US stocks closed higher on Monday as technology shares posted a three-day winning streak. However, the major averages closed well off the highs of the day after President Donald Trump tweeted he will be announcing his decision on the Iran deal on Tuesday.
Asian markets edged up on Tuesday following the firmer lead from Wall Street.
ICICI Bank profit down 50%, board silent on Chanda Kochhar
ICICI Bank Ltd reported a 50% drop in its fiscal-fourth quarter profit as it set aside cash to cover a surge in bad loans, a fallout of the central bank’s revised scheme on resolution of stressed assets.
BlackRock exits India mutual fund business
BlackRock Inc., the world’s largest asset manager, said it will sell its 40% stake in DSP BlackRock Investment Managers Pvt. Ltd to joint venture partner DSP Group, marking the exit of yet another foreign asset manager from the Indian mutual fund industry.
Cognizant’s Q1 revenue up 10% as earnings from health spendings rise
Cognizant Technology Solutions Corp’s quarterly revenue rose 10% and edged past Wall Street forecasts, benefiting from higher spending by healthcare and financial services clients.
PC Jeweller shares surge over 117% in last three sessions
Shares of PC Jeweller Ltd surged nearly 117% in last three sessions ahead of its board meeting on 10 May to consider buyback of shares.
Bharti Infratel, Indus likely to invest Rs3,500 crore capex for FY’19 ahead of merger
Bharti Infratel and Indus Towers are likely to invest Rs 3,500 crore in operations as capital expenditure for 2018-19 as they continue to operate on ‘business-as-usual’ mode till their merger happens before the fiscal-end.
ONGC clocks 6.3% rise in gas production
State-owned Oil and Natural Gas Corp. Ltd (ONGC) registered a 6.3% increase in natural gas production in 2017-18 and is on track to double the output by 2022, a top company official said.
Oil prices reach highest since November 2014 on Venezuela, Iran worries
Key crude oil prices rose by 1% to their highest levels since late-2014 on Monday, pushed up by a deepening economic crisis in Venezuela and a looming decision on whether US will re-impose sanctions against Iran.
Infibeam to buy Snapdeal’s Unicommerce in Rs 120-crore deal
Ahmedabad-based Infibeam Incorporation Ltd said it will acquire Snapdeal’s subsidiary Unicommerce, which offers e-commerce enablement software, in a deal worth up to Rs120 crore.
Earnings Corner
Godrej Consumer Products, Jubilant Foodworks Ltd, Sanofi India Ltd and Whirlpool of India Ltd are among the companies that will be announcing their March quarter earnings today.