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Opening bell: Asian markets open mixed; LIC Housing Finance, Shoppers Stop in news

LiveMint logoLiveMint 28-07-2017 Harsha Jethmalani

US stocks end higher; Asian markets open mixed

US equities traded higher on Thursday as the tech sector was lifted by strong earnings.

Asian indices were pressured in early Friday trade as the dollar firmed overnight and as investors looked ahead to more corporate earnings due during the session.

Govt panel to consider Air India debt write-off

The aviation ministry and the Department of Investment and Public Asset Management (Dipam) will on Friday present to a ministerial panel their recommendation on the amount of debt that needs to be written off Air India’s books to make the state-owned airline attractive to potential investors, reports Mint.

Maruti Suzuki Q1 profit rises 4.4% to Rs1,556 crore, misses estimates

Maruti Suzuki India Ltd said its net profit for the June quarter rose by a marginal 4.4% over the corresponding quarter last year due to a higher deferred tax provision even as sales, including exports grew at a brisk pace over the year-ago period.

Idea Cellular posts 3rd straight quarterly loss amid Reliance Jio price war

Idea Cellular Ltd, India’s No. 3 telecoms firm, reported a third straight quarterly loss , reeling in the wake of a price war wrought by new entrant to the sector, Reliance Jio.

ICICI Bank Q1 profit down 8.2% to Rs2,049 crore

ICICI Bank Ltd, India’s second largest lender by assets, reported an 8.2% decline in June quarter net profit on a surge in bad loans and slow credit growth.

ITC Q1 profit rises 7.4% to Rs2,561 crore

Cigarettes-to-biscuits maker ITC Ltd reported a 7.4% increase in quarterly profit, helped by higher sales from its cigarettes segment.

Biocon Q1 net profit slumps 51% to Rs81 crore

Bio-pharmaceutical firm Biocon reported a 51.20% decline in its consolidated net profit to Rs81.3 crore for the quarter ended 30 June, on account of weakening of the US dollar and goods and services tax (GST) impact.

ONGC Q1 profit drops 8%, misses estimates

Oil and Natural Gas Corp, India’s top explorer, reported an 8.2% decline in net profit for the April-June period to Rs3,885 crore because of higher depreciation and impairment losses. Revenue rose to Rs19,074 crore, a 7.2% jump from a year ago. Read more

Earnings corner

Heildelberg Cement, India Cement, LIC Housing Finance, Shoppers Stop and Zuari Agro Chemical are among the companies that will be announcing June quarter earnings on Friday.

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