Opening bell: Asian markets open lower; pharma stocks, Kotak Bank in news
In other news, Tata Motors Ltd confirmed that it is in talks with Volkswagen AG for a partnership
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- Orissa HC notice to EC for early completion of inquiry against Naveen Patnaik
- Arvind Subramanian hints at writing about demonetisation in memoir
- Businesses get time till 16 August to opt for GST composition scheme
- Nitish Kumar is wasting time meeting Rahul Gandhi: Sushil Modi
- Erdogan condemns Israel’s ‘excessive’ use of force in Jerusalem
Asian stocks track US market losses
US markets closed lower. S&P 500 lost 0.29% to 2,368 points on selling in shares of pharmaceutical companies. According to Reuters, pharma stocks fell after US President Donald Trump tweeted he was working on a new system to reduce drug prices. Tracking the cues, Asian markets opened lower.
Traders confident of BJP win in Uttar Pradesh elections
Investors are so confident that Prime Minister Narendra Modi’s party, the Bharatiya Janata Party (BJP), will win the Uttar Pradesh election that they are feeling little need to hedge against another outcome, reports Bloomberg.
Tata Motors, Volkswagen in partnership talks
Tata Motors Ltd confirmed that it is in talks with Volkswagen AG for a partnership, reports PTI. The Indian company is exploring various options, including a partnership for the development of its new advanced modular platform.
Canadian pension fund looks to buy stake in Kotak Mahindra Bank
Canadian pension fund is among suitors vying to buy a stake in Kotak Mahindra Bank Ltd, reports Bloomberg. According to the report, Uday Kotak is in discussions about the potential sale of more than 3% in the bank.
Brookfield in talks to acquire Jaiprakash Power’s assets
Brookfield Asset Management is in talks with lenders of debt-laden Jaiprakash Power Ventures Ltd to acquire the firm’s three power plants, reports The Economic Times.
Revenue, profitability may drop at Hero, Bajaj Auto
Hero MotoCorp Ltd and Bajaj Auto Ltd may see a dip in revenue and profitability in the January-March quarter of the current fiscal year as volumes remain under pressure, reports Business Standard. Firm raw material prices may also weigh upon the margins.
CBI books Union Bank of India officials over cash deposits
The Central Bureau of Investigation (CBI) has registered an FIR against then officials of Union Bank of India and others for allegedly allowing cash deposits of about Rs85 crore after the announcement of demonetisation in violation of norms, reports PTI.
Centre to mandate local steel use for infra projects
India may soon mandate the use of local steel in government infrastructure projects, reports Business Standard. According to the report, the government expects the move to boost sales of local companies.