BackOpening Bell | Global equities extend losses, Coal India earnings today
The surprise devaluation of Chinese currency is weighing on emerging market currencies and equities
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Asian markets open lower
Asian markets opened lower. The surprise devaluation of Chinese yuan is weighing on emerging market currencies and equities. US markets closed lower, too. S&P 500 lost almost 1% to 2,084.
Moody’s flags drought risks for Indian economy
India’s economy remains vulnerable to droughts and fluctuations in rainfall in the coming years, although the country may avoid a drought this year, Moody’s Investors Services reportedly said.
Sun Pharma net profit falls 60%
Sun Pharmaceutical Industries Ltd posted a 60% decline in consolidated net profit for the June quarter, hurt by one-time and exceptional charges.
Maruti’s capacities to exhaust next year
With Maruti Suzuki India Ltd set to fully utilize its existing plants next year, the capacity addition in Gujarat has become crucial for the company, reports Business Standard. Delays in approvals for the new facility can put the company at risk of capacity exhaustion in 2017, the report says. Meanwhile, the company posted its highest market share in more than a decade in July, reports The Economic Times.
HPCL’s net profit jumps 35 times on strong margins
Hindustan Petroleum Corp. Ltd (HPCL) posted a 35-fold jump in its first quarter net profit as the company achieved one of its best gross refining margins in recent times.
Government seeks ₹ 640 crore damages from Nestle
The government has sought compensation of around ₹ 640 crore from Nestlé for damages caused by Maggi noodles to Indian consumers, reports Business Standard.
Cox and Kings plans to list two subsidiaries
Cox and Kings Ltd plans to list its UK-based education travel subsidiary and German hotel arm in the next few years to unlock value for shareholders, reports The Economic Times.
Australian groups ask banks not to back Adani project
Australia’s indigenous people Wangan and Jagalingou, traditional owners of the land proposed to host Adani Group’s $12-billion mining project in the Galilee Basin of Queensland, will meet three top banks in their country to request them not to finance the Carmichael project, reports Mint.
Uttam Galva, Posco to set up steel plant in Maharashtra
Steel maker Posco Korea signed an agreement with Uttam Galva group to set up a 3 million tonnes (mt) steel plant in Maharashtra. The plant will be set up in two phases.
Ashok Leyland, Coal India earnings today
Ashok Leyland Ltd, Aurobindo Pharma Ltd, Aditya Birla Nuvo Ltd, Coal India Ltd, GMR Infrastructure Ltd, IDBI Bank Ltd, Max India Ltd, Titagarh Wagons Ltd, Voltas Ltd and Zuari Agro Chemicals Ltd are some of the companies that will release their earnings for the June quarter today.
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