BackOpening Bell | Global equities trade lower; Nestle, Dr. Reddy’s in focus
Asian markets open lower; ED to attach Vijay Mallya's assets in India
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Asia tracks US market losses
US markets closed lower. S&P 500 lost almost 1% to 2,064 on disappointing earnings from Disney. Tracking the losses, Asian markets also opened lower.
Multi-purpose vehicle sales slump
Sales of the so-called multi-utility vehicle or multi-purpose vehicle segment fell 38% in the year ended 31 March to 1.66 lakh units. During the year, sales of Toyota Kirloskar Motor Pvt. Ltd’s Innova fell for the first time to 55,242 units, down 12% over the year-ago period, reports Mint.
Lafarge India shortlists bidders for sale of assets
LafargeHolcim Ltd, which is selling Lafarge’s India assets to meet a regulatory requirement, has shortlisted at least six groups and will now invite binding offers from them, reports Mint.
Baxter emerges front runner to buy Gland Pharma
US pharma major Baxter has emerged as the front runner to buy Gland Pharma for over a billion dollars, reports The Economic Times. Gland Pharma is a contract manufacturer of injectables supplying to pharma majors, the report adds.
ED to attach Vijay Mallya’s assets in India
The Enforcement Directorate (ED) will seize the Indian assets of UB Group chairman Vijay Mallya once it completes the process of obtaining information on his personal investments, properties and shares, reports Mint.
Tata Steel UK unit said to attract China’s Hebei Iron & Steel
Tata Steel Ltd’s UK assets have attracted interest from Hebei Iron & Steel Group as the company shortlists bidders for money-losing assets, reports Bloomberg.
Reliance Jio readies for commercial operations
Reliance Jio Infocomm Ltd, the telecom unit of Reliance Industries Ltd, appears set for commercial launch in the next few months, recent developments indicate, reports Mint.
Railways abolishes dual freight rate for iron ore transport
Indian Railways has abolished the dual freight rate policy for transportation of iron ore to boost freight traffic volumes, reports Business Standard. This is also in response to a long-standing demand from industry for uniform rates, the report adds.
Dr. Reddy’s, Nestle India results today
Dr. Reddy’s Laboratories Ltd, Nestle India Ltd, Glenmark Pharmaceuticals Ltd, Bank of Maharashtra Ltd and Manappuram Finance Ltd are some of the companies that will release their earnings for the March quarter today.
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