Home >News >India >Markets may be weak, global shares shaky; HDFC Bank, ITC, Coal India in focus
Among companies which will report March quarter earnings today are Petronet LNG, MRF, GMR Infra, Central Bank of India, Fortis Healthcare and AstraZeneca Pharma.
Among companies which will report March quarter earnings today are Petronet LNG, MRF, GMR Infra, Central Bank of India, Fortis Healthcare and AstraZeneca Pharma.

Markets may be weak, global shares shaky; HDFC Bank, ITC, Coal India in focus

  • Asian shares got off to a shaky start as the relentless spread of the coronavirus made investors question their optimism
  • Brent crude futures fell 62 cents to $40.40 a barrel, while U.S. crude lost 60 cents to $37.89

MUMBAI: ndian markets are likely to be weak on Monday following global cues. Trends in SGX Nifty this morning also indicate a negative opening of benchmark indices. The BSE Sensex ended at 35,171.27, up 329.17 points or 0.94%. The Nifty closed at 10383, up 94.10 points or 0.91%.

Asian share markets got off to a shaky start on Monday as the relentless spread of the coronavirus finally made investors question their optimism on the global economy, benefiting safe harbour bonds and the US dollar.

MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.2% and further away from a four-month top hit last week. Japan's Nikkei shed 1.5% and South Korean stocks 1.4%.

Wall Street had faltered on Friday as some US States reconsidered their reopening plans. The global death toll from covid-19 reached half a million people on Sunday, according to a Reuters tally.

Private sector lender HDFC Bank plans to raise Rs10,000 crore-Rs13,000 crore via share sales in India and issuance of American Depository Receipts (ADRs) in the third quarter of 2020-21, joining a growing list of Indian banks looking to shore up capital, according to a Mint report.

Global private equity major the Carlyle Group will acquire 20% stake in Ajay Piramal-owned Piramal Group’s pharmaceutical business for Rs3,700 crore.

Axis Bank on Saturday clarified that S&P Global ratings inadvertently mentioned the bank being on credit watch. In a notification to the stock exchanges, the private sector lender said that S&P confirmed that it was an editorial error and the bank is on stable outlook.

IDBI Bank on Saturday said it will sell part of its stake in IDBI Federal Life Insurance to Belgian multinational insurance company Ageas Insurance and Federal Bank. Ageas will acquire 23% stake, while Federal Bank will buy 4%, the lender said in a disclosure to the stock exchanges.

ITC Ltd on Friday reported 9.28% rise in its consolidated net profit to Rs3,926.46 crore for the fourth quarter ended March 31. Its revenue from operations was down 4.9% to Rs12,560.64 crore during the quarter under review as against Rs13,212.19 crore in the corresponding period previous fiscal.

State-owned Coal India on Friday posted a 23.2% decline in consolidated profit to Rs4,625.16 crore for the quarter ended March, on the back of lower sales and higher expenses.

Among companies which will report March quarter earnings today are Petronet LNG, MRF, GMR Infra, Central Bank of India, Fortis Healthcare and AstraZeneca Pharma.

The US dollar rose to 97.461 against a basket of currencies from a trough of 95.714 earlier in the month. In commodity markets, gold held near its highest since early 2012 at $1,771 an ounce. Oil prices slipped amid concerns the pandemic would slow the reopening of some economies and thus hurt demand for fuel.

Brent crude futures fell 62 cents to $40.40 a barrel, while U.S. crude lost 60 cents to $37.89.

(Reuters contributed to the story)

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