BackOpening bell: Asian markets open lower; HDFC, Tech Mahindra in focus
In other news, finance minister Arun Jaitley may hike service tax rate to 16-18% from the current 15% in the budget
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US markets end mixed; Asia opens lower
US equities closed mixed on Friday after the initial fourth-quarter GDP fell short of estimates, but managed to record weekly gains of around 1%.
Asian shares were lower on Monday as investors eye the international backlash against US President Donald Trump’s immigration policy, which has added pressure on the dollar.
RBI, EC at loggerheads over cash withdrawal limit for poll candidates
The Election Commission (EC) has asked the Reserve Bank of India (RBI) to reconsider its decision to reject a request to increase the weekly cash withdrawal limit of candidates contesting the upcoming assembly polls.
L&T Q3 profit up 39% to Rs972 crore, revises FY17 guidance downward
Net profit in the December quarter rose 38.86% to Rs972.47 crore from Rs700.34 crore. Revenue from operations rose 1.4% to Rs26, 286.98 crore from Rs25,928.07 crore. Read more
Budget 2017: Finance minister Arun Jaitley may hike service tax to 16-18%
Finance minister Arun Jaitley may hike service tax rate to 16-18% from the current 15% in the budget, due on Wednesday, as a precursor to the goods and services tax (GST) rollout.
Mallya-IDBI Bank CMD ‘holiday meeting’ led to hasty sanction of Rs350 crore: ED
Two initial tranches of loan worth Rs350 crore were hastily disbursed by IDBI Bank to Kingfisher Airlines after a “holiday" meeting between Vijay Mallya and then bank CMD as both organisations “criminally conspired" to clear the entire deal despite weak financials of the airline, the ED has said.
The agency found that the processes deployed to structure and re-structure the loan by the bank to the now-defunct airline was planned to be defrauded and that Mallya and Kingfisher Airlines had “no intent" to repay it.
Maruti Suzuki hikes car prices by up to Rs8,014 with immediate effect
Maruti Suzuki India Ltd on Friday hiked prices of its entire product range by up to Rs8,014 with immediate effect. The price hike is in the range of Rs1,500 to Rs8,014 (ex-showroom, Delhi) across models. “The hike in car prices is because of increase in commodity, transportation and administrative costs," Maruti Suzuki said in a statement.
ITC net profit beats estimates; Sanjiv Puri to take over as CEO
ITC said sales of all categories of consumer goods, including cigarettes, were disrupted by demonetisation, which resulted in net profit growing at an uninspiring pace of 5.7% over the previous year to Rs2,646.73 crore.
Airtel may lose market leader’s position amid Vodafone-Idea ‘merger’, Jio entry
Executives atop India’s mobile-phone industry foresee a consolidation that could knock Bharti Airtel Ltd out of first place in the $26 billion market. Read more
Balrampur Chini inks pact to sell entire stake in IGLL
Balrampur Chini Mills, the country’s second-largest sugar firm, has signed an agreement with Ganesh Explosives to sell its entire 53.96% stake in its subsidiary Indo Gulf Industries Ltd (IGLL).
Earnings corner
Bajaj Finance, Dish TV, Grasim Industries, HDFC, Pfizer, Tech Mahindra are among the companies that will be announcing their December ended quarter earnings on Monday.
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