Opening bell: Asian markets open lower; oil PSUs, Maruti Suzuki in news
Asian markets drop in morning trade
GST Council revises tax rates for 66 items
The GST Council on Sunday decided to revise tax rates on 66 products and widened the scope of a concessional tax payment scheme for small businesses and restaurants.
Maharashtra announces farm loan waiver
The government in Maharashtra announced a farm loan waiver with certain conditions to ensure the scheme benefits only marginal famers. Read more.
ONGC keen to buy HPCL
Oil and Natural Gas Corp. Ltd (ONGC) is keen to acquire India’s third-biggest fuel retailer Hindustan Petroleum Corp. Ltd (HPCL) in a Rs42,254 crore deal after finding Bharat Petroleum Corp. Ltd (BPCL) too expensive to buy, reports PTI.
Strides Shasun promoters raise Rs500 crore from KKR
The promoters of Strides Shasun Ltd have raised Rs500 crore from global private equity fund KKR & Co., reports Mint. According to the report, the money will be used to restructure existing loans as well as expand some of the businesses.
Discounts at petrol pumps costing OMCs Rs1,500 crore every quarter
State-run fuel retailers—Indian Oil Corp. Ltd, Bharat Petroleum Corp. Ltd and HPCL—are losing nearly Rs1,500 crore a quarter in providing discounts to customers using digital modes to buy fuel, reports Mint.
Maruti drives past 50% market share
Maruti Suzuki India Ltd’s market share during April-May stood at 52%, reports Business Standard. Market share during April-May 2016-17 was at 48.6%, the report adds. According to The Economic Times, the company in May has overtaken Mahindra & Mahindra Ltd to become India’s largest utility vehicle maker.
Karnataka discoms barred from buying more wind power
Lastly, electricity regulator in Karnataka has ordered distribution companies (discoms) to stop signing new power purchase agreements with wind electricity suppliers until further notice, reports The Economic Times.