Opening bell: Asian markets steady; Tata Motors, Eicher, United Breweries in news
Asian stocks little changed; US closes slightly lower
Tata Motors Q1 profit jumps 41% on one-time gain
Tata Motors Ltd reported a 41% increase in Q1 profit because of a one-time gain from changes made to a pension plan at its UK unit Jaguar-Land Rover.
Ashok Leyland looking to acquire battery company for e-vehicles
Ashok Leyland Ltd is looking to acquire battery maker to power its expansion into the electric vehicles, reports The Economic Times.
J Kumar Infra, two others move appellate tribunal against Sebi ban
Three of the alleged shell companies which were suspended from trading by Sebi—J Kumar Infraprojects Ltd, Prakash Industries Ltd and Parsvnath Developers Ltd—moved the securities appellate tribunal against the regulator’s order, reports The Times of India.
NCLT admits insolvency plea against Jaypee Infratech
The Allahabad bench of the National Company Law Tribunal (NCLT) admitted insolvency proceedings against Jaypee Infratech Ltd, one of the 12 companies referred to the tribunal following the Reserve Bank of India’s (RBI) directive to banks, reports Mint.
Eicher reports 22% rise in profit for June quarter
Eicher Motors Ltd reported a 22% rise in consolidated net profit for the first quarter ended June. Revenue increased 28% to Rs2,246 crore.
ArcelorMittal may bid for stressed steel assets
ArcelorMittal is likely to bid for stressed assets facing insolvency proceedings, reports Business Standard. Among the 12 stressed accounts referred by the RBI for insolvency proceedings, five are from the steel sector, the report adds.
Britannia to rope in partner for dairy business
Britannia Industries Ltd plans to rope in a partner to strengthen its dairy business and discontinue a few brands in this segment as part of a strategy to focus on higher margin products, reports The Economic Times.
United Breweries to introduce 5 imported beer brands in India
United Breweries Ltd is in the process of introducing five imported beer brands from its Dutch parent Heineken NV in India, reports Mint. The company aims to capture a fourth of India’s imported beer market with these five brands, the report adds.
Govt to initiate PSU bank consolidation after Q1 numbers
The finance ministry is expected to initiate the process of public sector banks consolidation after the first quarter results have been announced, reports PTI.
Tata group hiring bankers to sell or merge dozens of units
Tata group is assembling a team of dealmakers to refocus some of the group’s biggest businesses, expand its financial services and consumer businesses and sell or merge dozens of smaller units, reports Bloomberg.
BHEL Ltd, Gail (India) earnings today
Bharat Forge Ltd, BHEL Ltd, Adani Power Ltd, Coffee Day Enterprises Ltd, Gail (India) Ltd, Gujarat Pipavav Port Ltd, Indian Overseas Bank Ltd, Page Industries Ltd, United Breweries Ltd and Shipping Corp. of India Ltd are some of the companies that will release their earnings for the June quarter on Thursday.