Mumbai: Asian stocks are trading mixed. The Organization for Economic Cooperation and Development warning that failure to prevent the fiscal cliff in the US would increase the risk of a global recession is making investors wary of taking fresh positions. Japan’s Nikkei at 9,383 is down 0.42%.
Overnight, US markets closed lower. Concerns about the tardy progress on the budget negotiations overshadowed the European agreement on the Greece aid. S&P 500 lost 0.52% to 1,398. Read the Bloomberg report.
Back home, with the holiday season kicking-in, hotel operators across the country are increasing the room tariffs, reports The Economic Times. According to the report, Hotel Leelaventure Ltd and ITC Hotels have raised tariffs by 8-12%.
Telenor is reportedly in talks with Tata Teleservices to combine their operations in India. Japan’s NTT DoCoMo is likely to remain a shareholder in the merged entity. Read more.
Trouble is brewing for miners based in Goa. According to The Economic Times, the Supreme Court panel is likely to recommend strong curbs on Goa ore miners. Sesa Goa is one of the biggest miners in the state.
PVR is in talks with theatre chain Cinemax India to buy its promoter’s stake. If the deal is consummated, PVR will become India’s largest cinema hall chain with 355 screens.
Pfizer is close to acquiring the injectable-drugs business of Strides Arcolab, reports Business Standard. According to the report, the deal could be announced over the next couple of weeks.
GMR Infrastructure may lose Male airport contract. The Maldives on Tuesday said its cabinet has recommended termination of a contract given to the GMR Group for developing the Male airport. The project was awarded to GMR group during the previous regime. Read more.
Private shareholders of the Mumbai airport, led by GVK Power and Infrastructure, have informed the aviation ministry that they cannot arrange for more funds to build the airport, reports Mint. With the objective of abolishing the airport development fee, aviation minister had asked the stake holders to bring in more equity.
Lenders are working with Suzlon Energy Ltd to restructure loans worth about Rs.10,000 crore, reports Business Standard. According to the Business Standard, lenders may offer interest rate concession and two-year payment moratorium to the financially stressed company.
Emami is eyeing more than 20% growth in business during the winter, reports The Economic Times. The company is planning to achieve this growth by high promotional activities.
Finally, here is a pictorial story of a Chinese farmer who refused to move out of his home for a road project. But the government went ahead with the project making the farmer’s house the lone building in the middle of the road.