Advent International has agreed to buy a majority stake in Eureka Forbes Ltd, the consumer durable flagship of Shapoorji Pallonji Group and a household name in the vacuum cleaner and water purifier segments, for Rs4,400 crore
Indian equity markets are likely to be volatile on Monday, with the SGX Nifty indicating a weak opening of domestic benchmark indices. On Friday, the BSE Sensex ended at 59,015.89, down 125.27 points or 0.21%. The Nifty was at 17,585.15, down 44.35 points or 0.25%.
Asian shares eased and the dollar held firm on Monday ahead of a week graced with no less than a dozen central bank meetings, highlighted by the Federal Reserve which is likely to take another step toward tapering.
Holidays in Japan, China and South Korea made for a thin start, and politics adds extra uncertainty with elections in Canada and Germany bookending the week.
The fate of Chinese property giant Evergrande, and its $300 billion in liabilities, is also in the balance with a bond interest payment due on Thursday.
Concerns about the health of China’s economy and Beijing’s crackdown on tech firms continues to haunt the region, with stocks in Hong Kong especially hard hit last week.
Early Monday, MSCI’s broadest index of Asia-Pacific shares outside Japan dipped another 0.2%, after shedding 2.5% last week. Japan’s Nikkei was shut and could do with consolidating after surging to 30-year highs on hopes a new Prime Minister will bring more stimulus and policy change.
Nasdaq futures eased 0.1% and S&P 500 futures were unchanged, with Wall Street ending last week on a soft note after disappointing US consumer confidence data.
Back home, a special CBI court on Saturday granted custody of Yes Bank founder Rana Kapoor’s wife and his 2 daughters in the DHFL case. The court rejected the bail application of Bindu Kapoor, Roshni Kapoor and Radha Kapoor.
The Dish TV board has sought more time to convene the next annual general meeting (AGM), citing the regulatory clearances required for accommodating Yes Bank’s proposals for a board change.
American buyout firm Advent International has agreed to buy a majority stake in Eureka Forbes Ltd, the consumer durable flagship of Shapoorji Pallonji Group and a household name in the vacuum cleaner and water purifier segments, for ?4,400 crore.
Hero MotoCorp is working to launch a Harley-Davidson model with retro styling as the company is gearing up to enter the segment of premium motorcycles, said a senior company official, PTI reported. Hero and Harley-Davidson went into an alliance in October last year after the US two-wheeler maker announced that it will discontinue sales and manufacturing operations in India, a decade after it started selling its products in the country.
Meanwhile, the Fed is still expected to lay the groundwork for a tapering at its policy meeting on Tuesday and Wednesday, though the consensus is for an actual announcement to be delayed until the November or December meetings.
Yields on 10-year Treasuries touched a two-month top and the curve flattened ahead of the meeting.
The market consensus is for two hikes in 2023 and four in 2024 with the longer-run fed funds rate seen at 2.125%.
Central banks in the EU, Japan, UK, Switzerland, Sweden, Norway, Indonesia, the Philippines, Taiwan , Brazil, South Africa, Turkey and Hungary all have meetings this week.
Higher U.S. yields has combined with general risk aversion to benefit the dollar which was up near a one-month high at 93.232 on a basket of currencies. It was range bound on the yen at 109.96, while the euro was near its lowest in three weeks at $1.1728 in part on uncertainty ahead of Germany’s election this weekend.
The firmer dollar weighed on gold, which was pinned at $1,753 an ounce after losing 1.9% last week.
Oil prices eased as energy companies in the US Gulf of Mexico restarted production after back-to-back hurricanes in the region shut output.
Brent fell 21 cents to $75.13 a barrel, while US crude lost 24 cents to $71.73.
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