Opening Bell: Asian markets open higher; all eyes on election results; Mahindra Finance in news
Asian stocks open higher
Asian markets opened higher, tracking the gains in the US markets on Friday which scaled new highs on expectations US lawmakers will pass a long-awaited tax bill, reports Reuters. S&P 500 at 2,675 is up 0.9%.
All eyes on Himachal, Gujarat election results
Stock markets are expected to rally if exit polls predicting victory for the Bharatiya Janata Party (BJP) in Himachal Pradesh and Gujarat elections turn out to be accurate.
Real estate firms may face probe by GST anti-profiteering body
Real estate developers are likely to be the first to face investigations by the new anti-profiteering watchdog for allegedly denying consumers the benefit of reduced tax burden under the goods and services tax (GST) regime, reports Mint.
Mahindra Finance explores acquisitions, looks to list some units
Mahindra and Mahindra Financial Services Ltd, which raised over Rs1,000 crore by selling shares to financial institutions earlier this month, is considering strategic acquisitions across its various verticals, reports Mint.
Aurobindo, Dr Reddy’s frontrunners to buy Orchid Pharma
Aurobindo Pharma Ltd and Dr Reddy’s Laboratories Ltd are emerging as the frontrunners to buy out bankrupt Orchid Pharma Ltd as they seek to expand their capacities, reports The Economic Times.
Tata Teleservices in talks to repay debt early
Tata Teleservices is in talks with Indian lenders to repay its debt before its maturity so that it can cut its finance cost and shut down its loss-making wireless telephony business, reports Business Standard.
Warburg close to buying 49% stake in CAMS
Private equity fund Warburg Pincus is close to buying a 49% stake in Computer Age Management Services (CAMS), reports The Economic Times. According to the report, a subsidiary of NSE, HDFC group and Acsys holds stakes in the company.
United Spirits sees McDowell’s No.1 brand driving sales growth
United Spirits Ltd’s largest brand, McDowell’s No. 1, will drive its overall sales growth even as the company continues to renovate and innovate its power brands, reports Mint.
Brand Factory plans aggressive expansion, to focus on small towns
Future Lifestyle Fashions Ltd’s discount chain Brand Factory is looking at aggressively expanding its store footprint and plans to focus on smaller towns and cities in particular as part of this strategy, reports Mint.
Kesoram Industries to get Rs350 crore from promoters
Kesoram Industries Ltd announced that its promoters had agreed to inject up to Rs350 crore in the maker of tyres and cement, and that the company may induct a partner with expertise in radial technology to boost its tyre business.
Dealership rules hurt expansion plans of oil companies
Oil marketing companies have also not been able to advertise for new retail outlets as guidelines to select dealers have been amended, but not yet approved by the ministry for petroleum and natural gas, reports Mint.
Reliance Jio in talks with multiple developers for content
Reliance Jio Infocomm Ltd, the telecom arm of Reliance Industries Ltd is in talks with several web content developers to create content for Reliance Jio users, reports Mint.
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