Pre-market: Watch out for Piramal Enterprises, Canara Bank, M&M

Markets are likely to open in the green, aided by modest gains among their Asian counterparts and tracking the positive cues from trading in SGX Nifty.

 

At 8:22AM, the SGX Nifty is up 26 points at 6,746.    

 

Asian stocks have made modest gains in early trades on Tuesday. China's Shanghai Composite was up two points at 2,029, Singapore's Straits Times was flat at 3,244 and Taiwan's Taiwan Weighted was up eight points at 8,879. However, the markets in South Korea, Hong Kong are Japan shut for the day.

 

Overnight, Wall Street ended slightly higher as data showed strength in the services sector and Apple shares rose above USD 600 for the first time since 2012. The Dow Jones rose 17.66 points to 16,530, S&P 500 gained 3.52 points to 1,884 and Nasdaq added 14.16 points to 4,138.

 

Stocks in Focus

 

Piramal Enterprises is likely to be in focus Billionaire Ajay Piramal owned Piramal Enterprises will merge 3 of its subsidiaries with the parent company Piramal Enterprises Ltd. The Board of Directors of the company at its meeting held on May 05, 2014, has decided the merger of subsidiaries.

 

Bangalore-based public sector lender Canara Bank on Monday reported a 15.7% decline in net profit to Rs 611 crore for the quarter ended March 31, compared with Rs 725 crore in the corresponding quarter of the previous financial year. Premji Invest, the family office of billionaire IT tycoon Azim Premji, will pick up 10% stake in Kishore Biyani co-promoted Future Lifestyle Fashions (FLF) for around Rs 125 crore.

 

Asian Paints on Monday said it has closed down its oldest plant at Bhandup in Mumbai and all employees of the unit have either taken voluntary retirement or shifted to its some other plants.

 

Mahindra & Mahindra Limited (M&M), the country’s largest utility vehicle maker, today launched nationally Rexton RX6, a five-speed manual transmission, high-end sports utility vehicle (HSUV) from its Korean subsidiary SsangYong’s stable.

Eveready may be in the news after posting a net profit of Rs 1.25 crore for the quarter ended March, 2014 compared to a net loss of Rs 2.15 crore during the corresponding period last year.