Mumbai: Asian shares are trading higher. The unexpected drop in existing home sales in the US has eased concerns that the Federal Reserve will start stimulus reduction in two months. Read the Bloomberg report. Overnight US markets closed higher with the S&P 500 gaining 0.2% to 1,695 on of buying in shares of financial services and metal companies. Read more. Back home, stocks of gold jewellers may witness some action. The Reserve Bank of India further tightened rules on the import of the precious metal. Banks and entities that import gold will now have to ensure that at least one-fifth of the metal they bring in is used for exports. The move could increase the domestic price of gold. Read more. Seven brokerages have upgraded their price target for Reliance Industries Ltd. The company’s capital expenditure plans across businesses and renewed prospects in the oil and gas segment have enthused analysts. Read the Mint report. Keep an eye on Oil and Natural Gas Corp. Ltd. To unlock value the company is looking to sell minority stake in its aromatics unit in Mangalore, reports The Times of India. The service tax department has passed an order against Tata Motors Ltd for alleged service tax evasion, reports Mint. The order comes after the Central Board of Excise and Customs issued a show cause notice to the firm in October 2009. Meanwhile, Cyrus Mistry, chairman of Tata Motors Ltd has warned about the intense competition the company is facing, reports Business Standard. The company’s passenger vehicle sales were impacted due to increasing competition, rising fuel costs and weak consumer sentiments. Britain has launched a consultation process into the acquisition of United Spirits Ltd by Diageo. The Office of Fair Trading will review a possible negative impact of the deal on the spirits market. Read more. The Competition Commission of India has started an investigation into anti-competitive practices allegedly followed by the Gujarat Gas Co. Ltd, reports The Economic Times. The probe reportedly follows a complaint by Saint-Gobain. ING Vysya Bank Ltd reported a 35% rise in net profit to Rs.175 crore, reports Mint. Profits were boosted by growth in both interest and non-interest income. Profits were higher than the Rs.167 crore estimate of 20 analysts surveyed by Bloomberg. Everstone Capital Advisors Pvt. Ltd has agreed to invest Rs.200 crore for a 15% stake in Hinduja Leyland Finance Ltd, reports Mint. The non-banking financial company is jointly owned by Ashok Leyland Ltd and other entities of the Hinduja group. Biocon Ltd may witness some action. The company will be included in the NSE’s Nifty Midcap 50 index, replacing Indian Hotels Co. Ltd from next month. OnMobile Global Ltd has acquired US-based Livewire Mobile for $17.8 million. The deal (worth about Rs.106 crore) will help OnMobile gain a stronger foothold in the North American market, which is considered a high music consuming market.
Posted on: Tue, 23 Jul 2013 03:48:41 +0000
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