Opening bell: Asian markets open lower; Tata Steel, Airtel, Axis Bank, RCom in news
Asian stocks track US market losses
Asian markets opened lower tracking the losses in the US markets. Overnight US stocks closed lower as investors weighed tax reform. S&P 500 at 2,572 is down 0.3%.
Tata Steel Q2 profit at Rs1,018 crore
Tata Steel Ltd reported a consolidated net profit of Rs1,017.8 crore in the quarter ended 30 September. That compares with the Rs1,663 crore profit estimate by analysts in a Bloomberg survey. Read more.
Torrent Pharma in talks to buy Unichem’s India business
Torrent Pharmaceuticals Ltd is likely in discussions to acquire the domestic formulations business of Unichem Laboratories Ltd for Rs3,200-3,300 crore, reports Mint.
Bain Capital in talks to invest in Axis Bank
Bain Capital is in talks with Axis Bank Ltd to invest between $750 million and $1 billion (Rs4,800-6,400 crore), reports The Economic Times. According to the report, the proposed investment will come as issuance of shares through a preferential allotment.
RCom’s new debt repayment plan gives banks majority shareholding
Reliance Communications Ltd (RCom) presented a fresh debt repayment plan to its creditors which envisages raising Rs27,000 crore through sales of assets and lenders converting a portion of their loans into equity, giving them majority control.
IDFC, Shriram call off merger talks
IDFC Ltd and Shriram Group called off their planned merger following differences over valuation. IDFC management said that it will continue to look at buying or merging with other non-banking financial companies at the level of IDFC Bank, reports Mint.
Bharti Infratel aims to acquire Indus Towers
Bharti Infratel Ltd said that it aims to buy the stake it doesn’t own in Indus Towers Ltd, reports Mint. Indus Towers is a joint venture between Vodafone India, Bharti Infratel and Idea Cellular.
Bharti Telecom to acquire stake in Airtel for up to Rs9,623 crore
Bharti Telecom Ltd, the holding company of Bharti Airtel Ltd, will acquire as much as 4.62% in Airtel. The acquisition price would not be higher by more than 25% of the price arrived at as per the weighted average market price of Airtel stock.
Brookfield Asset Management, Resurgent Power bid to buy JP Power
Canada’s Brookfield Asset Management and Resurgent Power have bid for debt-ridden Jaiprakash Power Ventures Ltd, which its lenders have put on the block under the strategic debt restructuring mechanism, reports The Economic Times.
Indigo, Dr Reddy’s, Airtel earnings today
It will be a results heavy day. Dabur India Ltd, SBI Life Insurance Co Ltd, Sanofi India Ltd, JSW Steel Ltd, IDBI Bank Ltd, InterGlobe Aviation Ltd (Indigo), Escorts Ltd, Dr Reddy’s Laboratories Ltd, Divis Laboratories Ltd, Blue Star Ltd, and Bharti Airtel Ltd are some of the companies that will release their earnings for the September quarter today.