The Indian stock market to open on a flat note. On the gobal front, Asian stocks trading mixed. US stock indices ended lower on Tuesday, with the technology shares leading the fall, after Federal Reserve officials indicated that interest rates could be raised as early as June.
Wall Street is likely to witness more swings on Wednesday when the April FOMC meeting minutes are released.
The Dow Jones Industrial Average tumbled 180.73 points, or 1%, to end at 17,529.98. The S&P 500 index fell by 19.45 points, or 0.9%, to close at 2,047.21, with nine of the 10 main sectors finishing lower. The Nasdaq Composite index declined 59.73 points, or 1.3%, to settle at 4,715.73.
West Texas Intermediate (WTI) crude oil rose by 1.2% to settle at US$48.31 a barrel. Crude oil had jumped by more than 3% on Monday.
Among stocks to watch:SBI: State Bank of India may merge its five associate banks and Bharatiya Mahila Bank (BMB) with itself to emerge as a financial behemoth, with assets worth Rs.37 lakh crore, as per media reports. State Bank of India is reportedly planning to sell a part of its non-core assets in National Stock Exchange (NSE), according to reports.
Piramal Enterprises: Ajay Piramal plans to merge all his finance entities and those of the Shriram Group, where he is the single largest shareholder, reports a business daily.
Punjab National Bank: Punjab National Bank, one of the leading public sector banks in India, will announce its Q4 numbers today. IIFL estimates the bank’s net loss to widen to Rs.60 crore, at a rate of 120% yoy and 217% qoq.
Infosys: Infosys is partnering with three of the world’s leading e-learning firms - Udacity, Coursera and edX - in a bid to help its 194,000-odd employees learn new artificial intelligence (AI) technologies, reports a business daily.
JSW Steel: JSW Steel Ltd, one of the leading steel producers in India, will announce its Q4 results today. As per IIFL’s forecast, the company’s net revenue for Q4 FY16 is likely to plummet to Rs. 10,704 crore, at a rate of 15% yoy; however, the same is expected to increase 23.1% qoq.
Tata Steel,
Tata Metaliks: Tata Steel has recalled its plan sent to the Bombay High Court for a merger of Tata Metaliks and Tata Metaliks DI Pipes with itself.
Bajaj Auto: Bajaj Auto Managing Director Rajiv Bajaj has reportedly criticized NCAP's stand on the safety rating for the Bajaj Qute, India's only quadricycle, reports a business daily.
Reliance Jio: Reliance Jio has become the fifth largest smartphone company by shipments owing to an increased offtake of 4G handsets, according to International Data Corp (IDC).
Tata Comm: Tata Communications, one of the leading telecom service providers in the country, will announce its Q4 numbers today. As per IIFL’s forecast, the company is expected to register a net revenue of Rs.5,179 crore, growing at 1.5% qoq and 5.4% on yoy basis.
GlaxoSmithkline Consumer: GlaxoSmithkline Consumer Healthcare posted a net profit of Rs. 1806.80 mn for the quarter ended March 31, 2016 as compared to Rs. 1967.80 mn for the quarter ended March 31, 2015.
SBBJ: State Bank of Bikaner and Jaipur has announced that in-principle approval of the Board of Directors of the Bank accorded to enter into negotiation with State Bank of India for acquisition of the business including assets and liabilities of State Bank of Bikaner and Jaipur by State Bank of India.
Hindustan Unilever,
LT Foods: Hindustan Unilever has received Competition Commission of India's nod to sell its rice export business to Delhi-based LT Foods. The deal, announced in March, allows transfer of the brands and inventory to LT Foods for Rs.25 crore.
HDFC: The company said it will raise Rs.1,500 crore by issuing debentures on a private placement basis.
Coal India: The Competition Appellate Tribunal has quashed Rs.1,770 crore penalty on Coal India, as per a TV report.
Mahindra Holidays & Resorts India Ltd: The company reported a standalone net profit of Rs.32.09 crore for the quarter ended March 31, 2016.
United Bank of India: The bank posted a net loss of about Rs.413.04 crore for Q4 of FY16, against a profit of around Rs.105.52 crore in the same period last year.
Syndicate Bank: The bank reported a net loss of Rs.2,158.17 for the quarter ending March 2016 due to more than three-fold rise in provisions for bad loans and contingencies.
Voltas: The company posted a net profit of Rs.1764.30 mn for the quarter ended March 31, 2016 compared with Rs.1180.40 mn for the quarter ended March 31, 2015.
Motherson Sumi: The company has posted a net profit of Rs.4137.20 mn for the quarter ended March 31, 2016 compared with Rs.3401 mn for the quarter ended March 31, 2015.
