with local and global firms for the investment.
Gateway Distriparks Ltd to list rail unit
Logistics firm Gateway Distriparks Ltd is aiming to list its rail unit by the end of the current financial year, reports Reuters. According to the report, the unit is valued by analysts at nearly $500 million.
KNR constructions bags road contracts in TN
KNR Constructions Ltd received state highway road upgradation contracts in Tamil Nadu worth ₹ 729.5 crore, reports The Hindu Business Line.
S Kumars Nationwide facing management shake-up
Also keep an eye on S Kumars Nationwide Ltd. According to The Economic Times some shareholders are seeking removal of its chairman and managing director.
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