BackOpening bell | Asian markets open higher; RIL, Wipro in focus
In other news, petrol price was hiked by a marginal 13 paise a litre, while diesel rates were cut by 12 paise, in line with global trends.
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Asian markets open with gains
Overnight, US markets closed slightly lower; S&P 500 at 2,198 points is down 0.27%.
Asian markets gained in morning trade. Stocks rose after Opec agreed to limit oil output. Crude prices jumped on Opec deal.
Q2 GDP growth at 7.3%, note ban dims outlook
India’s economy witnessed a marginal acceleration, growing at 7.3% in the second quarter of 2016-17. However, expectations are that growth will suffer a setback in the second half of the year on account of the impact of demonetisation, reports Mint.
Fuel prices see marginal changes
Petrol price was hiked by a marginal 13 paise a litre, while diesel rates were cut by 12 paise, in line with global trends.
Residential property sales may suffer in 2017: Fitch
Fitch Ratings expects residential property sales of most of the residential developers to come down by at least 20-30% in 2017 because of the government’s move to demonetise certain currency notes, reports Business Standard.
Reliance Industries chairman to address stakeholders
Mukesh Ambani, chairman and managing director, Reliance Industries Ltd, will address the company’s stakeholders on Thursday through a live broadcast over the firm’s social media platforms. Read more.
Wipro to sell EcoEnergy business for $70 million
To sharpen its focus on core IT business, Wipro Ltd decided to sell EcoEnergy division to Chubb Alba Control Systems for $70 million, reports PTI.
Titan watch sales take a hit
Watch sales at Titan Co. Ltd have fallen 15-20% since the ban on large-value currency notes and could take about a quarter to recover, reports Mint.
Govt restricts coal output at Reliance Power’s Sasan UMPP blocks
The government has restricted coal production from Reliance Power’s Moher and Moher Amlohri extension blocks attached to the Sasan ultra mega power project (UMPP) in Madhya Pradesh, reports The Economic Times.
RBI eases cash balance requirements for banks
The Reserve Bank of India (RBI) will allow banks to use all their cash to meet the central bank’s new cash reserve ratio requirements, not just a certain amount of the money, in a technical but important move that could provide relief to banks, reports Reuters.
Ceramic industry in Gujarat face sharp slowdown
Small diamond and ceramics units in Gujarat are bearing the brunt of the government’s ban on high-value banknotes, reports Mint. Many diamond processing units in Surat have extended the Diwali holiday for workers and 60% of the ceramics factories in Morbi town are likely to have downed their shutters, the report adds.
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