BackOpening Bell 27 February | S&P raises GDP forecast, focus on economic survey
The finance ministry will release the economic survey for the year
Premium(Hemant Mishra/Mint)
Mumbai: Led by Japan, Asian markets are trading higher. Overnight US markets retreated as energy shares fell with crude oil. S&P 500 at 2,110 is marginally down 0.15%.
Back home, the focus remains on parliament. The finance ministry will release the economic survey for the year.
Standard and Poor’s (S&P) sharply raised India’s growth forecasts to reflect a recent change in how gross domestic product is calculated by the government, and said the economy should be a “bright spot" in Asia, reports PTI.
The Supreme Court said the outcome of the telecom spectrum auction starting next month will be subject to the court’s final ruling on the issue. The court is considering several challenges to the tender conditions set by the central government for the spectrum auction. Read more.
Railway minister Suresh Prabhu projected a significant improvement in the financial health of the Indian Railways. The operating ratio is set at 88.5% in 2015-16, the lowest in nine years, against the revised estimate of 91.8% for the previous year.
The railway budget raised freight rates for select commodities including coal, cement, iron ore and steel from 1 April while keeping the passenger fares unchanged. Read more. Manufacturing cost for cement is likely to go up by ₹ 7-10 per bag of 50 kg due to the proposed freight hike, reports PTI.
In a major revamp of the selection process for chiefs of state-run banks, officials from private sector banks will be eligible to compete with public sector counterparts for the vacant posts of managing director and chief executive officer at five state-run banks, reports Mint.
NTPC Ltd commenced Unit-III 500 megawatt Vallur thermal power project. The project is a joint venture between NTPC and Tangedco. Read more.
The Securities and Exchange Board of India (Sebi) imposed a total penalty of ₹ 86 crore on DLF Ltd, the company’s top officials and some of its subsidiaries, after finding them guilty of engaging in unfair trade practices, reports Mint.
Bharti Airtel Ltd raised $310 million through a secondary share sale in its mobile tower unit Bharti Infratel Ltd, reports Reuters. The company will use the funds primarily to reduce debt.
Financial Technologies (India) Ltd is looking to exit its mobile transaction and payment gateway company, reports Business Standard. According to the report, the company is also looking to exit Boursa Africa and Bahrain Financial Exchange.
Hindustan Oil Exploration Co. Ltd is working on a turnaround plan as the company’s promoter, Italy-based Eni SpA, seeks to move out of a management role to that of an investor, indicating an impending change in ownership, reports Mint.
Bharat Electronics Ltd and Rolta India Ltd said the ministry of defence had selected their consortium as a development agency for the battlefield management system project worth over ₹ 50,000 crore, reports Mint.
Lastly, SpiceJet received ₹ 500 crore from its new owner Ajay Singh, reports PTI. Singh, whose injection of the funds is part of a ₹ 1,500 crore investment plan, also reportedly said that he is open to reviewing SpiceJet’s discount fare sales strategy.
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