Mumbai: Asian markets were trading mixed over concerns about the delay of a much-heralded scheme for investors in Hong Kong and mainland China to trade shares on each other’s exchanges, reports Financial Times. Hong Kong’s Hang Seng declined 1.2%, while China’s Shanghai Composite was down 0.6%. Japan’s Nikkei Stock Average was up 0.5%.
Financial jitters continue in the euro zone as around 25 euro zone banks flunked financial-health exams designed to measure their ability to withstand another economic crisis, falling short of minimum levels of capital by a total of $31.17 billion, according to European Central Bank (ECB) report.
US markets closed higher on Friday helped by healthy earnings of Microsoft Corp. and Procter and Gamble Co. and as concerns eased over the possible spread of Ebola. The Dow Jones Industrial Average gained 0.8%, S&P 500 and the Nasdaq Composite closed up around 0.7% each.
In India, the government is likely to decide on pooling of imported and domestic fuel prices to help stressed power stations with combined capacity of 91,000 megawatts of electricity generation which is badly needed to revive the economy, reports Economic Times.
Tata Motors Ltd shares will be in limelight as it has raised a total of $750 million by selling bonds to investors in Asia and Europe. The proceeds from the issuance will be used to refinance external commercial borrowing (ECB) and incur new additional capital expenditure, besides general corporate purposes.
After almost a year of subdued revenue growth, consumer companies are expected to see a pickup in the September quarter, led by an improved offtake in urban markets and a fall in inflation. A Mint survey of six brokerages estimates profit growth of 10.2-17.9% and sales growth of 12.2-17.6% in the three months ending September.
Defence equipment makers such as BEML Ltd, Bharat Electronics Ltd, Pipavav Defence and Offshoring Engineering Co. Ltd will be in the focus after the government cleared projects worth ₹ 80,000 crore in the defence sector over the weekend. Read more.
Ranbaxy Laboratories Ltd shares will be under pressure as it may lose a six-month exclusivity period for the generic version of Nexium, a drug which treats heartburn, if it fails to get regulatory clearance for the US market by the end of November, reports Business Standard.
Hindustan Uniliver Ltd, Texmaco Rail and Engineering Ltd and Indiabulls Housing Finance Ltd shares will be in focus as they are set to announce their September quarter earnings.
Lastly, Manohar Lal Khattar, a low-profile organization man with an active RSS (Rashtriya Swayamsevak Sangh) background was sworn in as the chief minister of Haryana, where the Bharatiya Janata Party (BJP) formed the government for the first time on its own. On Tuesday, newly elected BJP MLAs are likely to choose 44-year-old management graduate Devendra Fadnavis as the next chief minister of Maharashtra.