News roundup 14 April | Asian shares open in green, US stocks drift lower
Buying in industrial and healthcare stocks is helping the benchmark indices trade in the green
Asian markets opened with gains. Buying in industrial and healthcare stocks is helping the benchmark indices trade in the green, reports Bloomberg. US markets closed lower. S&P 500 lost 0.5% to 2,092 on concerns over corporate earnings. Read more.
Retail inflation eases
India’s retail inflation surprisingly eased in March to a three-month low as food prices softened. Retail prices rose 5.17% in March, slower than a 5.37% increase in the preceding month. Read more.
Public finances remain a concern: S&P
India’s fiscal improvements could fail to withstand an external shock, rating agency Standard and Poor’s warned, given “less than rock solid" public finances that remain a concern for its sovereign rating profile.
IT firms may post muted dollar revenue growth
India’s software services companies may see a drop in dollar revenue growth, primarily because the dollar strengthened against major global currencies in the three months ended 31 March, reports Mint.
Reliance Jio to start services by June
Reliance Jio Infocomm Ltd, a unit of Reliance Industries Ltd (RIL), will introduce its voice-plus-data mobile services in five cities by June, reports Mint. The company has been working on wireless broadband services since June 2010.
Meanwhile, the government filed an affidavit in Supreme Court stating its differences with RIL over pricing of natural gas from KG-D6 block is not open to arbitration, reports Business Standard.
ONGC to see production rising
Oil and Natural Gas Corp. Ltd believes its days of stagnant production are over and that it will sustain a steady rate of growth in production going forward, reports Mint.
ICRA downgrades GMR loan ratings
Rating agency ICRA has downgraded ratings for long-term loans over ₹ 11, 000 crore to GMR Infrastructure Ltd’s two thermal power projects, reports Business Standard. The two projects are the 1,370 megawatt plant in Chhattisgarh, and the 1,050 megawatt project at Kamalanga in Odisha.
Deepak Fertilisers sells shares in Mangalore Chemicals
Deepak Fertilisers and Petrochemicals Corp. Ltd sold 12.07% stake in Mangalore Chemicals and Fertilizers Ltd in the market, days before rival firm Zuari Fertilisers and Chemicals Ltd launches an open offer for Mangalore Chemicals shares on 21 April, reports Mint. Deepak Fertilisers unsuccessfully fought a takeover battle with Zuari Fertilisers for Mangalore Chemicals.
Escorts in JV to make specialty tractors
Escorts Ltd entered into a joint venture with Rajkot based Amul Group to manufacture a specialty tractor, reports Business Standard. Escorts will hold 40% in the new company, the report says.
Cadila Healthcare seeks nod to raise ₹ 10,000 crore
Cadila Healthcare Ltd is seeking shareholders’ nod to raise upto ₹ 10,000 crore from the capital markets by issuing equity shares, including instruments such as convertible bonds, debentures, reports The Hindu Business Line.
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