Opening bell: Asian markets open lower; Sun Pharma, Hindalco in news
Asian markets open lower
Asian markets opened lower. Stocks fell in the morning trade as a nuclear bomb test by North Korea sent investors to risk-free assets like gold and treasuries, reports Bloomberg. Over the weekend, US markets closed slightly higher.
Team Modi gets a makeover
Sun Pharma sees single-digit decline in revenue for 2017-18
Sun Pharmaceutical Industries said its short-term outlook continues to be challenging and expects a single-digit decline in consolidated revenues for 2017-18, reports PTI.
Hindalco earmarks $3 billion for overseas acquisitions
Aditya Birla Group has earmarked at least $3 billion for acquisitions in its aluminium business Hindalco Industries Ltd, reports Mint. The funds will be used to acquire assets in the aluminium space with an eye on increasing focus on the downstream sector.
Coal India reverses output drop
Coal India Ltd reported the first increase in monthly production on a year-on-year basis in five months after power plant inventories plunged and the miner’s own stockpiles declined, reports Bloomberg. Output in August rose 16% from a year ago.
Infosys founders offer to sell shares worth Rs2,038 crore in buyback
Infosys promoters, including co-founders N.R. Narayana Murthy and Nandan Nilekani, have offered to sell as many as 17.7 million shares—worth up to Rs2,038 crore—in the company’s Rs13,000 crore share buyback offer, reports PTI.
FMCG companies to boost promotion spends
Fast-moving consumer goods (FMCG) companies are planning an all-out bid to salvage sales in a year dampened by demonetisation and the goods and services tax (GST) rollout in the upcoming festive months of September-December, reports The Economic Times.
I-T dept finds 2,138 new shell firms
In a fresh clampdown on shell companies, the income tax (I-T) department has identified 2,138 firms that deposited unaccounted cash during the demonetisation period, reports Business Standard.