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Opening Bell 15 May | Tata Steel, Tech Mahindra in focus on encouraging earnings

LiveMint logoLiveMint 15-05-2014 R. Sree Ram

Mumbai: Asian markets are trading lower with stocks tracking the retreat on Wall Street. Overnight US stocks fell as investors resumed selling in small-cap and Internet shares. S&P 500 at 1,888 is down 0.47%. Read the Bloomberg report.

The Southwest monsoon is likely to reach Kerala on 28 May, three days earlier than its normal onset date of 1 June, according to Skymet Weather Services Pvt. Ltd. Sowing of crops across the country is dependent on the timely onset of the monsoon over Kerala, which marks the beginning of the rainy season. Read more.

The finance ministry has accepted recommendations of a committee that proposed a more liberal regime for Indian companies to access funds from overseas markets through the sale of depository receipts (DRs), reports Mint. The committee had proposed allowing the sale of DRs against any underlying security—equity or debt.

Keep an eye on news broadcasters TV18 Broadcast Ltd, TV Today Network Ltd and New Delhi Television Ltd (NDTV). Broadcasters are pulling out all the stops to attract viewers on Friday, reports Mint. An estimated `150 crore of advertising revenue across news channels is riding on counting day, the report adds.

Tata Steel Ltd released its results after market hours. The company reported a higher-than-expected profit for the March quarter as it benefited from an increase in domestic prices and a rebound in European demand. Read the Mint report.

Tech Mahindra Ltd also released its earnings after market hours. The company reported a strong growth in revenues, driven by its core telecom business.

Bajaj Auto Ltd’s workers union in Chakan, Vishwa Kalyan Kamgar Sangathan (VKKS), has called off a plan to strike work from 15 May. The union on 14 April served a strike notice with a list of demands. Read more.

French drug multinational Sanofi SA has terminated a licensing deal signed with Glenmark Pharmaceuticals Ltd in 2010 for a novel chronic pain management drug candidate, reports Mint. This is the second major blow for Glenmark this year after it lost a patent suit to Abbott Laboratories in the US in March.

Cairn India Ltd expects substantial gas production from its oil-rich Rajasthan block in the next three years, reports The Economic Times. According to the report, the company has floated global tenders for setting up a natural gas pipeline and processing terminal.

Chhattisgarh chief minister Raman Singh has strongly backed the forest clearance for the NMDC Ltd’s Bailadila 13 iron ore deposit in the Dantewada district, reports Mint. In 2012, the Forest Advisory Committee had denied clearance for the mine, saying that the site is a reserved forest area.

Domestic airlines led by SpiceJet Ltd have raised fares for tickets booked upto 14 days before the date of travel by 10%, reports Mint. Other airlines-Jet Airways (India) Ltd, IndiGo, GoAir and Air India Ltd are also adopting the strategy, the report adds.

Adani Ports and Special Economic Zone Ltd, Adani Power Ltd, Apollo Tyres Ltd, Bajaj Auto Ltd, Bank of India Ltd, Deepak Fertilisers and Petrochemicals Corp. Ltd, Mangalore Chemicals and Fertilizers Ltd and NTPC Ltd are some of the notable companies that will release their earnings for March quarter on Thursday.

Lastly, Reliance Industries Ltd’s chairman Mukesh Ambani’s skyscraper residence in Mumbai is the most expensive billionaire home in the world, according to a Forbes list which also includes steel tycoon Lakshmi Mittal’s houses in London. Read more.

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