Opening bell: Asia opens mixed; Bayer Corp, Tata Coffee earnings in focus
- Auditor group ICAI, PwC to probe into Rs11,400 crore PNB fraud
- Sun Microsystems co-founder Vinod Khosla takes fight over California beach to SCOTUS
- Intel did not tell US cyber officials about chip flaws until made public
- PNB fraud: ED freezes deposits, shares worth Rs44 crore of Nirav Modi group
- Lokpal appointment: Meeting convened with PM, CJI and others, Centre tells SC
US stocks end higher; Asian markets open mixed
Stocks closed higher on Tuesday, helped by stronger-than-expected quarterly reports and after mixed inflation data. The Dow Jones industrial average rose 0.42%, to close at 18,161.94. The S&P 500 climbed 0.62%, to end at 2,139.60. The Nasdaq composite advanced 0.85%, to close at 5,243.84.
Most Asian markets were stuck in wait-and-see mode on Wednesday morning, ahead of a slew of economic data, including third quarter gross domestic product (GDP), due from China. Japan’s Nikkei 225 was down 0.01%.
Centre, states brace for a testy face-off on GST rates
The goods and services tax (GST) council worked out a compensation formula for states and is now bracing for a testy debate on rates. The Centre has proposed a tiered rate structure with the rates varying from 4% for commodities like gold to 26% plus cess on so-called sin goods.
RBI’s monetary policy committee chose growth over inflation for rate cut
India’s new monetary policy committee (MPC) was concerned about economic growth, and saw the downturn in retail inflation and slack in the economy as an opportunity to cut the key policy rate. Read more.
Deloitte to audit NSE’s algorithmic trading system
The National Stock of Exchange of India Ltd (NSE) has hired accounting firm Deloitte India to do a forensic audit and to examine allegations of unfair access to some brokers in algorithmic trading.
No money with telecom firms to bid for more spectrum: COAI
Telecom companies can’t afford to bid for more spectrum even if the government were to hold another auction, after managing to sell just 41% of the radio waves it offered earlier this month. Read more.
GMR Group in talks for stake sale in Chhattisgarh power plant
Infrastructure conglomerate GMR Group has initiated discussions with SembCorp Industries Ltd of Singapore and US-based Lone Star Funds for selling a significant stake in GMR Chhattisgarh Energy Ltd (GCEL), a 100% subsidiary of GMR Energy Ltd (GEL), reports Mint.
Essar may start repaying loans in next few weeks
Essar Global, the holding company of India’s billionaire Ruia brothers, plans to repay about $2.1 billion owed to Standard Chartered Plc after agreeing to sell control of its refinery business.
Cairn India cannot export surplus crude from Barmer oilfields: Delhi HC
In a setback to Cairn India, the Delhi high court rejected its plea seeking permission to export surplus crude from Barmer oil fields in Rajasthan.
Apollo Hospitals to sell stake in clinics subsidiary, raises Rs450 crore
With an aim to raise funds to expand its clinics business, Apollo Hospitals will dilute some stake in the vertical for Rs.450 crore this fiscal. Read more.
JSW Group to invest additional Rs3,400 crore at cement facility in Salboni
The JSW Group announced in Kolkata that it will invest an additional Rs.3,400 crore at its cement production facility currently under construction at Salboni in West Bengal.
PNB Housing Finance’s Rs3,000 crore IPO to hit market on 25 October
PNB Housing Finance Ltd said its Rs.3,000 crore initial public offering (IPO) will open for subscription on 25 October. The mortgage lender’s IPO, the second largest this year after ICICI Prudential Life Insurance Co.’s offering of almost Rs.6,057 crore, will close on 27 October. Read more.
Bayer Corp, Hindustan Zinc, Kirloskar Industries, KPIT Technologies, RBL Bank, Tata Coffee and Quess Corp are among the companies that will be announcing their September quarter earnings today.