Opening bell: Asian markets fall; Aurobindo Pharma, Tata group firms in news
Global equities fall on Korea tensions
Markets in Asia declined and the US stock futures slipped in morning trade after tensions on the Korean peninsula escalated. Overnight, markets in the US closed lower as investors moved to safer assets.
After SBI, Axis Bank cuts interest rate on savings account
Axis Bank Ltd reduced interest rate on savings accounts by 50 basis points to 3.5% for deposits up to Rs50 lakh, reports PTI. The bank will continue to pay 4% interest on deposits of above Rs50 lakh.
Weather office forecasts normal rainfall for August, September
Rainfall for the country as a whole during the second half of the monsoon—August and September—will be 100% of the long-period average, with an error margin of 8%, the weather office said, reports The Hindu Business Line.
Tata Steel looking at acquisitions, open to buying stressed assets
Tata Steel Ltd is actively looking at inorganic expansion as part of its growth strategy, while it aims to ramp up capacity in India, chairman N. Chandrasekaran told the firm’s shareholders at its annual general meeting, reports Mint.
Titan partners with Amazon to enter US watch market
Titan Co. Ltd has partnered with Amazon.com Inc. to enter the US watch market, reports Mint. The two companies will look at gradually expanding the scope of their collaboration to other markets too, the report adds.
Tata Chemicals Q1 profit down 53%
Tata Chemicals Ltd reported 53% decline in consolidated profit for the first quarter ended June 2017, reports PTI. Total income fell to Rs2,667 crore from Rs3,340 crore in the corresponding period of the previous year.
HDFC Bank to step up corporate lending
HDFC Bank Ltd says it is looking at increasing its market share in corporate loans on strong capital position, reports PTI.
Comptroller & Auditor General raps BHEL
BHEL Ltd made no effort to innovate or strategise its business leading to losses, the Comptroller & Auditor General of India said in its audit, reports Business Standard.
VA Tech Wabag wins sewage treatment plant order
VA Tech Wabag Ltd has won a Rs386 crore design, build and operate order from the Bangalore Water Supply and Sewerage Board for a sewage treatment plant, reports The Hindu Business Line.
Aurobindo Pharma to develop more oncology products
Aurobindo Pharma Ltd plans to develop more oncology drugs, besides eight hormone products, and could start regulatory filings later this year, reports Business Standard. According to the report, manufacturing of these drugs would commence from 2018-19. The company will also release its earnings for the June quarter on Wednesday.
Eicher Motors, Tata Motors earnings today
Aurobindo Pharma Ltd, Eicher Motors Ltd, Inox Wind Ltd, NHPC Ltd, Tata Motors Ltd, VA Tech Wabag Ltd, and Thomas Cook (India) Ltd are some of the companies that will release their earnings for the June quarter on Wednesday.