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Opening Bell 20 May | Markets eye Narendra Modi cabinet for cues to policy direction

LiveMint logoLiveMint 20-05-2014 R. Sree Ram

Mumbai: The clear mandate for Narendra Modi is pushing Indian equity markets to record highs. With talks of government formation gathering pace, expect market participants to closely track the news flow on likely members in the Modi cabinet.

Asian markets are trading mixed. While information technology stocks are tracking the overnight gains in US markets, industrial shares are seeing some selling pressure. Read the Bloomberg report.

US markets closed in the green with S&P 500 gaining 0.38% to 1,885 as Internet and small-cap shares rebounded from losses last week. Read more.

The southwest monsoon has set in over most parts of the Andaman Sea and some parts of southeastern Bay of Bengal on Sunday—two days prior to its expected date, reports Mint. Conditions are favourable for the advance of the monsoon.

Coal India Ltd (CIL) chairman and managing director S. Narsing Rao is rumoured to be quitting his post to work in the new state of Telangana, reports Business Standard. According to the report, he may head for the chief minister’s office as principal secretary.

Wipro Ltd has signed a multi-year, $400-million deal with Japan’s Takeda Pharmaceutical Co. Ltd, reports Mint. The deal will help Wipro’s health care business reach its target to touch $1 billion in revenue quicker than expected.

The Competition Appellate Tribunal upheld an order by the Competition Commission of India that had imposed an `630 crore penalty on DLF Ltd on charges of abusing its dominant position. DLF will challenge the order in Supreme Court.

Tata Global Beverages Ltd acquired Australia’s Bronski Eleven Pty Ltd. Bronski Eleven has a presence in roasted and ground coffee and coffee in Pods (single service portions) segments in Australia. Read more.

United Breweries Ltd (UBL) plans to launch Heineken beer in cans and expand the distribution of the brew to Andhra Pradesh and Punjab, reports Mint. Heineken is the highest-priced as well as the fastest growing beer in UBL’s portfolio.

Vodacom SA has agreed to buy Neotel Ltd, in which Tata Communications Ltd owns a 67% stake, for 7 billion rand ($676 million). The deal will help Tata Communications pare its debt of `11,976 crore as on 31 March. Read more.

SpiceJet Ltd has decided to trim its workforce and cut costs to stay in business, reports Mint. The airline asked each department to prepare a cost cutting plan.

United Bank of India, which is facing a crisis following a increase in bad loans, plans to raise `1,300 crore by selling shares to ramp up its capital base, reports Mint. The bank will seek shareholders’ approval for the proposal at its annual general meeting.

Several companies released their March quarter earnings after the market hours. Reliance Infrastructure Ltd posted a 14% fall in fourth quarter profit.

Future Lifestyle Fashions Ltd, a unit of the Future Group, reported a fourth-quarter loss of `187 crore because of a one-time depreciation cost, reports Mint. Its operational profit stood at `68 crore. This is the first year of operations of Future Lifestyle and, hence, there are no comparative figures.

Aditya Birla Nuvo Ltd, AIA Engineering Ltd, Credit Analysis and Research Ltd, Mangalore Refinery and Petrochemicals Ltd, Punj Lloyd Ltd and VIP Industries Ltd are some of the companies that will release their March quarter earnings on Tuesday.

Lastly, stock exchanges are making more money than the companies listed on them, reports Business Standard. According to the report, the National Stock Exchange made more money than nine of 10 companies listed on it. Similarly is the case for the BSE.

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