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Business News/ Market / Stock-market-news/  Opening bell: Asia opens mixed; Aurobindo Pharma, Tata Power earnings in focus
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Opening bell: Asia opens mixed; Aurobindo Pharma, Tata Power earnings in focus

Reliance Infra completes 100% sale of cement unit to Birla Corp; Infosys denies laying off 500 people

Photo: MintPremium
Photo: Mint

US stocks closed mostly lower on Monday, as investors looked ahead to a key speech from a top Federal Reserve official. The Dow Jones Industrial Average closed 0.12% lower, at 18,529.42 points. The S&P 500 slipped 0.06% to end at 2,182.64 points, while the Nasdaq gained 0.12% to 5,244.60 points.

Asian markets opened mixed on Tuesday, with Japanese shares coming under pressure in early trade as the yen inched closer to the key 100 level against the dollar. The Nikkei 225 was down 0.35%.

Reliance Infrastructure completes 100% sale of cement unit to Birla Corp

Anil Ambani-led Reliance Infrastructure Ltd has completed the sale of its 100% shareholding in Reliance Cement Co. Pvt. Ltd to Birla Corp. Ltd, the flagship company of the MP Birla Group. The deal valued the cement business at 4,800 crore, reports Mint.

Infosys denies laying off 500 people

Infosys Ltd said it has laid off “a few" people on grounds of non-performance and disciplinary issues but denied reports of 500 jobs being cut by the country’s second largest software services company. Read more.

HPCL posts 30% jump in profit in June quarter, declares 2:1 bonus issue

Hindustan Petroleum Corp. Ltd (HPCL) reported a 30% increase in net profit to 2,098.38 crore for the fiscal first quarter. The company’s net profit rose from 1,614.13 crore in the year-ago period. During the quarter, net revenue fell 5.7% to 51,661.04 crore from 54,822 crore in the same quarter last year. Read more.

Indraprastha Gas June quarter profit up 44%

Indraprastha Gas Ltd, the sole retailer of CNG in the National Capital Region, on Monday reported a 44% jump in net profit for the June quarter on rise in gas sales and lower interest cost. Net profit in April-June at 147.72 crore, or 10.57 per share, was higher than 102.32 crore, or 7.32 per share, in the corresponding period a year ago.

India rating outlook positive on gradual reforms: Moody’s

Moody’s Investors Service said that India’s growth outlook is positive, in its annual credit analysis of government bonds. It said that India’s credit profile is supported by its strong growth potential, a large economy and high private savings rate which mitigates the risk of high government debt.

Leela seeks nod to sell Delhi, Chennai properties

Debt-ridden Leela Hotels has sought shareholders’ nod to sell its properties in Chennai and Delhi. Hotel Leelaventures wants to sell Leela Palace in the prime Chanakyapuri locality of Delhi and the Adywar Sea Face property in Chennai may soon be on the block.

RBL Bank’s IPO subscribed 3.08 times on day 2

The initial public offering (IPO) of RBL Bank Ltd, excluding the anchor allotment, was subscribed 308.33% or 3.08 times on Monday, the second of the three-day offering. The 1,211.2 crore IPO, which opened on Friday, will close on 23 August.

JSPL secures 1.18 mn tonnes annual coal supply for power plants

Jindal Steel and Power Ltd (JSPL) has secured long-term coal linkage of 1.18 million tonnes per annum (mtpa) for power plants in Chhattisgarh. “JSPL has secured long-term linkage of 1.18 mtpa for its state-of-the-art captive power generation plants in Dongamahua and Raigarh in Chhattisgarh," the Naveen Jindal-led firm said in a statement. Read more.

Maggi with 57% share regains top slot in noodles market

Nestle India’s instant noodle brand Maggi, whose sales were severely hit by a Food Safety and Standards Authority of India ban last year, has regained its leadership position capturing 57% share of the market in June this year. Read more.

NTPC seeks shareholders’ nod to raise up to 15k crore via bonds

NTPC has sought shareholders’ approval to raise up to 15,000 crore through issuance of debentures/bonds on a private placement basis. The funds would be raised in one or more tranches/series not exceeding 30, through private placement, in domestic market for capex, working capital and general corporate purpose.

Earnings Corner

Aurobindo Pharma, Hathway Cables, Gillette India and Tata Power are among the companies that will announce their June quarter earnings today.

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Published: 23 Aug 2016, 08:04 AM IST
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