Opening bell: Asian stocks rebound; RBI policy today, Cipla, Eicher Motors earnings in news
Asian stocks rebound in early trade
Asian stocks stabilised in morning trade with markets outside Japan clocking a slight gain, reports Reuters. Overnight, the US stocks closed higher after volatile trade. S&P 500 at 2,695 points is up 1.7%.
RBI likely to keep rates on hold for now
The Reserve Bank of India (RBI), meeting amid a global market storm, is widely expected to keep its key rate on hold on Wednesday, but toughen its rhetoric as inflation has accelerated sharply, reports Reuters.
Government doubles import duty on sugar
The government has doubled import duty on sugar to 100% and raised duty on chana to 40% to protect domestic farmers, reports PTI.
Bharti Infratel may get majority control of Indus Towers
UK’s Vodafone is in final stages of talks to sell its entire stake in Indus Towers raising Bharti Infratel’s holding in the company to 84% through a share-swap deal, reports The Economic Times.
HDFC looking to acquire CanFin Homes
HDFC Ltd is exploring purchase of controlling stake in CanFin Homes, the listed mortgage unit of Canara Bank, reports The Economic Times.
Four suitors express interest to bid for Alok Industries
At least four potential suitors have expressed interest in bidding for bankrupt textile company Alok Industries Ltd, reports The Economic Times.
Piaggio to take on Bajaj Auto in three-wheeler segment
Italian auto-company Piaggio is gearing to expand its three-wheelers’ market share and compete against segment leader Bajaj Auto, reports Business Standard.
Wipro’s Neemuchwala makes first management change
Wipro Ltd has entrusted its current head of manufacturing and technology practice to head the energy vertical, and created a new role for the head of oil and gas practice, marking the first management changes under chief executive Abidali Neemuchwala, reports Mint.
Cipla, Eicher Motors earnings today
Cipla Ltd, Aurobindo Pharma Ltd, Eicher Motors Ltd, IRB Infrastructure Developers Ltd and Voltas Ltd are some of the companies that will release their earnings for the December quarter on Wednesday.
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