BackNews roundup | Asia mixed, Power Grid wins order
Asian markets opened mixed; Power Grid Corporation of India won the `7,032 crore Vemagiri-II transmission project
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US markets close lower
US markets closed lower. S&P 500 lost 0.58% to 2,018 on drop in shares of energy and healthcare firms, reports Reuters. Tracking the losses Asian markets opened mixed.
Debt continues to weigh down top conglomerates
Financial stress at the top 10 Indian conglomerates has intensified even as some of them cut back on capital expenditure and attempted to sell assets to pare debt, according to a report by Credit Suisse Group AG. Read more.
Wipro lags peers in Q2, forecasts tepid sales growth
Wipro Ltd reported a 2.1% increase in second-quarter revenue, underperforming larger rivals in the Indian technology industry, and forecast tepid sales growth in the December quarter, reports Mint.
Reliance Capital to buy Goldman Sachs MF business
Reliance Capital Ltd’s asset management unit signed agreements to acquire the mutual fund business of Goldman Sachs Group Inc. in India for ₹ 243 crore (about $37.5 million) in an all-cash deal. Read more.
Power Grid wins ₹ 7,000 crore transmission project
Of the two key power transmission projects put up for tariff-based competitive bidding, Power Grid Corporation of India Ltd won the ₹ 7,032 crore Vemagiri-II transmission project, reports Business Standard. Kalpataru Power Transmission Ltd bagged the second project, the report adds.
Idea profit up 7% but misses expectations
Idea Cellular Ltd saw its profits rise 7% in the July-September quarter from a year earlier, missing analysts’ estimates. Earnings were crimped by reduced interconnection charges that came into effect on 1 May.
Cairn India Q2 profit falls 70.5%
Cairn India Ltd reported a 70.5% drop in its fiscal second-quarter profit as crude oil prices extended their slide. Revenue fell 43.71% to ₹ 2,242.14 crore from a year earlier.
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