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Opening bell: Asian markets open higher; Axis Bank, Asian Paints, Hero Moto in focus

LiveMint logoLiveMint 25-07-2017 Harsha Jethmalani

US stock end lower; Asian markets open higher

US equities traded mostly lower Monday as Wall Street geared up for a major week of earnings and US Federal Reserve meeting.

Most Asian indices were higher in early Tuesday trade as markets kept an eye on the dollar, which firmed overnight after floundering for the past week amid greater uncertainty over the White House’s ability to pass key policy proposals.

Nifty within striking distance of 10,000, Sensex at new high

Markets broke new ground on Monday as the Nifty came tantalisingly close to 10,000 and the Sensex signed off at 32,246 after banking stocks came alive on better-than-expected quarterly results.

HDFC Bank Q1 profit rises 20%, but farm loan waivers dent asset quality

HDFC Bank Ltd reported a 20.2% rise in its net profit for the June quarter on higher interest income. Its asset quality worsened as expectations of farm loan waivers affected recoveries from farmers.

Idea-Vodafone merger deal gets CCI approval

India’s antitrust regulator has approved the merger of Vodafone Group Plc’s Indian unit with Idea Cellular Ltd.

Moody’s affirms ratings of 9 banks, downgrades IOB, Central Bank of India

Global rating agency Moody’s has affirmed ratings of nine banks, including Bank of India (BoI), Punjab National Bank (PNB) and Axis Bank, at Baa3/Prime-3, and downgraded the ratings of Indian Overseas Bank (IOB) and Central Bank of India (CBI) to Ba3 from Ba1.

IMF keeps India growth unchanged at 7.2% in 2017-18 and 7.7% in 2018-19

The International Monetary Fund (IMF) has kept its outlook for growth in India unchanged at 7.2% in 2017-18 and 7.7% in 2018-19, according to the latest update of the fund’s World Economic Outlook.

Zee Entertainment Q1 profit rises 16% to Rs251.6 crore

Zee Entertainment Enterprises Ltd, which operates entertainment channels such as Zee TV and Zee Cinema, reported a 16% increase in net profit for the quarter ended June as it benefited from an increase in advertising revenue.

Telecom firms may get more time to pay for spectrum

The government is considering giving telecom companies more time to pay for the spectrum they bought, in a bid to give relief to the sector reeling under massive debt and profitability issues.

Earnings corner

Asian Paints, Axis Bank, Bharti Airtel, Hero Moto Corp and Pidilite Industries are among the companies that will be announcing their June quarter earnings on Tuesday.

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