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Markets are likely to extend yesterday’s losses and open weak tracking lower global cues. The early indicator, SGX Nifty has declined 58 points at 8,296 levels.
Markets may also remain volatile this week ahead of expiry of the May derivatives contracts on Thursday.
RESULTS CALENDAR
Aban Offshore, Bata India, Engineers India, GAIL (India), Jindal Steel, Reliance Infra, Tata Comm and TTK Prestige will declare their Q4 results today.
GLOBAL MARKETS
Asian stocks sagged and the dollar stood tall on Wednesday on growing prospects the Federal Reserve was on track to raise interest rates later this year and concerns that financial woes could engulf Spain in addition to Greece.
Taking a lead from Wall Street's slide, MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.3 percent with Australian and South Korean shares suffering losses. Tokyo's Nikkei shed 0.3 percent.
The Dow and S&P both lost 1 percent on Tuesday on Greek debt concerns and after upbeat U.S. economic data added fuel to expectations that the Fed will raise rates sooner rather than later.
STOCKS TO WATCH
Consolidated net profit of Tata Motors, India’s biggest automobile company, dipped by a whopping 56 per cent in the final quarter of last financial year as China, Jaguar Land Rover’s biggest market, slowed down considerably.
Bharat Heavy Electricals (BHEL), the country’s largest power equipment manufacturer, has posted a 52 per cent drop in net profit during the fourth quarter ended March on slowdown in project execution.
Reliance Power reported a 3% rise in net profit on higher income in the March quarter of FY15 in comparison to same period last year.
ABG Shipyard on Tuesday said its standalone net loss widened at Rs 374.86 crore for the quarter ended March due to massive fall in its total income.
Public sector lender IDBI Bank’s net profit for the fourth quarter ended March 2015, rose 5.2 per cent to Rs 545 crore on subdued growth in interest income and higher provision slippages.
Real estate major DLF Ltd has been directed to pay nearly Rs 80 crore to a private company for rescinding from an agreement for construction and sale of a tower in Gurgaon, by an Arbitral Tribunal which said it breached contractual obligations to make profits.
After close to doubling their headcount in the past few years, leading private sector lenders ICICI Bank and Axis Bank have reduced their employee counts.
Direct-to-home operator Dish TV India posted a standalone net profit of Rs 35 crore for the quarter ended March 31, 2015 as compared to a net loss of Rs 149 crore for the corresponding quarter last fiscal.
Mahindra and Mahindra, which entered the two-wheeler business six years ago, will intensify marketing efforts to grow its market share by five-fold to about 5%.
Tech Mahindra disappointed the Street, as consolidated net profit for the quarter at Rs 472 crore was down 23 per cent versus Rs 614.2 crore in the year-ago period, and came way below Bloomberg consensus estimates of Rs 724 crore.
