Mumbai: Asian markets are trading with gains. Improved corporate earnings and expectations that the US Federal Reserve will maintain the stimulus is driving the gains. US markets closed at record highs. The S&P 500 gained 0.56% to 1,771 after economic data supported views that the Federal Reserve would keep its stimulus intact for several months. While consumer spending rose in September, consumer confidence fell sharply in October because of worries about the impact of the partial government shutdown. Read the Reuters report. Infosys Ltd is set to be hit with a $35 million fine by the US government on allegations of visa misuse. The violations pertain to using employees on business visas to do work typically done by engineers on long-term work visas. Read more. Tata Steel Ltd’s European operation is restructuring its long products business that includes plates, sections, wire rod and semi-finished steel, reports Mint. The move comes amid a prolonged downturn in demand for some of the key products. Sebi, the capital markets regulator, has declined to consider an application by Reliance Industries Ltd to settle a case of alleged insider trading, leaving it to the Securities Appellate Tribunal (SAT) to make a decision, reports Mint. SAT will hear the case on 11 November. On a standalone level, Pidilite Industries Ltd reported a 14% rise in net profit to Rs.119 crore for the September quarter. Revenues grew by a healthy 20%. Read more. Three-wheeler maker Atul Auto Ltd is planning to set up a second factory in Gujarat, reports Mint. The plant will have a capacity of 50,000 vehicles per annum. Once operational, the plant will double the company’s total output. SKS Trust Advisors Pvt. Ltd, the largest shareholder in SKS Microfinance Ltd, has sold 110,000 shares or 0.1% stake in the latter. The stake sale is perplexing considering that SKS Trust has raised its stake in the microlender and claimed a board representation. Read more. It will be a results heavy day. Aditya Birla Money Ltd, Bata India Ltd, Bayer Cropscience Ltd, Bharti Airtel Ltd, DLF Ltd, EIH Ltd, IDBI Bank Ltd, JB Chemicals and Pharmaceuticals Ltd, Jindal Steel and Power Ltd, LIC Housing Finance Ltd, Lupin Ltd, Mcleod Russel Ltd, Nestle India Ltd, Novartis India Ltd, Oberoi Realty Ltd, Oriental Bank of Commerce Ltd, Phillips Carbon Black Ltd and Suzlon Energy are some of the notable companies that will release their September quarter earning today. Finally, beating places such as Australia’s Kimberly and England’s Yorkshire, Sikkim grabbed the top spot in Lonely Planet’s top 10 regions to visit in 2014. The list of top 10 regions includes Hokuriku in Japan, West Coast in New Zealand and Mallorca in Spain.
Posted on: Wed, 30 Oct 2013 03:23:28 +0000
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