Opening bell: Asian markets open higher; Reliance Jio, Bank of Baroda, TCS in news
Global equities rise on favourable US Fed comments
US markets closed with gains. S&P 500 gained 0.73% to 2,443 after US Federal Reserve chair Janet Yellen signalled the central bank won’t rush to tighten monetary policy as inflation remains below target, reports Bloomberg. Tracking the cues, Asian markets opened higher.
Record low inflation mounts pressure on RBI to cut rates
Retail inflation dipped to a record low in June on sliding food prices, while industrial output growth slowed in May, mounting pressure on the Reserve Bank of India (RBI) to cut interest rates when it reviews monetary policy in August, reports The Times of India.
New Reliance Jio plans to help boost Arpu, good for telecom: Icra
Reliance Jio Infocomm Ltd’s new tariff plans are an effort to improve profitability and thus a positive for the telecom sector that has been hit badly due to aggressive play by the new entrant, says a report by ratings agency Icra Ltd, reports PTI.
Vodafone-Idea merger: Sebi looks at open offer possibility
The Securities and Exchange Board of India (Sebi) is examining whether the proposed merger between Vodafone India and Idea Cellular Ltd will trigger an open offer under the takeover rules, reports The Economic Times.
Bank of Baroda moves NCLT to recover Rs97 crore from Binani Cement
Bank of Baroda Ltd has filed a petition against Binani Cement Ltd with the National Company Law Tribunal’s (NCLT), seeking to recover Rs97 crore in an outstanding loan after the firm failed to come up with a restructuring plan to clear its dues. Read more
Ashoka Buildcon targets Rs5,000 crore projects in FY18
Ashoka Buildcon Ltd is eying both hybrid annuity and engineering, procurement, and construction mode projects, reports Business Standard. According to the report, the company which has an order book of Rs7,000 crore is targeting an order intake of Rs5,000 crore in FY18.
TCS earnings today
Cyient Ltd, Hatsun Agro Product Ltd, Reliance Industrial Infrastructure Ltd, and TCS Ltd are some of the companies that will release their earnings for the June quarter on Thursday.