Opening Bell | Asian markets open lower; Tata Steel, Cipla in focus
L&T Infotech gets Sebi nod for IPO; Axis Bank to raise at least $500 million through green bonds from the international market
US markets end lower, Asia follows suit
US stocks closed lower in low volume trade as investors awaited further indications on the timing of the US Federal Reserve’s next interest rate hike. The Nasdaq Composite closed down 0.08% at 4,765.78 points and the S&P 500 ended the session 0.21% lower at 2,048 points. Asian markets opened lower on Tuesday, taking cues from a soft finish in US stocks.
Piramal Fund Management invests in Lodha project
Piramal Fund Management, the real estate-focused fund of Piramal Enterprises, has invested ₹ 425 crore in a central Mumbai project of Mumbai-based developer Lodha Group. The project, which is already 40% sold, is in the midst of construction, reports The Hindu.
Axis Bank to raise funds through green bonds
Axis Bank will raise at least $500 million through green bonds from the international market, the first such issue for the private lender. The bank would be the fifth issuer of green bonds ever since Yes Bank issued the first such bond in February 2015 to raise ₹ 1,000 crore, reports Mint.
PowerGrid may not own India’s electricity transmission network anymore
PowerGrid Corp. may soon lose ownership of the country’s electricity transmission network as the power ministry has approached the cabinet with a proposal aimed at attracting private investment in the transmission space. As per the plan, the state-run company would continue to develop projects, but would not own them, reports The Economic Times.
Bayer offers to buy Monsanto for $62 billion
German drugs and crop chemicals group Bayer has offered to buy US seeds company Monsanto for $62 billion in cash, defying criticism from some of its own shareholders in a bid to grab the top spot in a fast-consolidating farm supplies industry. Read more.
L&T Infotech gets Sebi nod for IPO
L&T Infotech, an arm of engineering giant Larsen and Toubro (L&T), has received the approval of the Securities and Exchange Board of India for its proposed initial public offering (IPO). The company’s IPO comprises an offer-for-sale of up to 17,500,000 equity shares of the subsidiary by L&T Ltd.
MEP Infra JV wins highway project in Gujarat
MEP Infrastructure has said its firm, a joint venture with Sanjose India Infrastructure & Construction, has won a highway project in Gujarat with a bid worth ₹ 624 crore, reports Business Standard.
Britannia Q4 net up 14%
Bakery and dairy products maker Britannia Industries’ fourth quarter consolidated net profit rose 13.7% to ₹ 190.2 crore and revenue jumped 7.2% to ₹ 2,211.4 crore compared to the year-ago period. The bottomline was affected by 45.9% year-on-year increase in tax cost at ₹ 92.93 crore and a 14% fall in other income at ₹ 24.3 crore in Q4.
Tata Steel UK bids set to be finalised
Formal bids for Tata Steel’s loss-making UK assets are set to be finalised, with a shortlist being drawn up in the next few days and UK business secretary Sajid Javid set to fly out to Mumbai to hold talks with the Indian conglomerate to discuss the final bids.
SAIL asked to pay ₹ 323 crore to Essar shipping
An arbitration tribunal has directed the Steel Authority of India to pay about ₹ 323 crore to Essar Shipping for illegally terminating a contract and causing damages and losses to the Ruia-controlled company. Read more.
Seven Maruti s in top 10 best selling PVs in April
Maruti Suzuki India maintained its leadership position in domestic passenger vehicle (PV) market in April with seven of its models featuring in the top 10 selling brands. Read more
Earnings corner
Bajaj Finance, Cipla, Colgate Palmolive, Heidelberg Cement, J&K Bank, Jubilant LifeSciences, MOIL, NCC, PFC, Tata Global and Zee Media are among the companies which will be announcing their March quarter earnings today.
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