Opening bell: Asian markets open lower; Infosys, Gujarat Pipavav, Bhushan Steel in news
Asian stocks little changed in morning trade
Asian markets opened subdued. According to Reuters, investors turned cautious after North Korea conducted another missile test on Friday. Over the weekend, most US stocks closed lower on disappointing earnings.
RBI likely to go for a 25 bps rate cut
The Reserve Bank of India (RBI) may cut interest rates by 25 basis points on Wednesday after retail inflation hit a record low in June, reports Mint.
Destocking, discounts ahead of GST rollout hurt June quarter earnings
Indian companies reported a decline in June quarter earnings as distributors and retailers stopped stocking goods and liquidated inventory, sometimes at a discount, ahead of the implementation of the goods and services tax (GST) on 1 July, reports Mint.
Infosys sees another senior-level exit
A top executive at Infosys Ltd’s products and platforms unit EdgeVerve has quit, reports Mint. According to the report, Anirban Dey, global head and chief business officer of the Edge line of products at EdgeVerve, resigned last week and is serving his notice period.
In another report, Infosys is hiring more locals and investing heavily in Europe as it looks to tap into opportunities in its second largest market.
Pipavav port sale could stumble over residual concession period
The entity that buys Gujarat Pipavav Port Ltd can run the port only for 10 years, reports The Hindu Business Line. According to the report, the 30 year concession agreement for the facility ends in 2028, which could be a deal spoiler.
SSG Capital eyeing stake in debt-laden Bhushan Steel
Asia-focused special situations investment firm SSG Capital Management is interested in acquiring a stake in distressed steel company Bhushan Steel Ltd, reports Mint.
Tatas to start consolidation with defence businesses
Tata Sons chairman N. Chandrasekaran may kick off the consolidation at the Tata Group by clustering all defence businesses under one company, reports The Economic Times. Currently, Tata’s defence businesses are placed in multiple units, including in the listed companies.
Lanco to sell office rental business for Rs1,000 crore
Debt-laden Lanco Group is in talks to sell its commercial office space business to southern builder DivyaSree Developers in a deal topping Rs1,000 crore, or $160 million, reports The Times of India.
Hyundai looking to enter commercial vehicle market in India
Korean auto major Hyundai is looking to enter the domestic commercial vehicle market, reports Business Standard. According to the report, the company is evaluating the prospects of the Indian small and heavy commercial vehicle market.
InterGlobe Aviation, Tech Mahindra results today
Bharat Electronics Ltd, InterGlobe Aviation Ltd, Tech Mahindra Ltd, Shriram Transport Finance Co. Ltd, UPL Ltd, Siemens Ltd, and Sintex Industries Ltd are some of the companies that will release their earnings for the June quarter on Monday.