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Home >Market >Stock-market-news >Opening Bell | Asian markets open higher; L&T, Bajaj Auto in focus

Asia tracks US gains

US stocks posted their best day since March with gains of more than 1%, following encouraging reports on the housing market and sharp gains in European stocks.The Nasdaq composite outperformed, closing 2% higher for its best day since 1 March. The Dow Jones industrial average and S&P 500 posted their best day since 11 March. Tracking gains, Asia markets also opened sharply higher today, with most major indexes advancing around than 1% each.

Monsanto said to reject Bayer bid

Monsanto Co, the world’s largest seed company, will reject Bayer AG’s $62 billion acquisition bid and seek a higher price.Monsanto can see the logic of combining with the German drugs and crop chemicals group, and believes a deal could get the necessary antitrust and other regulatory approvals, leaving the door open for further negotiations, reports Mint.

Ruchi Soya barred from markets

Markets regulator Sebi has banned Ruchi Soya Industries and National Steel and Agro Industries from the commodities and stock markets for their role in manipulating futures trading in castor seeds on NCDEX in January this year, reports The Times of India.

Axis Bank incorporates subsidiary to operate TReDs

Private sector lender Axis Bank today said it has incorporated a subsidiary A.Treds Ltd to operate a Trade Receivables Discounting System (TReDS), which will help in improving flow of funds to SMEs. Read more.

Sebi might conduct forensic audit of Ricoh India accounts

Ricoh India, a subsidiary of Japanese multinational imaging and electronics major Ricoh Co, is under the scanner of the Securities and Exchange Board of India (Sebi) for the alleged inconsistencies in financial transactions recorded in the company’s book of accounts, reports Business Standard.

Tech Mahindra latest to drop plan for payments bank

Tech Mahindra is the third entity to drop plans for a payments bank after Cholamandalam Investment and the trio of Dilip Shanghvi, IDFC Bank and Telenor Financial Services. The company realised that intense competition would only erode already thin margins, said C.P. Gurnani, managing director and chief executive officer, Tech Mahindra. Read more

Cipla Q4 disappoints, profit falls 69% to 80.87 crore

Cipla, India’s fifth-largest drugmaker by sales, reported a fall of 69% in its quarterly earnings, far short of analysts’ forecasts. Net profit for the January-March quarter was 80.87 crore, compared with 260 crore a year earlier. A company statement did not provide a reason for the fall in profit, but said domestic sales for the quarter had risen about 16% in the quarter and contributed 40% to overall sales.

VRL Logistics promoter clarifies regional airline will be a personal venture

The promoter of transportation company VRL Logistics clarified that he will use his own money—not his company’s—to start a regional airline after VRL shares crashed. In a note to stock exchanges, promoter Vijay Sankeshwar said that his preliminary estimates suggest a total investment of around 1,400 crore over the next three-four years in the airline business, of which his equity will be 400 crore and the remaining 1,000 crore will be debt, reports Mint.

Tata Motors opens new GDC facility in Pune

Tata Motors on Tuesday inaugurated its Global Delivery Centre (GDC)’s new facility in Pune, a move aimed at streamlining the business processes and achieving cost optimisation goals.

Earnings corner

Abbott India Ltd, Apollo Hospitals Enterprise Ltd, Ashok Leyland Ltd, Bajaj Auto Ltd, Cummins India Ltd, GAIL (India) Ltd, GlaxoSmithKline Pharmaceuticals Ltd, Larsen and Toubro Ltd (L&T), Tata Steel Ltd are among the companies which will announce their March quarter earnings today.

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