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Pre-Market: Markets likely to open higher on firm Asian cues

Markets are likely to open flat with a positive bias tracking firm Asian cues.

Steep weekly falls on Wall Street pressured Asian shares on Monday, as concerns over geopolitical tensions and Argentina’s debt default eclipsed U.S. economic data that argued against an earlier start to the Federal Reserve’s rate-tightening cycle.

Japan’s Nikkei average .N225 fell 0.4 percent while MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was off 0.05 percent. SGX Nifty is quoting at 7,669.50 up by 54.50 points.

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The weakness in rupee is seen limited this week and currency dealers believe the depreciation may be capped at Rs 61.50 a dollar. This is because the US job growth slowed a bit in July and the unemployment rate unexpectedly rose. Currency traders believe the slow recovery could lead to the US Fed keeping interest rates low for a while. The US job data was released on Friday after market hours.

Stocks to watch

Grasim Industries, an Aditya Birla Group company, recorded a 16 per cent rise in the June quarter’s consolidated revenue from Rs 6,938 crore in the corresponding period last year to Rs 8,044 crore.
Police arrested the chairman of state-run lender Syndicate Bank on Saturday over allegations of taking bribes to grant loan extensions to a company, based on media reports. 

Bank of Maharashtra reported a massive 56 per cent drop in net profit at Rs 117.82 crore in the June quarter due to a steep threefold increase in non-performing assets. 

Chennai-based TVS Motor Company reported a 32.15 per cent increase in its total sales at 2,03,092 units in July 2014. The company had sold 1,53,676 units in the same month last year, TVS Motor Company said in a statement. 

Private sector Gujarat Pipavav Port is planning to invest $ 100 million (over Rs 600 crore) over the next two years to ramp up its container handling capacity by over 50%, according to top official of the company.

Wind turbine maker Suzlon will refinance Rs 4,000-4,500 crore of its rupee debt and list its European subsidiary Senvion as part of its turnaround plan. Last month, the company’s international bond holders agreed on a cashless restructuring of $ 485 million bonds two years after the company defaulted in paying one set of bond holders. Suzlon is estimating a valuation of ^2 billion (about Rs 16,000 crore) for Senvion and 25 per cent dilution could generate about Rs 4,000 crore.


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