Photo: Hemant Mishra/Mint
Photo: Hemant Mishra/Mint

Opening Bell | Tata Steel, Axis Bank, LIC in focus

Wall Street indices closed higher as energy stocks jumped on the back of a rise in crude oil prices and gains in the healthcare sector

Asian markets rise in morning trades

Asian markets climbed, while the dollar extended losses, after the US Federal Reserve meeting minutes reaffirmed that US policymakers aren’t in a rush to raise interest rates and as the recovery in crude oil prices solidified. Japan’s Nikkei Stock Average was up 0.5%, Hong Kong’s Hang Seng advanced 0.4% and China’s Shanghai Composite was off 0.2%, read more.

US markets post solid gains

Overnight, Wall Street indices closed higher as energy stocks jumped on the back of a rise in crude oil prices and gains in the healthcare sector. The Dow Jones Industrial Average gained 0.6%, S&P500 and Nasdaq Composite were up over 1% each. Fed minutes showed that officials appeared reluctant to lift interest rates at their next meeting at the end of this month.

Some states can borrow more from the market

In India, states committing to greater fiscal discipline have been accorded more freedom to borrow from the markets and prioritize their development spending. The Union cabinet has allowed conforming states to relax the existing cap on fiscal deficit of 3% of gross state domestic product by half a percentage point, formally signing off on the recommendations of the 14th Finance Commission.

Tata Steel to commence sale of UK assets on Monday

Tata Steel Ltd shares will be in focus as Tata group has decided to pursue its decision to sell steel assets in the UK and will launch a formal sale process for the same by Monday. This is after Britain’s business secretary Sajid Javid had a constructive and positive meeting with Tata group chairman Cyrus Mistry on Wednesday, read more.

Axis Bank takes over Jaypee Infratech headquarters in Noida

Jaypee Infratech Ltd shares will be in limelight as Axis Bank Ltd has taken possession of the debt-laden company’s headquarters in Noida. The bank has decided to take ownership of the asset in lieu of 700 crore owed by the company.

Tata Motors Tiago to compete in small car segment

Tata Motors Ltd, with the introduction of Tiago hatchback, its first new small car since the Nano, is taking the battle to Maruti Suzuki’s Celerio and Wagon R and Hyundai’s i10 and i10 Grand, a market of 40,000 to 45,000 units a month, reports Economic Times.

Deposit growth hits five-decade low

Indian banks are facing a peculiar problem—deposit growth is at a five-decade low, and loan growth is beginning to get better after five years of fall—which is probably limiting the fall in borrowing costs as banks may be forced to increase deposit rates if demand for loans expand. Deposit growth fell to 9.9% in the last reporting Friday of FY16, while advances grew 11.3%, read more.

LIC to invest 2.7 trillion in capital market

State-run Life Insurance Corp. of India is likely to invest close to 2.7 trillion in the capital markets during the year to March 2017. Of this, about 68,000 crore is likely to be invested in the equity markets in keeping with insurer’s investment pattern, read more.

Are Infosys founders not happy with Vishal Sikka?

Lastly, the promoters (and co-founders) of Infosys Ltd do not seem overly happy with the decision of the company’s board to grant an extension till 2021 to chief executive Vishal Sikka as only 23.57% of promoter votes were cast in favour of a resolution reappointing Sikka as the managing director and CEO, reports Mint.

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