Opening bell: Asian markets open lower; IndiGo, Jet Airways, Merck in news
Asia tracks US market losses
IndiGo may buy stake in Jet Airways if Air India bid fails
InterGlobe Aviation Ltd-run IndiGo is convinced there is an opportunity for a large India-based airline with a significant international footprint, and may consider investing in Jet Airways (India) Ltd if it fails to acquire a stake in Air India, reports Mint.
Merck’s India unit part of German parent’s global sale plans
Merck KgaA is considering selling its global consumer health business, including that of its publicly traded Indian unit Merck Ltd. Read more
Bajaj Finance launches QIP at floor price of Rs1,777.9 per share
Bajaj Finance Ltd has launched Rs4,500 crore qualified institutional placement (QIP) at a floor price of Rs1,777.9 per share. The company has set a floor price of Rs1,777.9 per share for the share sale. The stock closed at Rs1,787.5 on the BSE on Tuesday.
Maruti Suzuki aims to grow in double digits in next three years
Maruti Suzuki India Ltd predicts the Indian automotive industry to grow in double digits for the next three to five years, reports The Economic Times. The company itself expects to grow in double digits in the next three years.
IGL, IOC-Adani, HPCL-Oil India set to win gas distribution licences
Indraprastha Gas Ltd, Indian Oil-Adani Gas combine and Hindustan Petroleum-Oil India joint venture are set to win licences to distribute gas in one city each in the latest round of auction, reports The Economic Times.
Banks start moving on NPA accounts in RBI’s second defaulter list
Banks have started work on debt resolution plans or are in the process of initiating insolvency proceedings against defaulters named in the central bank’s second list well in advance of the 13 December deadline set by the regulator, reports Mint.
Uttar Pradesh to clock record sugar output in upcoming season
Uttar Pradesh is likely heading for a new record of sugar production for the 2017-18 crushing season, which begins next month, reports Business Standard. The state is estimated to produce 9.7 million tonnes of sugar in the upcoming season this year, the report adds, citing an ICRA study.
Amazon India looks to cut costs, discounts to achieve profit by 2019
Finally, Amazon India (Amazon Seller Service Pvt. Ltd), which until recently had been spending freely to win market share, has been quietly trying to reduce losses to reach its target of getting on to a path to profitability by 2019, reports Mint.