Mumbai: In India, consumer price inflation eased to 6.46% in September helped by lower increase in food and fuel prices, although industrial output data for the month of August remained sluggish. Weak growth and lower inflation will increase the pressure on Reserve Bank of India (RBI) to cut interest rates. Asia markets were trading subdued on Tuesday morning following weak global cues. Hong Kong’s Hang Seng was up 0.2%, China’s Shanghai Composite advanced 0.2% while Japan’s Nikkei Stock Average was down 1.7%. Overnight, US markets closed at their lowest levels since April on Monday weighed down by concerns about the growth outlook for the global economy. The Dow Jones Industrial Average declined 1.4%, S&P 500 was down 1.6% and Nasdaq Composite lost 1.5%. In India, crude prices which fell below $90 per barrel in the past few days on back of weak global growth outlook and lower fuel demand will help in meeting the government’s fiscal deficit target of 4.1% for FY15. DLF Ltd shares will be under pressure after the market regulator—Securities and Exchange Board of India (Sebi) barred the realty major as well as its six top executives, including the chairman and promoter K.P. Singh, from the securities market for three years for active and deliberate suppression of material information at the time of its IPO. Ranbaxy Laboratory Ltd’s shares will also see selling pressure in morning trades after five senior executives of the company’s US arm, including its top executive Venkat Krishnan, tendered their resignations just months after Sun Pharmaceutical Industries Ltd acquired Ranbaxy under a $4 billion deal, reports Economic Times. The next sale of spectrum that telecom companies need in order to offer their services could be the biggest in terms of both the quantum of spectrum on offer and the amount which the government is planning to raise—around Rs.2 trillion from the auction, reports Mint. Jet Airways (India) Ltd shares will be in focus as the airline was found with some pilots flying without valid annual line check certificates, reports Economic Times. Failure to renew line check certificates of pilots could attract punishment as stringent as grounding of the airline. Reliance Industries Ltd (RIL) shares will be in focus after net profit rose 4.5% in the September quarter to Rs.5,742 crore on back of higher refining margins and lower input costs. However, net sales declined 7% to Rs.96,486 crore from a year ago. Passenger car sales declined 1.03% in month of September to 154,882 units after growing for four consecutive months as the Hindu festival of Navratri failed to boost consumer sentiment. Lastly, after nearly a week of heavy cross-border firing, the boundary between India and Pakistan largely fell quiet over the weekend, though diplomatic tempers continued to flare. This may continue to have a lasting impact on the fragile relationship between the neighbours.
Posted on: Tue, 14 Oct 2014 03:27:43 +0000
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