Opening bell: Asian markets edge higher; Indigo, Tech Mahindra in news
Asian markets edge higher
LPG price to be hiked by Rs4 per month
Oil marketing companies (OMCs) have started increasing the prices of cooking gas by Rs4 per cylinder as part of the phase-wise decontrol of the fuel, reports Business Standard. According to the report, the government authorized OMCs to continue to increase the price of subsidized domestic LPG till the government subsidy is wiped out.
IndiGo Q1 profit rises 37% to Rs811 crore
InterGlobe Aviation Ltd-run IndiGo reported a 37% increase in net profit to Rs811.14 crore for the quarter ended June. The profit was notched up on a 25.6% increase in revenue to Rs5,752.91 crore. Read more
Tech Mahindra Q1 net profit rises 6.5% to Rs799 crore
Tech Mahindra Ltd reported a 6.5% rise in net profit at Rs798.6 crore for the quarter ended 30 June. Revenues increased 6% to Rs7,336.1 crore from the corresponding quarter last year.
HDFC Standard Life, Max Life call off merger of insurance business
HDFC Standard Life Insurance Co. Ltd and Max Life Insurance Co. Ltd have called off their proposed merger after failing to win regulatory approval for a union.
State Bank of India reduces savings rate
State Bank of India Ltd cut the interest rate on savings accounts with balance of up to Rs1 crore by 50 basis points to 3.5%—the first time the key rate has been cut since being deregulated in 2011.
Birla Corp plans to set up new cement plant
Birla Corp. Ltd is planning a four million tonnes per annum project in Mukutban (Yavatmal district), Maharashtra, reports Business Standard. According to the report, Rs2,400 crore is expected to be invested in the project.
Infosys, TCS, Tech Mahindra see workforce shrink for the first time
The Indian information technology sector, once India’s largest creator of jobs, is now struggling to even add to its workforce, reports Mint. For the first time, three of the five largest IT companies saw their workforce shrink in the quarter ended 30 June.
Tata Motors cuts salaries of top executives amid losses at India unit
Tata Motors Ltd cut the salaries of its top executives in the last financial year amid mounting losses in the company’s India business, reports Mint. The sharpest drop in remuneration was that of Ravindra Pisharody, executive director, commercial vehicles.
Patanjali toothpaste fourth largest now
The Baba Ramdev-led Patanjali Dant Kanti brand had 6.2% market share during the quarter ended June, compared to 2.2% a year ago, making it the country’s fourth-largest toothpaste company, reports The Economic Times.
JSW Steel, Marico results today
JSW Steel Ltd, Marico Ltd, Power Grid Corp. of India Ltd, and Shriram City Union Finance Ltd are some of the companies that will release their earnings for the June quarter today.