)
Markets are likely to open on lower tracking weakness among the global peers as investors were spooked by a vicious selloff in sovereign bonds globally.
GLOBAL MARKETS
Asian stocks stumbled on Wednesday in sympathy with weak U.S. and European markets as equities investors were spooked by a vicious selloff in sovereign bonds globally.
The sudden spike in bond yields is being mirrored by an equally rapid rally in resources to suggest investors are becoming less concerned about the danger of deflation.
US markets too closed lower as investors eyed higher bond yields and an unexpectedly wide march u-s trade deficit. Europe too closed with sharp losses and Asia is trading at multi-week lows.
The early indicator SGX Nifty is down 41 points and is trading at 8,322 levels.
The Dow .DJI ended Tuesday down 0.79 percent, while the S&P 500 .SPX lost 1.18 percent, and the Nasdaq .IXIC 1.55 percent. The pan-European FTSEurofirst 300 .FTEU3 equity index shed 1.6 percent.
STOCKS IN FOCUS
Bank of Baroda (BoB) and State Bank of Bikaner & Jaipur (SBBJ) — have cut their base rates, the benchmark used to price loans. While BoB reduced the rate by 25 basis points to 10 per cent, SBBJ, an associate unit of State Bank of India, cut it by 15 basis points to 10.10 per cent.
The Foreign Investment Promotion Board (FIPB) approved AXA Group's proposal to increase stake in its life and general insurance joint ventures with the Bharti group to 49 per cent.
Mid-tier information technology (IT) services firm NIIT Technologies reported a net loss of Rs 17.5 crore during the quarter ended March 2015, due to a client dispute that led to a hit of Rs 80 crore.
Aided by strong volume growth, Ghaziabad-headquartered Dabur India reported a consolidated net profit of Rs 285 crore for the quarter ended March 2015, a rise of 21 per cent over the year-ago period.
In a possible succession planning exercise, pharma major Cipla’s promoter family has proposed to vote together as a single unit under overall direction of patriarch Yusuf Hamied in his lifetime, and under his brother Mustafa Hamied thereafter.
Agra-based PNC Infratech Limited (PNC) will raise about Rs 478 crore through Initial Public Offering (IPO), which will open on Friday. The fund will be used partly for repaying debt and investing in capital equipment.
Jharkhand government has requested Reliance Power to reconsider its decision of terminating the power purchase agreement for the proposed 3,960 MW Tilaya Ultra-Mega Power Project in the state.
Reliance Communications, India's fourth-largest telecom carrier, may sell majority stake in unit Reliance Infratel, the country's No. 3 tower company, at a valuation of Rs 20,000-25,000 crore in a bid to focus on core operations and pare debt.
Drug firm Pfizer reported a standalone net profit of Rs 42.68 crore for the quarter ended March 31, 2015.
Hindustan Zinc and Cairn India have signed a pact with the government of Rajasthan to invest Rs 20,500 crore in the state in the next three years.
Power and automation technologies firm ABB India reported five per cent jump in its net profit at Rs 54.29 crore for the quarter ended March 2015.
Tube Investments of India has registered a two-fold jump in consolidated net profit at Rs 147.52 crore for the last quarter of 2014-15 fiscal.
SpiceJet promoter Ajay Singh pledged 46 lakh shares of the company to Allahabad Bank on April 30, the airline said in a notice to the BSE on Tuesday.
South-based Lakshmi Vilas Bank plans to raise up to Rs 350 crore this fiscal from a institutional placement of shares to buffer its core capital.
