Opening bell: Asian markets open lower; IDFC, Shriram Capital, IndiGo in news
In other news, Vijay Mallya will face a second wave of criminal charges connected to money laundering in India, his lawyer said at a London hearing
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Asia tracks US market losses
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IDFC, Shriram Capital in merger talks
Shriram Capital Ltd and IDFC Ltd are in talks to merge their businesses, reports Mint. The entire lending business of Shriram Capital, which includes listed entities Shriram Transport Finance Ltd and Shriram City Union Finance, may be merged with IDFC Bank.
Tatas, Bharti explore joint front in telecom and DTH
The Tata Group and Bharti Enterprises have held exploratory talks to evaluate a mega alliance involving their telecom, overseas cable and enterprise services, and direct-to-home TV businesses, reports The Economic Times.
IndiGo plans low-cost, long-haul international flights
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InterGlobe Aviation Ltd’s IndiGo will expand internationally, following the same low-cost business model that has worked for it in India, irrespective of whether it succeeds in its bid for Air India or not, the company’s co-founder said in an analyst call, reports Mint.
In another report, the airline said it does not want the government as a partner if its attempt to acquire the international operations of Air India and AI Express works out.
High GST rate forces Mahindra to pull the plug on hybrid cars
Mahindra and Mahindra Ltd said it will phase out the mild hybrid version of Scorpio and refrain from launching any new hybrids, since the high taxes under the new goods and services tax (GST) regime have made them unviable, reports Mint.
SBI Life IPO plan gets IRDA approval
The insurance regulator has approved SBI Life Insurance Co. Ltd’s application for an initial public offering (IPO) seeking to raise as much as Rs7,000 crore, the largest such share sale by a life insurer in India.
RBL Bank reports bad loan divergence for FY16
RBL Bank Ltd said that the divergence between its own gross bad loan estimates and those made by the central bank stood at Rs339.30 crore at the end of 2015-16.
Vijay Mallya to face second round of money laundering charges
Vijay Mallya will face a second wave of criminal charges connected to money laundering in India, his lawyer said at a London hearing. Read more
France plans to end sales of gas and diesel cars by 2040
Lastly, France said it would aim to end the sale of gasoline and diesel cars by 2040, reports The New York Times. The announcement comes a day after the automaker Volvo said it would phase out the internal combustion engine. Ends