Photo: Reuters
Photo: Reuters

News round-up | Infosys results today, good monsoon may spur GDP growth

Infosys is going to kickstart the earnings season by announcing the March quarter results

Asian markets trade higher

Asian equities snapped their longest rally in a year on Friday morning as Japanese stocks retreated following the country’s strongest earthquake in five years. Japan’s Nikkei Stock Average was down 0.3%, Hong Kong’s Hang Seng was trading flat and China’s Shanghai Composite was trading lower by 0.3%. The MSCI Asia Pacific Index fell for the first time in eight days.

China’s growth slowed to 6.7% in March quarter

China’s economic growth slowed to 6.7% in the first quarter of 2016, comfortably within the government’s targeted range, as housing and infrastructure cushioned a slowdown from financial services, read more.

Wall Street indices end higher

Overnight, US stocks closed narrowly mixed on Thursday, with financials rising for a fifth straight day after some major bank earnings. The Dow Jones Industrial Average was up 0.1%, S&P 500 closed flat and Nasdaq Composite ended in the red.

Infosys may beat TCS in Q4

Indian markets are shut on Friday on account of Ram Navmi. Infosys is going to kickstart the earnings season by announcing the March quarter results. Analysts expect sequential revenue growth of at least 2% higher than TCS, which is estimated to clock a growth of 1.7%, read more.

DLF, Bharti & Phoenix in fray to build India’s first airport mall

DLF Ltd, Bharti Land Ltd, The Phoenix Mills Ltd, K. Raheja Corp. and Xander Group Inc. are in the race to build India’s first airport mall at the Indira Gandhi International Airport in Delhi. The mall could cost around 600 crore to develop, and get the operator of the airport, Delhi International Airport Pvt. Ltd (owned by a consortium led by GMR Infrastructure Ltd) 200-250 crore in one-time payment and 30 crore a year.

GDP growth to be higher following a good monsoon

Finance minister Arun Jaitley said that India’s economy could grow at a higher pace in the current fiscal as compared to previous years, led by growth in agriculture following a good monsoon. Agriculture had been one of the main gaps in the economy for the past two years due to drought, added Jaitley.

Disappearing food stocks to hurt banks earnings

Banks may see more losses as new scandal in the form of disappearing food stocks in Punjab godowns threatens to burn a 12,000 crore hole in their books and embarrass the Parkash Singh Badal administration, reports Economic Times. RBI has ordered all banks with exposure to the Punjab government’s food borrowing programme to provide for potential losses.

Maruti to start paying royalty to parent in rupees

Maruti Suzuki India Ltd will start paying royalty to its Japanese parent in rupees instead of yen on the new models starting this financial year, reducing the impact of cross-currency volatility. The Vitara Brezza, Maruti Suzuki’s first compact sports utility vehicle, which was launched on 9 March, is the first model for which the firm will pay royalty, read more.

Some relief for telecom sector

There is some reprieve for telecom companies as the government has clarified that they won’t have to pay service tax on payments for spectrum purchased before 1 April, even if these are being made in instalments. The government has also allowed telcos to claim credit for taxes in three years instead of the entire life-cycle of the spectrum but has stayed firm on the levy on future auctions, reports Economic Times.

Nestle’s India unit bouncing back faster than expected

Lastly, Nestle SA global CEO Paul Bulcke said that India unit is bouncing back more quickly than expected after the Maggi ban setback last year which led to the company’s product going off the shelves for five months, read more.

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