Opening bell: Asian markets open mixed; Tata Steel, Tata Beverages, IDBI Bank in news
US markets close flat; Asia mixed
Asian markets opened mixed. Markets in Japan and Australia weakened in the morning trade. But the broader index of Asia-Pacific shares outside Japan held up in green, reports Reuters. Overnight, the US markets closed flat after volatile trade.
Dry spell threatens Indian summer crops
Farmers are facing the risk of planting too much, too fast in the current monsoon season as an unexpected dry spell starts to wilt summer-sown crops, raising fears of lower yields, reports Reuters. According to the report, the ongoing dryness is affecting central, western and southern parts of India.
Tata Steel’s UK arm to sell two pipe mills to Liberty House Group
Tata Steel Ltd has said its UK subsidiary had signed a definitive agreement to sell two pipe mills in Hartlepool, England to Liberty House Group.
Tata Global Beverages to divest stake in group’s firms to parent
Tata Global Beverages Ltd has decided to sell its stake in various Tata group listed companies to its parent, Tata Sons, reports Business Standard. According to the report, Tata Global Beverages owns close to Rs755 crore worth of stake in other group firms.
Maruti Suzuki unseats Mahindra as top utility vehicle maker in Q1
Mahindra and Mahindra Ltd’s core utility vehicle segment is under attack. The company has lost its pole position in the segment to Maruti Suzuki India Ltd, shows the latest data from Society of Indian Automobile Manufacturers, reports Mint.
IDBI Bank’s gross NPA divergence Rs6,816 crore for FY16
IDBI Bank Ltd has said that the divergence between its own gross bad loan estimates and those made by the Reserve Bank of India (RBI) was Rs6,816.60 crore at the end of 2015-16. Read more
Torrent Pharma’s Dahej unit gets US FDA observations
The US drug regulator has issued five observations related to two products from Torrent Pharmaceuticals Ltd’s Dahej plant that are awaiting approvals, reports Business Standard.
Fairfax, ICICI Bank to pare stake in ICICI Lombard IPO
The initial public offering (IPO) of ICICI Lombard General Insurance Co. Ltd will see its founders ICICI Bank Ltd and Prem Watsa’s Fairfax Financial Holdings Ltd collectively dilute a stake of at least 20%, reports Mint.