Opening bell: Asian markets gain; Care Ratings, IDFC, Biocon in news
In other news, with pilot projects indicating success, direct benefit transfer of fertilizer subsidy will be introduced across the country from next month
Asian markets advance in morning trade
Asian markets gained in morning trade. Stocks rose helped by US markets gains over the weekend. S&P 500 gained 0.64% to 2,425 on strong employment date.
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Fitch looking to buy stake in Care Ratings
US ratings firm Fitch is looking to buy stake in Care Ratings Ltd, reports The Economic Times. The move comes after Crisil Ltd bought stake in Care Ratings.
IDFC-Shriram merger deal complex, may be painful
The proposed merger between IDFC Ltd and Shriram Capital will not only be complex, but will also involve a painful transition, said analysts, reports Mint. They pointed out a range of pressure points including regulatory hurdles and a potential asset-liability mismatch for IDFC Bank Ltd, the report adds.
French regulator finds lapses at Biocon’s Bengaluru plant for biosimilars
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Biocon Ltd’s biosimilars programme for Europe has hit a roadblock with the French health regulator finding lapses in quality compliance at its Bengaluru plant during a March inspection, reports Mint.
Lenders to tap global investors for Bhushan Steel, Essar Steel
The lenders to Bhushan Steel and Essar Steel, both candidates for action under the insolvency and bankruptcy code, are also trying to involve global investors to get a better price for their equity, reports Business Standard.
Gujarat govt to meet lenders this week on Tata, Adani power projects
The Gujarat Government will hold a meeting with lenders this week to discuss the future of imported coal-based thermal power projects of Tata Power and Adani Power located in Mundra, reports The Hindu Business Line.
Meanwhile, NTPC Ltd’s technical assessment found the stressed imported-coal based power plant of Tata Power to be fit for takeover, reports The Economic Times.
GST, rupee impact seen impacting June quarter results
June quarter earnings growth of Indian companies is likely to slow because of uncertainty surrounding the implementation of goods and services tax (GST) and the impact of a stronger home currency on exporters, reports Mint.
Consumer goods firms hold off on price hikes despite GST impact
Consumer packaged goods companies are unlikely to raise prices in the next three months for products such as personal care items, hair colours and shampoos even though tax rates have increased under the GST, reports Mint.
Tatas to inject Rs12,000 crore more in telecom arm
The Tata group’s holding company, Tata Sons, has decided to infuse Rs 12,000 crore more into its telecom arm in the current financial year, so that it can repay its debt and improve its financial metrics, reports Business Standard.
UP nudges solar companies to cut power tariff on older pacts
Following a steep fall in solar tariffs in the last two years, Uttar Pradesh is pressuring solar power project developers to cut rates of electricity agreed upon in earlier contracts even though the pacts were signed when equipment prices were high, reports The Economic Times.
Direct benefit transfer for fertilizers may begin in August
With pilot projects indicating success, direct benefit transfer of fertilizer subsidy will be introduced across the country from next month, reports Mint.
E-way bill system in GST to come from October
The GST provision, requiring any good more than Rs50,000 in value to be pre-registered online before it can be moved, is likely to kick in from October after a centralised software platform is ready, reports PTI.