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Home >Market >Stock-market-news >Opening Bell 1 Feb | Jet Airways in limelight on Etihad deal

Mumbai: Asian markets are trading mixed. While Japanese shares are holding up in the green, equities in South Korea fell on slower than expected expansion in China’s manufacturing activity. South Korea’s Kospi at 1,952 is down 0.54%.

Overnight, US markets closed weak. The S&P 500 lost 0.26% to 1,498 on selling in United Parcel Service Inc. and Dow Chemical Co. Read the Bloomberg report.

Back home, a Reserve Bank of India panel proposed that banks make provisions to cover 5% of their restructured loans from 1 April instead of the current 2.75%, reported Mint. The recommendations, if implemented, could significantly impact earnings of the banks.

The proposed deal between Jet Airways (India) Ltd and Etihad is nearing completion. Officials from Jet Airways’s and Etihad Airways will meet finance minister P. Chidambaram on Friday to seek the finance ministry’s views on the proposed stake sale. Read more.

Pipavav Defence and Offshore Engineering Ltd is offering to sell 26% stake in the company, reported Business Standard. According to the report, the promoters are seeking valuation of 120 per share. The stock closed at 87.85 on Thursday.

United Spirits Ltd may continue to trade volatile. The proposed deal with Diageo has hit regulatory hurdles. According to the Business Standard, Sebi wants Diageo to raise the open offer price and make changes to the share purchase agreement.

ONGC Videsh, a unit of ONGC Ltd, has received cabinet approval to acquire minority stakes of Hess Corporation in oil fields and a pipeline in Azerbaijan for $1 billion. The acquisition will bring 9% additional proven reserves to ONGC Videsh’s portfolio.

Shares of Oil India Ltd could witness some action. The base price for the proposed share sale has been fixed at 510 or 5.6% discount to the market price. The shares closed at 540 on Thursday.

Dunlop India Ltd may continue to trade with negative momentum. The Calcutta high court passed a verdict ordering winding up of the company, reported Mint. The court asked the official liquidator to immediately take possession of the company’s assets.

3I Infotech Ltd, Adani Enterprises Ltd, Aditya Birla Money Ltd, Bharti Airtel Ltd, Bharat Heavy Electricals Ltd, Corporation Bank Ltd, IDFC Ltd, Marico Ltd, MCX Ltd, Jet Airways Ltd and TVS Motor Co. Ltd are some of the notable companies that will release their earnings for December quarter on Friday.

Finally, China’s surplus labour may disappear by 2025, International Monetary Fund (IMF) economists said in a working paper. According to IMF a sharp drop in the working-age population will push China towards the turning point, necessitating a shift in the growth model. Read the Bloomberg report.

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