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Opening Bell 23 May | ITC, SBI in focus on results heavy day

LiveMint logoLiveMint 23-05-2014 R. Sree Ram

Mumbai: Global markets are trading firm. Japan’s Nikkei at 14,482 is up 1% in morning trade. Stocks gained on improving signs of recovery in the US, the largest economy. Read more.

Sales of previously-owned US homes rose in April, pointing to recovery in the stalled housing market, reports Reuters. Separately a survey showed manufacturing gathered pace in May as output accelerated.

The positive economic data gave a fillip to investor sentiment and sparked buying in small-cap shares. S&P 500 at 1,892 is up 0.24%. Read the Bloomberg report.

Back home, to help cover losses of state-run fuel retailers, the government has asked the upstream oil companies to provide $11.4 billion subsidy for 2013-14, reports Reuters. The amount is 12% higher than what upstream companies paid in 2012-13.

The National Highways Authority of India (NHAI) is likely to reject requests from four or five firms, including Sadbhav Engineering Ltd and Reliance Infrastructure Ltd for rescheduling the premia due to the government for constructing highways, reports Business Standard. Several companies have applied for premium rescheduling.

Infosys Ltd won a $50-million deal from AT&T, reports The Economic Times. As part of the deal Infosys will provide support for billing and Web solutions to the telecom multinational for three years, the report adds.

Sun Pharmaceutical Industries Ltd seems headed for more trouble. The US Food Drug Administration (US FDA) is raising concerns about the integrity of “all data” generated by Sun Pharma, reports Mint. FDA, which banned imports from Sun Pharma’s factory in Karkhadi, is expanding its scrutiny to other factories.

Maruti Suzuki India Ltd is aiming to grow at double the industry growth in the current fiscal, reports The Economic Times. To achieve the target, the company is banking on exchange programs and is reaching out to customers in rural areas, the report adds.

Hero MotoCorp Ltd will stop paying royalties to Honda Motor Co. Ltd, reports Mint. The development can result in a saving of `415 crore that will provide a sizeable boost to the current year’s net profit of the company.

Kotak Mahindra Bank Ltd has submitted a binding offer to buy a stake in Multi Commodity Exchange of India Ltd from its troubled parent Financial Technologies (India) Ltd (FTIL), reports Mint. The bids come ahead of a 24 May board meeting of FTIL to take stock of the stake sale.

Also keep an eye on Reliance Communications Ltd. China’s Citic Telecom International Holdings Ltd is reportedly in talks with Reliance Communications to buy its undersea cable assets.

Qatar Airways is likely to invest in SpiceJet Ltd by purchasing its parking slots overseas, reports the PTI. The news agency said the Qatar Investment Promotion Authority is likely to meet the top brass of SpiceJet shortly.

Several companies have released their earnings for the March quarter after market hours. Cummins India Ltd posted a 25% drop in profits. Ashok Leyland Ltd had seen its profit more than double on sale of investments.

Drug firm Novartis India Ltd reported a 2% dip in its net profit to `23.88 crore due to the adverse impact of the new drug pricing policy. The company had posted a net profit of `24.41 crore for the corresponding period of the previous fiscal.

It will be a results heavy day. Bosch Ltd, Colgate-Palmolive India Ltd, Dhanlaxmi Bank Ltd, Engineers India Ltd, Housing Development and Infrastructure Ltd, ITC Ltd, McLeod Russel India Ltd, MOIL Ltd, Neyveli Lignite Corp. Ltd, State Bank of India, Shree Renuka Sugars Ltd and Sun TV Network Ltd are some of the companies that will release March quarter earnings on Friday.

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