Opening bell: Asian markets open lower; Tata Sons, SBI in news
In other news, the Union cabinet is likely to soon consider a proposal to completely ban foreign direct investment (FDI) in the tobacco sector
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US markets end mixed; Asia opens lower
US stocks closed mixed on Wednesday, with a post-US election rally slowing down as financials dropped more than 1%.
Asian markets opened in the red on Thursday, as a decline in oil prices took some shine off US stocks.
Black money: Govt steps up scrutiny of cash deposits
Even as government battles the opposition both inside and outside Parliament over demonetization of high-value bank notes, it is stepping up scrutiny to prevent people from converting black money into legal tender.
Indian IT sector growth forecast lowered on Brexit, Donald Trump
India’s software services industry will grow at a slower pace than estimated earlier as events such as Donald Trump’s victory in the US election and Brexit weigh on exports, industry lobby group Nasscom said. Read More.
DEN Networks sells additional 25% stake in Delhi Dynamos
Cable television distributor DEN Networks Ltd, backed by private equity giant Goldman Sachs, has sold an additional 25% equity stake in Indian Super League (ISL) football club Delhi Dynamos to Wall Street Investments Ltd. The financial details of the transaction were not disclosed.
Cabinet may soon consider complete FDI ban in tobacco sector
The Union cabinet is likely to soon consider a proposal to completely ban foreign direct investment (FDI) in the tobacco sector. Read More.
SBI says write-offs aren’t loan waivers
Even as opposition parties raised the issue of large write-offs by the State Bank of India (SBI) in Parliament on Wednesday, the country’s largest lender chose to downplay the issue, stating that write-offs weren’t the same as loan waivers.
Tata Sons board meeting on Thursday
The board of Tata Sons Ltd is meeting on Thursday, its first after the 24 October ouster of Cyrus Mistry as chairman. Read More.
Bharti Airtel, Robi Axiata complete merger in Bangladesh
The merger between Bharti Airtel Ltd and Robi Axiata Ltd was completed on Wednesday to create the second-largest telecom company in Bangladesh.
Axis Bank cuts MCLR rate by 0.15-0.20% from Friday
Private lender Axis Bank has cut marginal cost of fund-based lending rate (MCLR) by 0.15-0.20%, effective from Friday. Read More.
Deepak Fertilisers, NHPC and Petronet LNG are among the companies that will announce September quarter earnings on Thursday.