 "Pre-Market: 5 Stocks to watch")
The markets are likely to open in the negative territory tracking weak global cues.
Asian shares sagged in early trading and a drop in Treasury yields pressured the dollar after news of a downed Malaysian airlines jet at the Ukraine-Russia border sent investors scurrying into defensive assets. Furthermore, the SGX Nifty is quoting at 7,622.50 levels down by 33 points.
Wall Street had its worst day since April after news that nearly 300 people died in the crash, which a Ukrainian official said was caused by a missile fired at the plane.
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Back home, the Reserve Bank of India (RBI) on Thursday paved the way for niche banking by issuing draft guidelines for setting up payment banks and small banks. While payment banks will offer remittance services, small banks will offer low-ticket loans and basic banking services within a limited area of operation.
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India’s largest information technology services company, Tata Consultancy Services (TCS), delivered results which were better than expected. TCS reported net income (IFRS) of Rs 5,058 crore for this financial year’s first quarter, ended June, up 26.9 per cent from Rs 5,297 crore in the same quarter last year.
Tata Power Solar has partnered with Bajaj Finance to provide interest-free loan options for solar products of about Rs 2.5 lakh to consumers.
GVK Power & Infrastructure, which is among companies grappling with high debt, is planning to sell stake in some of its assets as well as raise funds through qualified institutional placement to cut debt.
Hyderabad-based information technology company Cyient Limited (formerly Infotech Enterprises Limited) witnessed a 26.14 per cent growth in net profit to Rs 68.51 crore for the first quarter ended June 2014, as compared with Rs 54.31 crore in the corresponding quarter last year.
Three Indian pharmaceutical firms, Cipla, Aurobindo and Emcure, are among seven global companies that have signed new sub-licensing agreements with UN-backed Medicines Patent Pool (MPP) for the manufacture of generic HIV medicines -- atazanavir and dolutegravir.