 "Jet, Bharti in focus: 10 things to know before opening bell")
Global cues:
Asian marketsare trading mixed. Equities fell on poor earnings byPosco,LG Electronics Inc.,Canon Inc.and Australia-based life insurerAMP Ltd. MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS eased 0.1 percent, reversing earlier slight gains. The index fell 0.1 percent on Thursday as rising Chinese money-market rates countered signs of a pick-up in manufacturing.South Korean stocks.KS11dropped 0.5 percent.
US stocksresumed their upward move on Thursday as economic data underscored views U.S. monetary stimulus will be in place for the foreseeable future and as earnings offered some upbeat news.Markets closed in the green with the S&P 500 gaining 0.33% to 1,752 as economic data underscored views US monetary stimulus will be in place for long time. Economic data showed initial claims for state unemployment benefits fell less than expected in the latest week.
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The dollar struggled near a two-year low against the euro in early Asian trade on Friday, as strengthened expectations the US Federal Reserve will maintain its asset purchases through early next year undermined the greenback.
To avoid the repeat of theFacebook Inc’s much-maligned public debut, Twitter Inc has valued the company at a “modest” $10.9 billion. The valuation was more conservative than the $15 billion that some analysts had expected. The company plans to sell 70 million shares priced between $17 and $20.
Business/Stock news:
Jet Airwaysexpects to conclude a $334 million stake sale to Abu Dhabi’s Etihad by the year-end, the Indian airline said, one day after posting a record quarterly loss.Jet, which has lost money in the past six years, is awaiting approvals from the Competition Commission of India (CCI) for the deal and is on course to complete the transaction during this quarter, Chief Financial Officer Ravishankar Gopalakrishnan said.
In what can easily be the biggest leadership expansion at Infosys , the company has expanded its executive council by more than double from 16 to 31.In a form 6K filing, Infosys has said that, effective November 1, 2013, 12 senior members have been added to the executive council. As executive council members, new inductees will be entitled to an allowance of USD 150,000 per annum pro rata.
Idea Cellular Ltdreported strong performance for the second quarter. Net profit rose 86%, beating analyst expectations. Tariff hikes and lower competition helped the company.
Government has given green signal to Singapore Airlines’ proposal to start an aviation venture with Tata Sons entailing an initial foreign investment of USD 49 million. “It (Tata-SIA proposal) has been cleared,” Economic Affairs Secretary Arvind Mayaram told reporters after a meeting of the Foreign Investment Promotion Board (FIPB). Mayaram said no riders have been set for the joint venture.
Telecom major Bharti Airtel today said its board approved the merger of wholly owned subsidiary Airtel Broadband Services with itself.
Economy news:
Finance Minister P. Chidambaram is finding it harder and harder to meet the government’s budget promises and may sweep as much as $15 billion in subsidy costs into next year’s accounts to ensure he hits fiscal targets ahead of national elections, ministry officials say. Chidambaram insists that the fiscal deficit target of 4.8 percent of GDP for the year to March 31, 2014, is a red line that will not be breached. The worst economic downturn since 1991 and a fall in the rupee to a record low have undermined budget assumptions for some months.