BackOpening Bell 4 June | Markets begin June on a cautious note
Asian markets trading flat following slower manufacturing activity in China and the US
Premium(Hemant Mishra/Mint )
Mumbai: Global markets opened on a cautious note as investors considered a batch of global manufacturing data for clues about the outlook for growth and central bank policy, reports Financial Times. Gains on Wall Street were crimped after the US Institute for Supply Management’s manufacturing index fell to a four-year low of 49.0 in May from 50.7 in April. The Dow Jones Industrial Average was up 0.9%, the S&P 500 gained 0.6% while Nasdaq Composite was up 0.3%.
Asian markets were trading on a subdued note following slower manufacturing activity in China and the US. Japan’s Nikkei Stock Average was trading flat on back of losses in exporter shares and strengthening yen, reports MarketWatch. Hong Kong’s Hang Seng was up 0.04% and China’s Shanghai Composite was down 0.5%.
In India, e-commerce companies or cash-and-carry chains such as Bharti Walmart Pvt. Ltd may have to restructure their operations after the industry department on Monday issued a new definition of group companies. Bharti Enterprises will have to reduce its stake in Bharti Walmart to below 26% if it wants to source more than 25% of the products for its retail stores, branded Easy Day, from the joint venture, reports Mint.
Reliance Industries Ltd has hiredJohn Kuruvilla to head its early stage investment initiative, GenNext Ventures Llp, in which RIL holds 50% stake. RIL’s investment arm with focus on start-ups, will scout for investment opportunities in new technologies
Ranbaxy Laboratories Ltd shares may be under pressure following reports that European regulator will fine nine makers of generic drugs, including Ranbaxy Laboratories for limiting the supply of cheaper medicines.
Britannia Industries Ltdwill be in focus as it is revamping its go-to-market strategy as part of an overall top management restructuring. Britannia is doing away with category directors and is keeping a marketing director who will spearhead the Health & Wellness and Delight & Lifestyle segments.
Essar Ports Ltd, Omaxe Ltd, and BGR Energy Systems Ltdfailed to garner enough investor response to sell their shares via offer for sale route, failing to meet their minimum public shareholding deadline. Over 50 firms missed which missed their public shareholding deadline may have to pay a penalty.
Idea Cellular Ltd will be in the limelight as it is in discussions with its second-largest shareholder, Axiata of Malaysia, for selling its towers, reports Economic Times. Idea is looking to divest its 9,400 towers to raise funds for capital expenditure.
Lastly, Sahara’s Subrata Roy who is under pressure from the market regulators and has been ordered by the Supreme Court to refund $4.3 billion to bondholders wants a banking licence. Sahara would need approval from the Reserve Bank of India to start a bank.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
