Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Market / Stock-market-news/  Opening Bell 31 July | HCL Tech, Maruti Suzuki in focus on results heavy day
BackBack

Opening Bell 31 July | HCL Tech, Maruti Suzuki in focus on results heavy day

Asian stocks gained after the US Federal Reserve said it is in no hurry to raise interest rates

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

Mumbai: Asian markets are trading higher. Stocks gained after the US Federal Reserve said it is in no hurry to raise interest rates.

The Federal Reserve upgraded its assessment of the US economy but also said that it is pressing ahead with its plan to wind down its bond-buying stimulus. The comments helped the US markets close in the green, though the gains are marginal.

The Union cabinet approved proposals to amend three key labour laws, including the Factories Act 1948, reports Mint. The other two proposals relate to the amendment of the Apprentices Act 1961 and the Labour Laws Act, 1988.

With the promised iron ore linkages by state governments not materializing, India could face a shortage of domestic iron ore, the steel secretary Mohan Kumar has cautioned. The secretary urged the government to speed up clearances for captive iron ore mines.

Infosys Ltd’s new chief Vishal Sikka has defended the strategic initiatives introduced by the founders over the past two years, reports Mint. Sikka also said it was too early to talk about the strategic decisions he plans to take.

ITC Ltd is looking to expand its consumer goods business by launching dairy products and beverages, reports Mint. The company has also obtained shareholders’ approval to expand its board by three members from 15.

Bharti Airtel Ltd indicated that it may cut down on discounts to push revenue from voice services, reports PTI. In another report, the company said it will sell more infrastructure in Africa to cut capital expenditure.

Reliance Industries Ltd is open to selling 30% stake in its telecom venture, reports Business Standard. According to the report, the company will consider the stake sale only after the telecom venture acquires sizeable customer base.

NTPC Ltd has sought shareholders’ approval for raising upto 13,000 crore through issue of securities, reports PTI. The proceeds would be used for capital expenditure.

Sun Pharmaceutical Industries Ltd and Ranbaxy Laboratories Ltd may have to let go some of their products to secure regulator’s approval for the proposed merger, reports Business Standard. The competition commission has asked the companies to explain why there should not be an investigation into the proposed deal.

Hindustan Construction Co. Ltd is planning to raise 1,500-2,000 crore to repay debt, reports The Economic Times. According to the report, the management aims to get the company out of corporate debt restructuring cell ahead of schedule.

Inox Leisure Ltd has acquired Satyam Cineplexes Ltd for 182 crore. The acquisition will expand Inox’s presence to 50 cities, with 91 multiplexes and 358 screens. Read more.

Talwalkars Better Value Fitness Ltd may also see some action. A UK based health and fitness group is planning to buy stake in the company, reports The Economic Times. According to the report, the deal may be done at a premium to the market price.

SpiceJet Ltd continues to be news for wrong reasons. A catering firm has sued the airline for dues worth 8-crore. Read more.

It will be a results heavy day. Aban Offshore Ltd, BASF India Ltd, Castrol India Ltd, DLF Ltd, HCL Technologies Ltd, ICICI Bank Ltd, Maruti Suzuki India Ltd, NTPC Ltd, Shoppers Stop Ltd and Tech Mahindra Ltd are some of the companies that will release their earnings for the June quarter on Monday.

Lastly, former US Federal Reserve chairman Alan Greenspan warned that the equity markets will decline at some point, reports Bloomberg. Greenspan said he didn’t think equities are “grossly overpriced." But his comments come amid growing concerns that low interest rates (in the US) are creating asset-price bubbles.

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!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 31 Jul 2014, 07:59 AM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App