Stocks in Asia fell on Thursday amid efforts to rein in inflation even as JPMorgan Chase & Co.’s Jamie Dimon sounded alarm bells on the economy.
An MSCI Inc. gauge of Asia-Pacific shares fell for a second day, with equities in Hong Kong and Japan declining. US futures fluctuated after stocks dropped on Wall Street.
The Singapore-traded SGX Nifty, an early barometer of India’s benchmark Nifty 50, fell 0.43% to 16,437 points as of 7:30 a.m.
The dollar was little changed. Crude oil declined on a report Saudi Arabia is ready to pump more oil if Russian output declines. OPEC+ is scheduled to meet to discuss supply policy.
Stock Recommendations By Neal Bhai
- Yes Bank: The private lender is nearing a deal to sell a pool of Rs 48,000 crore in stressed assets to the US-based JC Flowers & Co.
- Reliance Industries: Reliance Brands and Plastic Legno SPA have signed a joint venture arrangement for toys manufacturing in India.
- Maruti Suzuki: Total sales increased to 1,61,413 units in May 2022 from 46,555 units a year ago.
- Vedanta: The company will consider raising Rs 4,100 crore through non-convertible debentures on June 4.
- Bata India: Bata (BN) B.V., The Netherlands, says the sale of its 2.8% stake in Bata India is part of an internal restructuring and that it still holds 50.1% in the Indian subsidiary.
- IndusInd Bank: The bank has reduced its stake in Birla Tyres from 7.498% to 3.869%.
- Religare Enterprises: Lenders to wholly owned subsidiary Religare Finvest have agreed to consider a one-time settlement plan as part of the company’s revival plan.
- Welspun: The company’s Saudi Arabia’s arm East Pipes has signed a contract with Saline Water Conversion Corp. worth Rs 1,013.24 crore to supply and deliver steel pipes for a water transmission project.
- Delta Corp: Delta Pleasure Cruise Co. Pvt. Ltd. has commenced management of operations of the casino at Zuri White Sands Goa, Resort and Casino.
- Ashoka Buildcon: Ashoka Highways (Bhandara) has received Rs 97.37 crore — inclusive of interest — towards full and final settlement against claims and various other disputes under the concession agreement.
- Indian Bank: The lender has raised lending rates by 10-90 basis point across tenors after RBI’s out-of-turn rate hike.
- Hero MotoCorp: Sales rose 169% year-on-year to 4,86,704 units in May 2022. India’s largest two-wheeler maker has deferred the launch of its first electric scooter from July to the festive season due to supply chain constraints.
- Balaji Amines: The company has approved fundraising by subsidiary Balaji Speciality Chemicals via an initial public offering comprising a fresh issue of Rs 250 crore and/or an offer for sale “by certain existing and eligible shareholders”.
- Astron Paper & Board Mill: Search proceedings were carried out by the Income Tax Department under Section 132 of the Income Tax Act, 1961, at the head office of the company from May 26-29.
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