Opening bell: Asian markets open lower; Axis Bank, Aircel, Airtel in news
US stocks end lower; Asian markets open negative
US stocks fell sharply in choppy trade Wednesday, giving up earlier gains, as the Wall Street wrapped up a volatile month for the major averages.
Asian stocks declined early on the first trading day of the month after finishing February with losses. Declines in the region also tracked sharp losses seen stateside in the previous session.
India back as world’s fastest growing economy as Q3 GDP growth rises to 7.2%
India’s GDP growth surged 7.2% in the December quarter (Q3), data from the central statistics office showed, as economic activity picked up.
PNB fraud effect: Axis Bank defers $500 million bond sale
Axis Bank Ltd has deferred a $500-million bond sale after international investors expressed concerns about the health of India’s banking system in the wake of the $2-billion fraud at Punjab National Bank (PNB), reports Mint.
Airtel wants to get out of telecom towers, plans Africa unit IPO
Bharti Airtel Ltd is exploring merger and sale options for its telecom towers businesses as chairman Sunil Mittal seeks to get out of the infrastructure game and focus on connectivity. Airtel also wants to float a minority stake in its African operations.
SBI deposit rates hiked for various tenors by up to 0.75%
State Bank of India has revised retail and bulk deposits rates by up to 0.75% for various maturities, effective Wednesday.
Aircel files for bankruptcy in fresh telecom sector upheaval
Troubled telecom operator Aircel Ltd filed for bankruptcy, the latest episode in India’s telecom consolidation, marked by exits, fire sales and mergers that began with the entry of Reliance Jio Infocomm Ltd. Read more
Fiscal deficit overshoots full-year revised estimate in January
India’s fiscal deficit touched Rs6.77 trillion at the end of January, 113.7% of the target for the entire financial year, on account of higher expenditure.
HG Infra IPO sees over three-times subscription
The initial public offer (IPO) of HG Infra Engineering Ltd was oversubscribed three times on the last day of bidding.
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