Opening Bell | Asian markets open lower; Lupin, M&M in news

Business

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

US markets end higher; Asia opens lower

US stocks ended slightly higher Tuesday, with the Nasdaq posting a fresh record close, as investors kept an eye on falling oil prices. The Dow Jones industrial average rose 0.02%, to close at 18,533.05 points. The S&P 500 gained 0.04%, to end at 2,181.74. The Nasdaq closed 0.24% higher.

Japanese shares led losses across a mostly lower open in Asia on Wednesday, with sentiment likely to be driven by movement in oil prices and in anticipation of Chinese data due later this week. Japan’s Nikkei 225 was down 0.48%, while the Topix was down 0.59%.

Raghuram Rajan maintains form, holds interest rates in final innings

Reserve Bank of India Governor Raghuram Rajan leftinterest rates unchanged as expected in his last monetary policy review, while sounding a warning about lurking inflationary pressures.

No immediate plans for Tata Technologies IPO: Cyrus Mistry

Tata Motors has no immediate plans to list Tata Technologies Ltd, its engineering services company, even as India’s largest auto maker by revenue battles competitive pressures in commercial vehicle market of India and China, reports Mint .

AB Group gears up for a mega rejig

Aditya Birla Group is gearing up for a rejig and is realigning its business verticals such as Grasim, AB Nuvo and AB Money. The aim is to focus on core assets, while diversifying and expanding into growth sectors. Over the next 2-3 weeks, executives of the group are likely to discuss and decide on the future course of action.

Apollo Tyres net profit increases by 11% in June quarter

Gurgaon-based Apollo Tyres said consolidated net profit rose 10.6% to Rs314.7 crore in the quarter to June. The company had posted a net profit of Rs.284.4 in the year-ago quarter. Net sales grew 15.9% year-on-year to Rs.3,284.7 crore.

Lupin posts record net profit of Rs.882 crore in Q1 FY17

Lupin Ltd, India’s third largest drug maker, reported a 55% growth in consolidated net profit for the quarter ended 30 June, beating analyst estimates on the back of improved US sales. Net profit rose to Rs.882 crore in the April-June period from Rs.568.6 crore a year ago. Read more

IL&FS Engineering plans to raise up to Rs.500 crore

IL&FS Engineering and Construction Co. is looking to raise up to Rs.500 crore at a board meeting likely to be held this week. The meeting is scheduled for 11 August.

JK Tyre posts profit of Rs.100 crore In Q1

JK Tyre & Industries reported a consolidated net profit ofRs.100.26 crore for the fiscal first quarter that ended on 30 June. Net sales during the period under review stood atRs.1,703.86 crore, as against Rs.1,749.11 crore in the year-ago period. Read more .

Crisil reaffirms AA- for Inox Wind’s long term bank facilities

Wind energy solution provider Inox Wind said CRISIL has reaffirmed its AA- rating for the company’s long-term bank facilities, which reflect instruments with high degree of safety. Additionally, the A1+ rating on the company’s short-term bank loan facilities has also been reaffirmed.

Earnings Corner

Balaji Teleflims, Chambal Fertilizers, Indian Hotels, J&K Bank, Liberty Shoes, Mahindra and Mahindra (M&M), Thermax and Suven Life Sciences are among the companies that will be announcing their June quarter earnings today.
[Source:Live Mint]

Written by Saheli