Opening bell: Asian markets open mixed; Maruti Suzuki, airline stocks in news
Asian markets mixed in morning trade
Passenger vehicle sales slump in June
Sales of passenger vehicles in June declined the sharpest since March 2013 as dealers stayed away from buying stock due to ambiguity over the goods and services tax (GST).
Global airlines, PEs vie to invest in Jet Airways
Global airlines and private equity funds (PEs) are vying to invest in Jet Airways (India) Ltd, reports The Economic Times. According to the report, Jet Airways is looking to raise capital to fund operations.
Maruti Suzuki looks to revamp dealerships in image makeover bid
Two years after Maruti Suzuki India Ltd introduced the Nexa sales network the company is set to revamp its remaining 1,800 showrooms, 3,000 workshops and as many as 1,000 pre-owned car showrooms under the True Value brand, reports Mint.
Tata Power-CDPQ platform in talks to buy DB Power assets
An India-focused power platform set up by Tata Power, Caisse de dépôt et placement du Québec (CDPQ) and ICICI Venture, among others, is in talks to buy the assets of Diligent Power Ltd, the power arm of print media company DB Corp. Ltd, reports Mint.
Lanco encashes suppliers’ bank guarantees
The insolvency move of bankers has created a ripple effect in the industry with Lanco Infratech Ltd, one of the companies in the Reserve Bank of India’s action list, encashing bank guarantees of its suppliers, reports Business Standard.
Maran seeks over Rs2,000 crore compensation from SpiceJet
SpiceJet’s former promoter Kalanithi Maran has sought over Rs2,000 crore compensation from current promoter Ajay Singh and the airline for allegedly causing losses by failing to honour contractual obligations, reports The Economic Times.
Electrosteel Steels not to oppose SBI’s move to take control of its assets
Electrosteel Steels Ltd is not going to oppose the appointment of an administrator as State Bank of India (SBI), the principal lender, moved the Kolkata bench of the National Company Law Tribunal to recover its dues under the newly introduced Insolvency and Bankruptcy Code. Read more
Grasim divests stake in textiles unit GBTL to Donear group
Grasim Industries Ltd has entered into a share transfer agreement for the divestment of its 100% holding of Grasim Bhiwani Textiles Ltd (GBTL), a wholly-owned subsidiary, to Donear group, reports PTI. GBTL constitutes a very small proportion of Grasim’s consolidated financials.