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Asian markets were trading lower, muddling through another Greek impasse
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Asian markets were trading lower on Friday morning, muddling through another Greek impasse. Japan’s Nikkei Stock Average slipped 0.4% while Hong Kong’s Hang Seng was down 1%.
US markets end choppy session lower
Overnight, US markets ended lower as talks between Athens and eurozone finance ministers once again broke up without any agreement being reached. They are now scheduled to reopen on Saturday. Nasdaq Composite fell 0.2%, Dow Jones Industrial Average declined 0.4% while S&P 500 was off 0.3%.
PSU banks continue to be roiled by bad debt
In India, asset quality of banks is likely to get worse before it gets better, with the first signs of an improvement likely only by the end of the current fiscal year said Reserve Bank of India in its latest bi-annual Financial Stability Report. The continued stress on asset quality of public-sector banks and pressure on capital adequacy is matter of concern.
DLF to raise ₹ 7,000 crore via PE and REITS
DLF Ltd shares will be in focus as it plans to cut its debt by a third by raising ₹ 7,000 crore through two private equity deals and two real estate investment trusts (REITs) in the next 18 months, reports Mint.
Indusind Bank to raise ₹ 5,300 crore through QIP
IndusInd Bank Ltd shares will be in focus as it is set to raise about ₹ 5,300 crore by selling fresh shares to institutional investors as well as its promoters, read more.
Nestle works on an alternative snack
Nestle’s scientists are hard at work on an alternative snack that can take the place of Maggi noodles, banned this month for excessive lead content and mislabelling, reports Economic Times. The snack could be in the form of ready-to-eat or ready-to-cook food and involve relaunching Maggi in a new format with requisite clearances.
PM launches schemes to revamp urban India
Prime Minister Narendra Modi launched three government flagship schemes aimed at changing the face of urban India - Smart Cities mission, Atal Mission for Rejuvenation and Urban Transformation (AMRUT) and Housing for All mission. The schemes will have an expected expenditure of around ₹ 4 trillion over the next few years.
Bharti Enterprises acquires stake in OneWeb
Bharti Enterprises has acquired a strategic minority stake in satellite operator OneWeb, becoming a founding member of the consortium that aims to provide affordable Internet access across the globe, read more.
Will monsoon session of Parliament be stormy?
When India’s Parliament resumes again late July, Prime Minister Narendra Modi is hoping to rally support for land-acquisition and taxation bill his government sees as crucial to its economic agenda. But BJP leaders have faced a political and media onslaught over accusations of improperly extending help to cricket tycoon Lalit Modi which may disrupt parliament.
Rahul Yadav, CEO of Housing.com quits finally
Lastly, Raul Yadav has agreed to step down as the CEO of Housing.com, bringing the curtains down on a tempestuous saga at one of India’s most-watched startups, reports Economic Times. The resignation comes two months after he wrote an ill-tempered letter to investors offering to step down as CEO and the offer was rejected.
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