Weak opening expected; Cipla, Tech Mahindra in focus

Global equities slide as fears of an early interest rate hike in June continue to keep the investors unnerved

Markets are likely to open the session on a weak note mirroring losses in the global peers as fears of an early interest rate hike in June continue to keep the investors unnerved. Meanwhile, stocks specific action will continue to dictate the trend as the last batch of quarter results are unveiled this week.

GLOBAL MARKET

Asian shares are declining mirroring a weak finish on the Wall Street as fears of an early interest rate hike in June continue to keep the investors unnerved.

Japan's Nikkei stock index slumped 0.7%. Data on Monday showed Japan posted a trade surplus for the third consecutive month, and a Group of Seven finance ministers' meeting concluded on Saturday with a US warning to Japan against intervention to weaken the yen.

 

Among other major indices, China’s Shanghai Composite, Hong Kong’s Hang Seng and Singapore’s Straits Times have fallen between 0.3%-1%.

CORPORATE NEWS

Cipla and Tech Mahindra are scheduled to post the quarterly results today.

Infosys bagged a five-year contract from Commerzbank, the second largest bank in Germany.

Biscuit and food products major Britannia Industries expects business to grow in high single digits over the next six months as demand for its products remain sluggish due to weak consumer sentiments. 

Country's third-largest private sector lender Axis Bank has hit the international debt markets with its maiden green bond issue to raise $500 million, market sources said on Monday.

City Union Bank reported a 13% growth in net profit at Rs 112 crore during the fourth quarter ended March 31, 2016 as compared to Rs 99 crore during the same period last year. 

Larsen & Toubro (L&T) is on its way to secure the Kutrumali and Sijimali bauxite deposits in Odisha, with combined reserves of over 300 million tonne. 

Essar Oil UK, which owns and operates the Stanlow refinery, said its net profit rose over three-fold to $244 million in 2015-16, aided by cost optimisation measures.

Apollo Tyres has earmarked a capex of over Rs 3,200 crore for the current fiscal for its domestic as well as European operations.

Aban Offshore is planning to raise around $400 million through FCCBs, GDRs and another Rs 2,500 crore through QIB (qualified institutional buyers).

Dish TV India reported 12.6% yearly growth in subscription revenues at Rs. 741 crore for the fourth quarter fiscal 2016(Q4FY16).

Jyothy Laboratories reported 31.58% increase in net profit to Rs 35.61 crore for the fourth quarter ended March 31, 2015-16.