You are using an older browser version. Please use a supported version for the best MSN experience.

Opening Bell 21 May | Global equities lower on risk aversion

LiveMint logoLiveMint 21-05-2014 R. Sree Ram

Mumbai: Asian equities are tracking losses in US markets. Japan’s Nikkei lost 0.41% on selling in raw material suppliers. Investors are waiting for the Bank of Japan’s decision on monetary policy. US markets closed lower. S&P 500 lost 0.65% to 1,872 on broad-based selling. Read the Reuters report.

Back home, despite rising heat, demand for air conditioners remains sluggish, reports The Hindu Business Line. According to the report, demand for residential, commercial air-conditioners, was down in the range of 10-20% in January-April.

Reliance Industries Ltd (RIL) owned Reliance Jio Infocomm has begun rolling out mobile network and WiFi hotspot services on a pilot basis, reports The Economic Times. According to the report, the company’s hotspot services are already being used in cities like Ahmedabad, Baroda and Surat.

The US Securities and Exchange Commission launched a private investigation against Wipro Ltd to ascertain the independence of its auditor, reports The Times of India. The investigation is reportedly part of an enquiry that has been going on since 2010.

The US Food and Drug Administration said Sun Pharmaceutical Industries Ltd has not taken sufficient corrective action at its drugs factory in Gujarat to comply with quality manufacturing rules, reports Mint. The FDA in March banned imports from the Karkhadi plant near Vadodara after observing violations in quality norms.

The income-tax department is looking into the possibility of tax evasion by the Adani Group, reports Business Standard. This will add to the woes of the group which had received a notice from the Directorate of Revenue Intelligence for alleged over-valuation of imported machinery, the report adds.

SpiceJet Ltd is in advanced negotiations with an overseas investor for a possible infusion of capital to help fund its expansion plans and pare debt, reports Mint. An equity infusion is critical for SpiceJet as losses mount.

SKS Microfinance Ltd has decided to raise `400 crore through the qualified institutional placement route from institutional investors. The company has set a floor price of `235 per equity share. The stock closed at `257 on Tuesday.

Cairn India Ltd is unlikely get more than five years of extension for its Barmer block, reports Business Standard. According to the report, a shorter extension is seen casting a shadow on the investment plans of the company.

ONGC Videsh Ltd, a unit of Oil and Natural Gas Corp. Ltd, reported an all-time high net profit of `4,445 crore for 2013-14. That’s 13% higher than the profit it recorded in 2012-13.

Several companies released March quarter results after market hours. Essar Oil Ltd reported a five times increase in net profit from a year earlier. The company benefited from a one-time foreign exchange gain and healthy refining margins.

Punj Lloyd Ltd has posted a consolidated loss of `382 crore on low income and deferment of company’s claims on some overseas projects. It reported a profit in the year ago period.

VIP Industries Ltd, on the other hand, reported a three-fold rise in consolidated profit on exceptional income. Net sales increased 21%. Read more.

Lastly, JK Paper Ltd, NIIT Technologies Ltd, PI Industries Ltd, Texmaco Rail and Engineering Ltd, UCO Bank Ltd and Zee Entertainment Enterprises Ltd are some of the companies that will release their March quarter earnings on Wednesday.

More From LiveMint

image beaconimage beaconimage beacon