Mumbai: Asian markets are trading higher. Stocks gained after US markets rebounded on positive economic data. S&P 500 rose 0.78% to 1,998 after a report said sales of new single-family homes surged to their highest level in more than six years in August.

Shares of metal, power and coal companies may be under stress. The Supreme Court scrapped the allocation of all but four of the 218 coal blocks awarded between 1993 and 2010. Read more.

State-run lender IDBI Bank Ltd has close to 2,000 crore loan exposure to companies affected by the Supreme Court order scrapping coal blocks, reports Reuters. However, all loans are not expected to run into trouble.

Shares of gas producing firms-Oil and Natural Gas Corp. Ltd (ONGC), Oil India Ltd and Reliance Industries Ltd (RIL)-may also come under focus. The government further postponed the new gas-pricing formula till 15 November. The decision, though, will bring some relief to fertilizer and gas-based electricity companies.

To finance the purchase of telecom equipment, RIL plans to raise $800 million from Korea Exim bank, reports The Economic Times. The company is planning to launch telecom services next year.

Infosys Ltd is planning to double investment in its core banking product, Finacle, reports The Economic Times. Until last year, the company was considering divesting the product, the report says.

The board of State Bank of Indiaapproved a 10-for-1 stock split. The bank will exchange 10 shares for each that is held and will also arrange to mirror the reduction in face value of the equity shares in its existing global depository receipts.

Reliance Power Ltd called off its discussions with Jaiprakash Power Ventures Ltd to buy three hydropower projects citing regulatory uncertainties. The sale of the hydropower assets is key to Jaiprakash Associates Ltd’s efforts to pare debt. According to The Economic Times, JSW Energy Ltd may revive talks to acquire Jaypee group’s hydro power assets.

Hindustan Construction Co. Ltd received orders worth 208 crore. The orders include a contract from the Brihan Mumbai Municipal Corporation for laying a pipeline. Read more.

Lastly, as production outpaces demand growth in China, Australia’s state commodity forecaster cut its iron ore price estimates for this year and 2015, reports Bloomberg. The news will bring some comfort to domestic metal producers as they can tap imports for raw materials, if need arises.

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