Opening Bell | Asian markets open lower; Tata Motors, Nalco in focus
In other news, DHFL to raise Rs10,000 crore via NCDs, issue opens on 29 August
US markets end lower; Asia follows suit
US equities closed lower on Thursday, a day ahead of a key speech from US Federal Reserve chair Janet Yellen. The Dow Jones industrial average fell 0.18%, to close at 18,448.41 points. The S&P 500 dropped 0.14% and the Nasdaq slipped 0.11%.
Asian markets opened lower on Friday, after most local markets remained relatively flat throughout the week. Japan’s Nikkei 225 sold off 0.84%. Across the Korean Strait, the Kospi declined 0.5%.
RBI says large firms have to pay more for bank loans, starting FY18
The Reserve Bank of India (RBI) has proposed a major overhaul in the way large companies borrow. In separate decisions, the central bank made it costlier for large companies to borrow more than a certain amount from banks even as it took steps to increase liquidity and participation in the corporate bond market, reports Mint.
DHFL to raise ₹ 10,000 crore via NCDs, issue opens on 29 August
Mortgage firm DHFL plans to raise ₹ 10,000 crore from non-convertible debentures (NCDs) to fund business growth. The NCD issue of face value of ₹ 1,000 each with a base issue size of ₹ 2,000 crore and an option to retain oversubscription of up to ₹ 8,000 crore aggregating up to ₹ 10,000 crore opens on 29 August. Read more.
Welspun India product claims: Now, Bed Bath & Beyond starts review
American retailer Bed Bath & Beyond Inc., also one of Welspun India Ltd’s largest customers, said it will independently review its supply chain, following Target Corp.’s decision to snap ties with the Indian textile maker.
UPI goes live, banks introduce payment apps on Google Play Store
India moved closer to a cashless future with four banks introducing unified payments interface-based (UPI-based) apps that will make it possible for customers to make everyday payments with just a few taps on their smartphones. Read more.
Nalco’s ₹ 2,835 crore buyback offer to open on 30 August
Aluminium maker Nalco’s ₹ 2,835 crore offer to buy back 64.43 crore shares will open on 30 August. The public sector undertaking submitted the copy of public announcement and the letter of offer for the shareholders to the stock exchanges.
Strides gets nod from US regulator for constipation drug
Strides Shasun said it has received an approval from the US health regulator for Polyethylene Elycol 3350 used for treating constipation. The company said it will manufacture the product at its Bangalore plant and launch the product in the fourth quarter of this fiscal.
European regulator EMA to review Biocon-Mylan cancer drug
Drug makers Mylan NV and Biocon Ltd on Thursday said the European Medicines Agency (EMA) has agreed to review Mylan’s application seeking permission to bring Trastuzumab to Europe. Read more.
IL&FS Transportation to sell APEL for ₹ 140 crore
IL&FS Transportation Networks has signed a pact to sell its entire stake in Andhra Pradesh Expressway to Singapore-based Cube Highways & Infrastructure Pte Ltd for ₹ 140.37 crore.
Bharti Airtel upgrades over 9,000 network sites under Open Network
Bharti Airtel has said its Open Network initiative, which offers network information to customers and seeks their feedback for improvement, has led to upgradation of over 9,000 sites and optimisation of over 30,000 existing ones. The task of putting up new towers is also under way, the company said.
Earnings corner
Abbot India, Pratibha Industries, Tata Motors and Finolex Industries are some of the companies that will announce their June quarter earnings today.
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