Investors await Maruti, L&T Q3 results; IndiGo eyed

Corporate results from sector heavyweights such as Maruti Suzuki and Larsen & Toubro (L&T), uncertainties about global economic outlook, US-China trade negotiations and other global developments are likely to sway investor sentiment on Friday. 

Among stocks, InterGlobe Aviation, which owns IndiGo airlines, will be in focus today after the company appointed Ronojoy Dutta as Chief Executive Officer (CEO) for a period of five years. Also, M Damodaran, former Chairman of Securities Exchange Board of India (SEBI), has been appointed as chairman of the Indigo's board of directors.    

Apart from Maruti and L&T around 50 BSE listed companies including Gruh Finance, Indian Bank, Indian Overseas Bank, Vakrangee are expected to announce their December quarter earnings during the day.

SGX Nifty

Nifty futures on Singapore Exchange (SGX) were trading at 10,923, up 37 points or 0.34 per cent in early trade.

Rupee

The Indian rupee Thursday furthered gains by 26 paise to close at 71.07 against the US dollar as softer crude prices and gains in domestic equities bolstered forex market sentiments.

Global Markets

Asian stocks inched higher on Friday, buoyed by gains in US technology shares, but gains were capped by worries over slowing growth in Europe and caution ahead of several key events next week including US-China trade talks.

MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.2 per cent. Australian stocks climbed 0.5 per cent, South Korea’s KOSPI added 0.7 per cent. Japan’s Nikkei advanced 1 per cent.

The Dow Jones Industrial Average fell 22.38 points, or 0.09 per cent, to 24,553.24, the S&P 500 gained 3.63 points, or 0.14 per cent, to 2,642.33 and the Nasdaq Composite added 47.70 points, or 0.68 per cent, to 7,073.46.

Oil Prices

US West Texas Intermediate (WTI) crude futures rose 51 cents to settle at $53.13 a barrel, a 0.97 per cent gain. Brent crude futures fell 5 cents to settle at $61.09 a barrel.

Piyush Goyal to hold meeting with PSB chiefs on Monday ahead of Budget

Coal and Railways Minister Piyush Goyal, who has been given additional charge of finance and corporate affairs for the second time in eight months, will on Monday meet the heads of the country’s state-owned bank for a review meeting

This will be his first major task in his second stint at the helm of affairs in the North Block, before he presents the interim Budget 2019-20 on February 1.
 

In the meeting with PSB chiefs, which was originally slated on January 22, Goyal is expected to discuss the targets for the banks for 2019-20, as well as priority sector lending, recovery on non-performing assets, and the bankruptcy proceedings of various companies, which owe money to banks

Ravneet Gill to be YES Bank boss after Rana Kapoor's tenure ends on Jan 31

Ravneet Gill, a career banker with Deutsche Bank, will succeed Rana Kapoor as the managing director and chief of YES Bank. Kapoor’s tenure ends on January 31.

Gill, currently Chief Executive of Deutsche Bank’s business operations in India, is expected to take charge latest by March 1, YES Bank said in a statement.

Reserve Bank of India (RBI) has approved the appointment of 57-year-old Ravneet Gill for a three-year term.

The YES Bank board will meet on January 29 to finalise the delegation of powers for the transition management in the interim period till Gill assumes office.