Opening bell: Asian markets open mixed; Wipro, ITC, sugar stocks in focus
In other news, spending under the flagship MGNREGS could touch a record Rs58,000 crore in 2016-17
Asian markets little changed in opening trade
US markets closed mixed. S&P 500 at 2,296 is slightly down 0.07% on losses in shares of consumer staples and healthcare companies. Asian markets outside Japan are little changed in the morning trade.
MGNREGS to see record spending
Spending under the flagship Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) could touch a record Rs58,000 crore in 2016-17. Even after accounting for spillover of dues from last year, it is still among the highest outlays under the programme since its inception in 2006, reports Mint.
Sugar production to be 15% lower during 2016-17
Sugar production in India will be 15% lower during the 2016-17 season compared with the previous year due to a drought in Karnataka and Maharashtra which is forcing mills to close crushing early, reports Mint.
Airlines seen posting lower Q3 profit on demonetisation woes
Airlines will post lower profits in the December quarter from a year ago as they sold peak season tickets at a discount to counter the demand-dampening effect of demonetisation, reports Mint.
Wipro gives weak outlook for Q4
Wipro Ltd provided a weak outlook for the fourth quarter. It expects between 1% and 2% revenue growth in constant currency terms in the January-March quarter.
Unilever blames India, Brazil for earnings woes
Unilever Plc, the parent of Hindustan Unilever Ltd, said challenging conditions in India and Brazil, two of its largest markets, had crimped its earnings last year, reports Mint.
Sebi may direct Diageo to make new open offer to USL investors
The Securities and Exchange Board of India, or Sebi, may ask Diageo Plc to make a fresh open offer to the minority shareholders of United Spirits Ltd as it examines the settlement agreement between the UK-based liquor maker and Vijay Mallya. Read more.
South Korean firm sues Dr Reddy’s in US court
Seoul-based biotech company Mezzion Pharma filed a suit against Dr Reddy’s Laboratories Ltd in the US court, reports Business Standard. According to the report, Dr Reddy’s is alleged of fraud by hiding deficiencies in the good manufacturing practice regulations.
Colgate Palmolive, ITC earnings today
Colgate Palmolive (India) Ltd, Bharat Electronics Ltd, ITC Ltd, Just Dial Ltd, and Tata Coffee Ltd are some of the companies that will release their earnings for December quarter today.
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