BackOpening bell: Asian markets open mixed; Idea, Axis Bank earnings in focus
In other news, bio-pharmaceutical company Biocon Ltd expects to see its first set of biosimilar products hit the European market by early 2018
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US stocks end lower; Asia opens mixed
US stocks closed mostly flat on Friday amid a strong dollar as the earnings season continued. The Dow Jones industrial average fell 0.09%, the S&P 500 closed 0.01% and the Nasdaq Composite rose 0.3%.
Markets in Asia were trading mixed on Monday morning, as Japanese shares held steady despite data showing the country’s exports fell less than expected in September on the back of a relatively stronger yen. The benchmark Nikkei 225 traded flat at 17,183.45 points.
RBI likely to tighten cyber security norms
The Reserve Bank of India (RBI) has called a meeting on Monday with all stakeholders involved in the largest data breach in India’s banking system. The meeting will be chaired by a deputy governor of the central bank and will be attended by executives from banks and payment network service providers, reports Mint.
Biocon says first set of biosimilars to hit European market by early 2018
Bio-pharmaceutical company Biocon Ltd expects to see its first set of biosimilar products hit the European market by early 2018. The company, in partnership with Mylan NV, is developing four biosimilars—pegfilgrastim, trastuzumab, adalimumab and insulin glargine—for regulated markets such as Europe and the US. Read more.
Malvinder and Shivinder Singh in talks to sell Religare Finvest for Rs6,000 crore
Brothers Malvinder and Shivinder Singh have approached financial and strategic investors to sell Religare Finvest for as much as ₹ 6,000 crore. The non-banking finance company (NBFC) focusses on lending to small and medium-sized enterprises and is the mainstay of the Singhs’ publicly-traded diversified financial services platform Religare Enterprises Ltd (REL), reports The Economic Times.
Wipro projects slower Q3 revenue growth, Q2 profit falls 7.6%
Wipro Ltd reported second-quarter revenue that missed analysts’ estimates although it was in line with the management’s guidance, and provided a weak outlook for the third quarter, indicating that a turnaround for India’s third largest software firm is still some time away.
GST can be paid using debit, credit cards: revenue secretary Adhia
Individuals and entities can pay taxes online using debit or credit cards once the goods and services tax (GST) is rolled out, revenue secretary Hasmukh Adhia said. The government proposes to roll out the new indirect tax regime from 1 April next year. Read more.
L&T plans to raise $500 million via QIP
Engineering and construction conglomerate Larsen and Toubro (L&T) plans to raise as much as $500 million ( ₹ 3,350 crore) by selling shares to institutional investors, joining the league of a group of large companies taking advantage of a liquidity-driven market rally to fund their capital requirements.
Telcos liable for bill payment issues on mobile apps: Trai
Telecom regulator Telecom Regulatory Authority of India (Trai) has held that operators would be liable for any non-compliance to rules by third-party vendors such as websites and apps for issues related to bill payment and recharges. Read more.
ACC’s net profit falls 28.9% to Rs81.97 crore in Q3
Cement maker ACC Ltd said that its consolidated net profit for the September quarter fell 28.9% from a year ago due to lower sales. Net profit for the quarter stood at ₹ 81.97 crore, down from ₹ 115.21 crore a year ago.
HCL Tech Q2 profit jumps 16.7%; C. Vijaykumar promoted to top post
HCL Technologies Ltd, India’s fourth largest information technology (IT) firm, has reported that its net profit rose 16.7% year-on-year to ₹ 2,014 crore in the September quarter, fuelled by strong growth in its infrastructure services business and improved margins.
Simultaneous polls likely in Uttar Pradesh, four other states in February-March
Uttar Pradesh and four other states will likely go to polls simultaneously, most likely in February-March, shortly after the presentation of the Union budget.
Apollo Tyres setting up euro 475 million greenfield plant in Hungary
Apollo Tyres is setting up Europe’s largest greenfield plant in Hungary with an investment of €475 million to produce nearly 62 lakh tyres for passenger cars and heavy commercial vehicles per annum.
Earnings corner
Adani Power, Axis Bank, Idea Cellular and Reliance Capital are among the companies that will announce their September quarter earnings on Monday.
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