Opening bell: All eyes on Karnataka election results, PNB, Fortis in focus
Asian stocks mixed in morning trade
Asian markets outside Japan were trading slightly lower in the morning trade. Overnight US stocks closed little changed. S&P 500 at 2,730 was up 0.09%.
Karnataka elections results today
Petrol, diesel prices hiked after Karnataka elections
State-run oil marketing companies on Monday raised petrol and diesel prices by 17 paise and 21 paise per litre respectively, after retail automobile fuel prices remained unchanged since 24 April, reports Mint.
Hindustan Unilever’s Q4 profit rises 14.2%
Hindustan Unilever Ltd beat analyst expectations to post a 14.2% rise in March quarter net profit. Sales at Rs9,003 crore were up 2.5% from Rs8,773 crore a year ago.
Manipal further sweetens offer to acquire Fortis hospitals
TPG-backed Manipal Hospitals submitted a revised bid for Fortis Healthcare Ltd, reports Mint. TPG-Manipal’s offer to infuse Rs2,100 crore is now pegged at Rs180 per share against an earlier proposal of investing the amount at Rs160, Fortis told exchanges.
In another report the Delhi high court ordered the sale of unencumbered listed shares owned by former Ranbaxy promoter Malvinder Singh and others, in connection with the recovery of arbitration award in favour of Japanese drugmaker Daiichi Sankyo Co. Ltd.
PNB seen posting huge Q4 loss
Punjab National Bank (PNB) is expected to post a massive fourth quarter loss on Tuesday as the lender counts the costs of a $2-billion fraud, tighter bad loan norms and higher bond yields. The bank will release its March quarter earnings today.
RBI places deposit, lending curbs on Allahabad Bank
State-owned Allahabad Bank said the Reserve Bank of India (RBI) has asked it to freeze lending after its capital-to-risk weighted assets ratio fell below the mandatory level.
Meanwhile, the government initiated the process of removing top bankers, including Allahabad Bank managing director and two executive directors of PNB, charged in the fraud involving jewellers Nirav Modi and Mehul Choksi.
Lupin, Britannia Industries earnings today
Lupin Ltd, Reliance Communications Ltd, PI Industries Ltd and Britannia Industries Ltd are some of the other companies that will release their earnings for the March quarter today.