BackOpening bell: Asian markets open mixed; CESC, Phoenix Mills in news
In other news, the annual revenue of Indian telecom firms declined for the first time since 2008-09 to Rs1.88 trillion in 2016-17, seen as Reliance Jio effect
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Geopolitical risks drive investors to safe assets
US markets closed slightly higher, helped by gains in shares of energy companies. S&P 500 at 2,357 is up 0.07%. Asian markets opened mixed. According to Reuters, tensions in Middle East and political uncertainty in Europe is driving investors to safe assets like currency, bonds and treasuries.
Net inflows into mutual funds in FY17 highest in at least 11 years
As bank deposit rates fell and stock markets rose, mutual funds in 2016-17 received the highest net inflows in at least 11 years, led by income and liquid schemes, reports Mint.
Govt planning tougher norms for commodities spot market
The government is likely to introduce stringent norms for commodities spot markets to prevent payment crises such as the one that surfaced at National Spot Exchange Ltd in 2013. Read more.
CESC revamp likely in May, regulatory approval awaited
CESC Ltd is likely to announce restructuring in the third week of May, reports The Hindu Business Line. According to the report, the restructuring plan, which has been finalised, may be announced along with its fourth quarter results. Permission from the regulatory authorities is being sought.
Wockhardt aiming to launch new antibiotic in US in 2020-21
Drugmaker Wockhardt Ltd’s antibiotics research is expected to start yielding benefits soon, with one of its new drugs likely to be launched in the US in 2020-21, Habil Khorakiwala, founder chairman of the company, said in an interview to Mint.
Reliance Jio effect: Rs4,600 crore hit for telecom firms in FY17
The annual revenue of Indian telecom firms declined for the first time since 2008-09 to Rs1.88 trillion in 2016-17 (from Rs1.93 trillion the previous year), and will decline further to Rs1.84 trillion in 2017-18, brokerage CLSA said in a report.
DIAL allowed to use more land for non-aeronautical purposes
The Delhi high court directed the central government to extend benefits of liberalised land use to GMR Infrastructure Ltd-run Delhi International Airport Pvt Ltd (DIAL), reports Business Standard. According to the report, the judgment will enable DIAL to use additional land for non-aeronautical purposes in Indira Gandhi International Airport.
Phoenix Mills to double mall portfolio
The Phoenix Mills Ltd which recently formed a joint venture with Canadian pension fund manager is looking to double its mall portfolio with investments of Rs3,500-4,000 crore, reports Business Standard.
RBL Bank now among India’s 10 most valuable banks
Lastly, RBL Bank Ltd, formerly known as Ratnakar Bank, entered the list of India’s 10 most valuable banks on Monday. With a market capitalisation of Rs22,043.18 crore, the bank has replaced IDFC Bank Ltd in the elite club.
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