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A file photo of BSE building in Mumbai. Photo: Mint
A file photo of BSE building in Mumbai. Photo: Mint

Opening Bell: Adani, PVR, ONGC, Vedanta in focus

Asian markets were trading mixed as it reacted to MSCI postponing its decision of including Chinese stocks in its indices

Asian markets mixed

Asian markets were trading mixed with Shanghai Composite down 1% as it reacted to MSCI postponing its decision of including Chinese stocks in its indices. There was disappointment over the delay as HSBC had forecast that global funds would buy around $50 billion worth of Shanghai and Shenzhen stocks, once they were included in MSCI. Hong Kong’s Hang Seng gained 0.3%, while Japan’s Nikkei Stock Average was down 0.2%.

US stocks end flat

US stocks ended Tuesday’s choppy session virtually unchanged, after the main indices gave up earlier modest gains. Weakness in stocks was triggered by rising interest rates as well as expectations that the Federal Reserve will hike rates sooner rather than later in the light of upbeat economic data, reports MarketWatch. Nasdaq Composite, Dow Jones Industrial Average and S&P 500 closed flat.

Adani Group to raise $1.5 billion via dollar bond issue

In India, Adani Ports and SEZ Ltd shares will be in focus as Adani Group is looking to raise $1-1.5 billion from investors through its maiden dollar bond issue, reports The Economic Times. The dollar funding will be used to swap high cost rupee borrowings for capital expenditure.

PVR agrees to buy DT Cinemas

PVR Ltd has agreed to buy cinema exhibition business of DLF Utilities Ltd which operates under the brand name DT Cinemas for Rs500 crore. PVR will be able to expand its footprint in the north and the deal will help DLF bring down its debt burden.

Investors jittery over Cairn-Vedanta merger

Cairn India Ltd shares may continue to remain under pressure as shareholders stand to lose in the event of a reverse merger between the company and its holding firm Vedanta Ltd, according to analysts. The deal, while not confirmed, would take the shape of a reverse merger if it happens, said parent company Vedanta Resources Plc in a statement to the London Stock Exchange on Tuesday, read more.

L&T forms new unit to cater to smart cities

Larsen and Toubro Ltd has formed a new unit to cater to smart cities, security solutions and communication projects, driven by the government’s push in these areas, reports The Economic Times. The new unit is called Smart World and Communication and the business is expected to grow to $1 billion in three to four years.

Piramal Realty to buy plot from DB Group worth over Rs1,000 crore

Shares of DB Realty Ltd will be in focus as Piramal Realty is in advanced talks with DB Group to acquire a prime sea-facing, 2.2 acre plot of land at Marine Lines in south Mumbai for over Rs1,000 crore, reports The Economic Times.

Bankers welcome RBI’s new rules against defaulters

Bankers said Reserve Bank of India’s new rules against wilful defaulters may provide banks a better chance of recovering debt. Debt-laden companies will be more cooperative with lenders and will be willing to sell assets to pare debt. On Tuesday RBI announced new rules whereby lenders will be allowed to convert loans into equity and take a controlling stake in a stressed company.

ONGC loan to overseas arm to be converted into equity

ONGC Ltd shares will be in limelight as the government is planning to convert into equity a Rs5,000 crore loan extended by state-run ONGC Ltd to its overseas investment arm ONGC Videsh (OVL) to improve the unit’s finances ahead of a possible public offering, read more.

Biggest labour overhaul on the anvil

Lastly, the labour ministry was drafting a bill for the upcoming parliamentary session that proposes to loosen strict hire-and-fire rules and make it tougher for workers to form unions, read more.

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