Pre-Market: Markets may open higher on firm global cues

Markets are likely to open in green tracking firm global cues.

 

Asian stocks rose in early trade on Monday after Wall Street rallied with the latest round of tensions in Ukraine easing for now, although simmering tensions in other geopolitical hotspots such as Iraq limited gains.

 

Wall Street surged on Friday after Russia's defense ministry said it had finished military exercises in southern Russia, which the United States had criticized as a provocative step amid the Ukraine crisis.

 

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.3 percent after shedding 0.9 percent on Friday.

Tokyo's Nikkei rose 1.5 percent, helped as the yen's sharp rally against the dollar on Friday was reversed. The index had lost 3 percent on Friday.

 

Asian stock markets were unable to fully pare Friday's losses, with investors wary of piling back into risk assets as the situation in Iraq was marked by an increasing death toll and new U.S. air strikes.

 

Stocks to watch:

 

Recognition of compensatory tariff and higher sales volume in power business helped Adani Enterprises Ltd. (AEL) post a net profit of Rs 556.74 crore for Q1 ended June 30 of fiscal 2014-15 on consolidated basis, as against a net loss of Rs 278.3 crore in the first quarter of previous fiscal 2013-14.

 

Force Motors is eyeing 20 per cent market share in the niche off-road vehicle segment as it aims to sell around 2,400 units of its soon to be introduced off-road vehicle Gurkha in the first year of launch.

 

State-run Dena Bank reported a 57% drop in its net profit at Rs 81.52 crore in the June quarter due to rise in non-performing assets.The net profit of the company stood at Rs 189.2 crore in the same quarter last fiscal.

 

Realty firm Puravankara Projects will invest about Rs 1,000 crore this fiscal on construction of its housing projects and targets to cut external net debt by about Rs 250 crore by March next year on improved sales.

 

Godrej Industries posted 45.91 per cent growth in consolidated net profit at Rs 77.70 crore for the first quarter ended June 30, 2014-15