Opening bell: Asian markets rise; Godrej Consumer, Hero MotoCorp Q2 results in focus
In other news, State Bank of India (SBI)cuts lending rates by 5 basis points, first time in 10 months
US equities end higher; Asian markets follow suit
US stocks rose slightly on Tuesday, the final trading day of the month, and posted another solid monthly gain.
Stocks in Asia rallied on Wednesday as investors digested regional earnings reports. Markets also awaited the release of China’s Caixin manufacturing Purchasing Managers’ Index after official numbers came in below expectations on Tuesday.
World Bank endorses Modi government’s reform credentials
India’s ranking in the World Bank ease of doing business survey for 2018 climbed a record 30 notches to 100 as a range of regulatory and policy reforms put in place by the Union and state governments over the past four years started delivering results.
GIC, CPPIB may join hands with Bain to buy 10% in Axis Bank
Singapore’s sovereign wealth fund GIC Pte. Ltd and Canada Pension Plan Investment Board (CPPIB) are in talks to co-invest with private equity firm Bain Capital to acquire a 10% stake in Axis Bank Ltd.
Airtel Q2 profit plunges 77% to Rs343 crore
Bharti Airtel Ltd, India’s largest telecom company, said that its net profit for the quarter ended 30 September fell 77% to Rs343 crore from Rs1,461 crore in the year-ago period.
State Bank of India cuts lending rates by 5 basis points, a first in 10 months
State Bank of India (SBI), the country’s top lender by assets, will cut marginal cost-based lending rates (MCLR) across maturities by 5 basis points, effective Wednesday, in what will be its first lending rate cut in 10 months.
Mahindra Logistics IPO subscribed 48% on first day
The initial public offering (IPO) of Mahindra Logistics Ltd was subscribed 48% on the first day of the share sale on Tuesday, data from stock exchanges showed.
India fiscal deficit at 91.3% of full-year target in September
India’s fiscal deficit at the end of the first half of the current fiscal touched 91.3% of the budget estimate, mainly due to rise in expenditure.
IndiGo Q2 profit rises 294% to Rs552 crore on better revenue management
Budget carrier IndiGo’s parent InterGlobe Aviation Ltd reported a 294% increase in its net profit to Rs551.55 crore, helped by better revenue management and credits from manufacturers for aircraft delays and grounding.
Dabur Q2 profit rises 1% to Rs362 crore
Dabur India Ltd reported consolidated net profit of Rs361.93 crore in the quarter ended 30 September as compared with Rs357.27 crore reported in the year-ago quarter. On absolute numbers, its net profit grew just 1.3%.
Apollo Tyres, Godrej Consumer Products, Hero MotoCorp, TVS Motors are among the companies that will be announcing their September quarter earnings on Wednesday.
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