Opening bell: Asian markets open mixed, HDFC Life, Strides Shasun in news
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US equities end higher; Asian markets open mixed
US equities closed mostly higher on Thursday as Wall Street digested former FBI Director James Comey’s testimony.
The pound weakened further on Friday in Asia as an exit poll suggested a hung parliament in the UK after Thursday’s election, with regional indexes mixed in early trade.
PSU banks will need Rs95,000 crore capital infusion: Moody’s
Moody’s Investor Service on Thursday said India’s large state-owned banks will need up to Rs95,000 crore of equity capital, highlighting a key challenge facing the country’s banking system, 70% of which is accounted for by state-owned banks.
Irdai denies permission to proposed Max- HDFC Life Insurance merger
The Insurance Regulatory and Development Authority of India ( Irdai) has denied permission to the proposed merger of Max Life Insurance Co. Ltd and HDFC Standard Life Insurance Co. Ltd (HDFC Life), saying the current structure of the deal violates Section 35 of the Insurance Act, 1938, which bars the merger of an insurance company with a non-insurance firm.
Indian Oil, HP, BP lose market share to Reliance, Essar, Shell
State-run oil marketing companies Indian Oil Corp. (IOC) Ltd, Bharat Petroleum Corp. Ltd (BPCL) and Hindustan Petroleum Corp. Ltd (HPCL) lost nearly 12 percentage points market share in the fuel retailing business to private firms such as Essar Oil, Reliance Industries Ltd (RIL) and Shell India in 2016-17, reports Mint.
Strides Shasun gets USFDA approval for Parkinson’s drug
Strides Shasun has received approval from the US health regulator, Food and Drug Administration (FDA), for Amantadine Hydrochloride, used for the treatment of Parkinson’s disease and select viral infections, in the American market.
Piramal Enterprises hires Citi, Morgan Stanley to raise Rs5,000 crore QIP
Ajay Piramal-controlled Piramal Enterprises Ltd has appointed three investment banks—Citi, Morgan Stanley and Kotak Mahindra Capital—to conduct an institutional share sale that could see it raise up to Rs5,000 crore, said two people aware of the development.