Opening bell: Asian markets open higher; RBI doubles PPI limit to Rs20,000
US market ends higher; Asia follows suit
US equities closed higher on Tuesday, hitting new all-time highs, as investors digested housing data and kept an eye on president-elect Donald Trump’s policy agenda.
The session in Asia followed record high finishes on Tuesday in the US. Australian stocks climbed on Wednesday in a mostly positive Asia-Pacific trading session.
Swiss window for black money shuts
The options for concealing illegal wealth shrank on Tuesday after India and Switzerland signed a declaration ending the era of Swiss bank secrecy and allowing automatic exchange of financial information between the two countries prospectively.
Ratan Tata tried to sell TCS to IBM, claims Cyrus Mistry
Ratan Tata once tried to sell Tata Consultancy Services Ltd (TCS), now the cash cow of the Tata group, to International Business Machines Corp. (IBM), a statement from the office of Cyrus Mistry claimed
Demonetisation: RBI doubles prepaid payment instruments limit to Rs20,000
With the public facing cash crunch, Reserve Bank of India (RBI) on Tuesday introduced special dispensation for small merchants and doubled the limit of semi-closed Prepaid Payment Instruments (PPIs) to Rs20,000 to facilitate digital transactions. Read more.
GMR Enterprises in talks to raise around Rs300 crore
GMR Enterprises Pvt. Ltd, the holding company of Hyderabad-based infrastructure conglomerate GMR Group, is in talks to raise around Rs300 crore in structured debt to refinance some existing debt.
Nusli Wadia to Tata Sons: Withdraw ‘false’ charges or face legal action
Eleven days after Tata Sons sought a special resolution to remove Nusli Wadia, an independent director and an old Tata associate, from the boards of three operating companies, Wadia has shot back putting Tata Sons on a two-day notice. Read more.
R-Com takes on Reliance Jio, offers unlimited voice plan for Rs149 a month
In an attempt to counter Reliance Jio Infocomm Ltd’s unlimited free voice, Reliance Communications Ltd (R-Com) on Tuesday announced an unlimited voice plan at Rs149 for all customers. The plan also includes 300MB of data usage
Sleepwell mattresses maker Sheela Foam to launch IPO on 29 November
Polyflex Marketing Pvt. Ltd, the company that controls Sheela Foam, will sell a part of its holding through the initial public offering (IPO). The offer for sale will see the promoter entity sell shares worth Rs510 crore
Bad loans may increase to 12% by March: Fitch report
Bad loans at banks are set to rise as they struggle with slow resolution mechanisms, concentration risk and weak sectors continuing to dominate their books. Read more.
L&T Q2 profit surges on one-time gains
Larsen & Toubro Ltd, India’s largest engineering and construction company, reported on Tuesday a better-than-expected fiscal second-quarter profit and said business environment continued to remain challenging.