Opening Bell | Asian markets open higher; SBI, Jet Airways in news

A file photo of the BSE building in Mumbai. Photo: Hemant Mishra/Mint

US stocks end higher; Asia follows suit

Stocks closed higher on Thursday, with the three major indices closing at record highs, amid sharp gains in oil prices and strong quarterly results from retailers.

Asia markets advanced in early trade on Friday, following record high finishes in the US. The Japanese market returned to trade after being shut Thursday for a public holiday, and the benchmark Nikkei 225 was up 0.8%. Across the Korean Strait, the Kospi gained 0.34%.

Aditya Birla to merge Nuvo, Grasim

The Aditya Birla Group is merging two of its main companies, Aditya Birla Nuvo Ltd (Nuvo) and Grasim Industries Ltd, both of which also serve as holding companies, in an attempt to create a stronger entity, and unlock shareholder value by spinning off and listing one of Nuvo’s subsidiaries, Aditya Birla Financial Services Ltd, reports Mint .

Irdai issues draft guidelines for mandatory listing of insurance firm

The Insurance Regulatory and Development Authority of India (Irdai) has released a discussion paper on listing of Indian insurance firms . The Irdai proposed that insurance firms having completed eight years of operations in case of general and reinsurance, and 10 years of operations in case of life insurance, can go for mandatory public listing.

MRF first-quarter profit rises

Tyre major MRF Ltd has posted a net profit of Rs.490.93 crore for the quarter ended 30 June against Rs.479.54 crore for the corresponding year-ago period. Total income on a stand-alone basis increased to Rs.3,481.97 crore fromRs.3,477.17 crore. Read more .

Bank of Baroda Q1 profit falls 59.74% to Rs.423 crore

State-owned Bank of Baroda’s net profit for the June quarter fell 59.74% from a year ago due to higher provisions and lower net interest income. Net profit for the quarter wasRs.423.62 crore, compared with Rs.1,052.15 crore a year ago.

Global gold demand up 15% in Q2 2016: World Gold Council

Global gold demand grew by 15% to 1,050 tonnes in the second quarter of 2016, mainly driven by considerable investment demand, World Gold Council (WGC) said in its latest report. Investment demand reached 448 tonnes as investors sought risk diversification and a safe store of value in the face of continued political, economic and social instability, it said. Read more .

Diesel car ban taking heavy toll on auto industry: RC Bhargava

The chairman of India’s largest car maker Maruti Suzuki India Ltd, R.C. Bhargava, has warned that the debate around the future of diesel vehicles, which have borne the brunt of a backlash against air pollution, has dented growth of the Indian auto industry and crimped its job-creation ability.

Airtel completes spectrum deal with Aircel in seven circles

Bharti Airtel said it had successfully concluded the transaction for acquiring rights to use 20 MHz 2300 Band BWA (broadband wireless access) spectrum from Aircel. The deal makes Airtel the second largest holder of 4G spectrum in 2300 MHz band after Reliance Jio Infocomm.

Indiabulls Housing Fin to issue Rs.15,000 crore worth NCDs next week

Indiabulls Housing Finance (IBHFL) will open Rs.15,000 crore non-convertible debentures (NCDs) issue next week. The issue opens on Tuesday and closes on the same day, it said. The NCDs carrying coupon rate of 8.57-8.80% per annum has a tenure of five years.

HDFC Mutual Fund raises stake in Teamlease to 9%

HDFC Mutual Fund has increased shareholding in staffingfirm Teamlease Services by 2.2% to nearly 9% by purchasing shares via the open market. The aggregate holding of HDFC Mutual Fund in Teamlease Services was at 6.79% of the paid-up equity share capital, as on 26 May.

PFC raises Rs.4,335 crore via bond issue on BSE e-book platform

State-run Power Finance Corporation (PFC) has raisedRs.4,335 crore from the issuance of debt securities on the BSE’s newly launched electronic book mechanism platform. There were 15 arrangers in the issue, which was conducted on coupon discovery basis. Read more .

Dilip Buildcon shares make strong debut; surge 15%

Shares of infrastructure firm Dilip Buildcon, which made a strong debut on the bourses on Thursday, settled with a gain of 15% over the issue price of Rs.219. After listing atRs.240, up 9.58% on the BSE, shares of the company finally ended at Rs.251.95, surging 15%. Intra-day, it jumped 16.43% to Rs.255.

Earnings Corner

Bank of India, Central Bank of India, Cipla, Deepak Fertilizers, Dena Bank, Glenmark Pharmaceuticals, Jet Airways, Oriental Bank of Commerce, PTC India and State Bank of India are among the companies that will be announcing their June quarter earnings today.


Post Author: Sristy