Opening bell: Asian markets open mixed, Wipro, Tata Power, jewellery firms in news
In other news, jewellery sales rise ahead of GST roll-out
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Asian markets mixed in morning trade
Overnight, the US markets closed lower, weighed down by selling in shares of technology firms. Tracking the cues, Asian markets opened mixed. According to Bloomberg, while shares in Japan fluctuated, equities in South Korea and Australia gained in morning trade.
Industrial output growth slows to 3.1% in April
The index of industrial production (IIP) slowed to 3.1% in April from 3.8% a month ago. Retail price inflation, as measured by the consumer price index, slowed to 2.18% in May from 2.99% a month ago as food prices started falling from their year-ago level.
Panel starts hearing case for bailing out debt-laden telecom firms
An inter-ministerial panel led by a senior official in the telecom ministry started its hearings on a possible bailout of debt-laden telecom companies even as most telecom firms increased the pitch of their demand for one, reports Mint.
RBI working on bad loan resolution
The Reserve Bank of India (RBI) is in advanced stages of drawing up a list of bad loan cases to be referred to the National Company Law Tribunal for bankruptcy proceedings, using powers granted to the central bank, finance minister Arun Jaitley said. Read more.
Jewellery sales rise ahead of GST roll-out
People are rushing to make their jewellery purchases before Goods and Services Tax (GST) implementation in July, reports The Times of India. According to the report, most jewellers claim purchases for weddings scheduled in winter.
Airlines cut fares across routes ahead of lean season
Airlines have slashed fares across most routes to fill planes ahead of the lean season that starts at the end of this month, reports Mint.
Tata Power eyes distribution franchisee in J&K
Tata Power Co. Ltd is eying electricity distribution contract in Jammu and Kashmir towns, reports Business Standard. According to the report, Tata Power-Delhi Distribution Ltd, an arm of Tata Power, will lend its technical assistance to its parent company.
Wipro’s American depository receipts slump on NYSE
Wipro Ltd said the date for issuing bonus or stock dividend to the holders of its American Depository Receipts (ADRs) is yet to be finalised, amid steep fluctuations in ADRs in pre-market trading on the New York Stock Exchange (NYSE), reports PTI.
General Motors may rope in M&M for servicing its vehicles
According to The Times of India, General Motors (GM) is in talks with Mahindra & Mahindra Ltd (M&M) to service GM India vehicles currently running on Indian roads.
MEP Infra in talks for road project tie-ups
MEP Infrastructure Developers Ltd is in talks with South Korean, Chinese and Japanese infrastructure companies to form joint ventures to bid for road projects under the hybrid annuity model in India, reports Mint.