Mumbai: The weak demand at the Spanish debt auction has revived concerns that the European debt crisis is intensifying again.
Stock markets in Asia fell to one month low as investors continued to drift away from risky assets. Japan’s Nikkei at 9,714 is down 1.08%.
Overnight, stock markets in the US also fell sharply as investors weighed the possibility of fewer stimulus measures. S&P 500 at 1,398 is down 1.02% on selling in shares of financial services and information technology companies.
Back home, the government is planning to introduce a uniform licence fee of 8% across all communications services. Currently telecom sector follows revenue sharing model, under which rates vary from 0-10%.
Essel group raised its stake in IVRCL to 12.27% from 10.19%. With the latest share purchases Essel group has become the single biggest shareholder in IVRCL. As on 31 December IVRCL promoters held 11.18% in the company.
The Supreme Court has declined Essar Oil’s review petition on sales tax. The apex court refused to review its 17 January judgement which quashed the Gujarat high court’s order allowing Essar Oil to pay Rs 6,300 crore sales tax liability in instalments and extended the time period of the state government’s tax incentive scheme.
Suzlon Energy sold part of its wind energy farm for Rs 200 crore, reports The Economic Times. To raise funds for debt repayment, the company reportedly plans to divest stake in components business.
Larsen & Toubro acquired an UK-based company for Rs 24 crore. The company, Thalest, provides automation systems to shipping companies.
Citing asset quality and weak solvency profile, ratings agency ICRA has cut UCO Bank’s Tier-II bonds rating from AA+ to AA. Read the Business Standard report.
Finally, Google has unveiled prototype of the glasses it is working on. The search giant released photographs and posted a video of the goggles. Read The Guardian report.