Opening bell: Asian markets open lower; Bajaj Auto, Hindalco earnings in focus
US stocks end lower; Asian markets open on a weak note
US equities pulled back on Thursday as investors worried about rising interest rates.
Asian shares came under pressure early on Friday after the Wall Street closed mixed and yields on US government debt rose in the last session.
Budget 2018: Key highlights of Arun Jaitley’s budget speech
Budget reduces tax rate to 25% for companies that have a reported turnover of up to Rs250 crore. This will benefit the entire MSME sector, which accounts for 99% of the companies filing their tax returns. Revenue foregone is Rs7,000 crore. Read more
Govt brings back LTCG tax on equity, mutual fund investments
The long-term capital gains tax, or LTCG tax, is back. Presenting the Union Budget 208, finance minister Arun Jaitley said LTCG from sale of equity shares and equity mutual fund schemes will now be taxed at 10%, if your total capital gains in a year cross Rs1 lakh. Below Rs1 lakh, gains won’t be taxed.
India January factory PMI cools to 3-month low on weaker demand
Indian factory growth cooled to a three-month low in January as weaker domestic demand dragged on output despite firms keeping price increases to a minimum, a business survey showed on Thursday.
Titan Q3 net profit rises 21.26% to Rs281.61 crore
Watches and accessories maker Titan Co. Ltd reported a 21.26% jump in net profit to Rs281.61 crore for the fiscal third quarter as all three key business segments were buoyed by festive season sales.
Auto sales in January grow on low base effect, recovery in rural markets
Vehicle sales rose in January from a year earlier, boosted by a low base in the year-ago period because of the impact of the government’s decision to withdraw high-value banknotes in November 2016.
Quess Corp acquires Monster’s business and Care business of HCL Services
Quess Corp., an integrated business services provider, has signed definitive agreements to buy MonsterIndia and its business in South East Asia and the Middle East from Monster Worldwide Inc. and the Care Business of HCL Services from HCL Infosystems.
Bajaj Auto, Dalmia Sugar, Godrej Properties, Glaxo SmithKline, Hindalco and UBL are among companies that will be announcing their December quarter earnings on Friday.