Opening bell: Asian markets rise; Tata Steel, Whirlpool, Maruti Suzuki, HDFC in news
Asian markets rise on positive US data
Asian stocks edged up higher, tracking the positive US economic data. The US economy grew at its fastest pace in more than two years in the third quarter, reports Reuters. Overnight, the US stocks closed higher. S&P 500 at 2,684 points is up 0.2%.
Thyssenkrupp, workers strike deal to pave way for steel merger
Workers struck a deal with Thyssenkrupp to secure steel plants and jobs, a key step towards a planned merger of the group’s European steel business with that of Tata Steel (European steel units), reports Reuters.
Whirlpool looks at acquisitions for growth
With increasing competition, Whirlpool is seeking inorganic growth opportunities to help increase its revenues, market share and product portfolio in India in the next two years, reports The Hindu Business Line.
Bank of India to shut 400 ATMs, 300 more under review
State-owned Bank of India Ltd will shut 400 ATMs to contain costs, reports Business Standard. According to the report, the bank will also take a decision by the end of February on closing another 300 ATMs.
Maruti Suzuki to start consumer survey for electric vehicles
Maruti Suzuki, which plans to start selling electric vehicles by 2020, has decided to commission a market survey to understand customers’ expectations from such vehicles.
HDFC to sell two subsidiaries for Rs350 crore
HDFC Ltd has announced the sale of two subsidiaries, HDFC Developers and HDFC Realty, focusing on real estate brokerage and online property classifieds, respectively, to Quikr India Pvt. Ltd for a total of Rs350 crore.
In another report, a unit of the company, HDFC Capital Advisors Ltd, raised $550 million in an initial closure of its second affordable housing fund.
Reliance Infrastructure sells Mumbai power business to Adani Transmission
Reliance Infrastructure Ltd said it has signed a definitive binding agreement to sell its Mumbai power business to Adani Transmission Ltd for Rs18,800 crore.
Motorcycle makers dial up the CCs to do a Royal Enfield in India
Following the success of Royal Enfield, Indian two-wheeler makers are chasing higher margins by launching bigger and more powerful bikes. According to a Mint analysis, over nine out of 10 new models launched during the year were above 150cc.
IMF, RBI flag persistent risks to India’s banking system
The International Monetary Fund (IMF) and the Reserve Bank of India (RBI) highlighted persistent risks to the banking system owing to asset quality concerns, in separate financial stability assessments, reports Mint.