Opening bell: Asian stocks pare gains after US strikes Syria; Jio, HUL in news
In other news, JSW Steel Ltd could spend around $1 billion on capacity addition and acquisition this fiscal year
Asian markets pare gains; US stocks close higher
Asian markets pared gains after the US launched an attack on Syria, reports Bloomberg. The US launched a cruise missile attack against Syria after Bashar al-Assad’s regime used poison gas to kill scores of civilians. Overnight, the US markets closed higher. S&P 500 at 2,359 points is up 0.29%.
Indian economy to grow at 7.4% in FY18: ADB
India’s economy is set to grow at 7.4% in the current fiscal year 2017-18 against 7.1% in the previous year, on the back of pick-up in consumption demand and higher public investment, the Asian Development Bank (ADB) said on Thursday, reports Mint.
RBI to allow banks to invest in REITs, InvITs
Banks will be allowed to invest in real estate investment trusts (REITs) and infrastructure investment trusts (InvITs), attracting more institutional investors to such assets and expanding the investment scope of banks, reports Mint.
Reliance Jio to withdraw Summer Surprise offer
Reliance Jio Infocomm Ltd, a unit of Reliance Industries Ltd, said it was withdrawing its “summer surprise” offer of free services in April-June, heeding a directive from the telecom regulator.
HUL may recombine food, refreshment divisions
Hindustan Unilever Ltd (HUL) may have to recombine its food and refreshment divisions following a decision by parent Unilever Plc., reports Mint. To reduce costs, the company may also shed jobs, reports The Economic Times.
JSW Steel could spend $1 bn capacity addition, acquisitions this year
JSW Steel Ltd could spend around $1 billion on capacity addition and acquisition this fiscal year and will bid for several iron ore and coking coal mines in upcoming government auctions to secure raw material supplies, a top company executive told Reuters.
Voltas eyes home appliances brand Kenstar
Voltas Ltd is evaluating bid for Kenstar, the home appliances brand owned by Videocon group, reports The Times of India.
Dr Lal PathLabs looks at acquisitions for growth
Dr Lal PathLabs Ltd is focusing on “inorganic growth” to expand its footprint across India, particularly in the southern and western regions where the diagnostics chain has little presence, reports Business Standard.
Tata Motors receives order for 500 buses from Ivory Coast
Tata Motors Ltd received an order for 500 buses from Ivory Coast. As part of the deal, the company has handed over the first lot of 117 low-floor urban city buses to the African nation, reports PTI.
Deleveraging may have peaked for OMCs
The declining net debt level trend for the three state-run oil marketing companies (OMCs) has now hit rock bottom, with analysts expecting the three companies to start a new capital expenditure cycle, reports Business Standard.
GST rollout on 1 July likely as Rajya Sabha clears bills
Lastly, the decks are cleared for the roll-out of the goods and services tax (GST) from 1 July after the Rajya Sabha signed off on all four supporting bills without making any amendments.