Top cues: Asian shares retreat, volatile day for Sensex, Nifty?
An average Dunkin Donut store is likely to be around 1,200 – 1,400 square feet. The cost of setting up one store could range from Rs 60 lakh to Rs 1.2 crore depending on the location
Asian shares retreated on Friday, spooked by JPMorgan's $2 billion huge loss from a failed hedging strategy, with investors warily watching political turmoil in the euro zone as they await new Chinese data for clues on its growth outlook. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.3 per cent, after falling to its lowest in nearly four months on Thursday while Japan's Nikkei share average opened up 0.1 per cent. Meanwhile, US stock index futures fell sharply on Thursday evening as JPMorgan Chase stunned investors with news that its chief investment office had incurred "significant mark-to-market losses" that it said could "easily get worse," sending the stock down nearly 7 per cent to $38.05 in after-hours trading.
India defers key insurance bill
India's Union Cabinet on Friday deferred a key insurance bill. "The consideration of the Insurance Bill has been postponed," Finance Minister Pranab Mukherjee said after the Cabinet meeting. However, the Cabinet cleared the Microfinance Bill, long awaited by the industry. The Bill will now bring microfinance institutions (MFIs) under the regulatory jurisdiction of the Reserve Bank of India. All functioning MFIs will have to register with the RBI. The central bank will also decide interest rates MFIs can charge.
Tata Communications expands overseas
Aiming full integration of its global communication network, Tata Communications will become the anchor tenant of the direct submarine cable between the US and Brazil, being developed by Seaborn Networks. Seaborn Networks expects the Seabras-1 system to be ready for service in Q4 of 2014, enabling Tata Communications to provide fully integrated network services from Brazil to its networks in the US, Europe, Africa, Asia and India.
India’s exports picked up in April 2012
India's exports picked up in April after falling in March but only grew 3.2 per cent from a year earlier and garment, gems and jewellery shipments shrank, highlighting the challenge facing Asia's third-biggest economy in the face of weak global demand. India's foreign trade has slowed sharply from levels a year ago when exports jumped nearly 32 per cent in April from a year earlier, and the country's trade secretary said on Thursday that the country would be "lucky" to achieve 10-15 per cent export growth this fiscal year.
Lupin to launch more products in US
Drugmaker Lupin said that it will launch this year more products in its key United States market to boost sales there, after reporting a 31 per cent fall in quarterly profit as tax expenses quadrupled. Mumbai-based Lupin, India's fourth-largest drugmaker by sales, said consolidated net profit fell to Rs 156 crore for its fiscal fourth quarter ended March from Rs 227 crore a year earlier.
OPEC revises oil demand upwards
OPEC revised its 2012 world oil demand outlook slightly upwards on Thursday citing a stable US economy and the shutdown of nuclear plants in Japan, which boosted demand. The Organisation of Petroleum Exporting Countries predicted 2012 demand at 88.67 million barrels per day (bpd), up 0.90 million bpd from 2011, in its latest monthly report. This represented a minor hike from its previous estimate in April which stood at 88.64 million bpd.
Dr Reddy’s is expected to report strong profit growth
The street expects Dr Reddy’s Laboratories to report profit after tax of Rs 473 crore for the March 2012 quarter. This is against PAT of Rs 306 crore in the quarter to March 2011. Net sales expected to grow to Rs 2,654 crore against Rs 2,017 crore in the year ago period. The company’s operating profit margins are expected to jump to 28.6 per cent from 23.3 per cent. US revenue growth is expected to be strong.