Opening bell: Asian markets open mixed; RCom-Jio deal in focus
US stocks end higher; Asian markets open mixed
The Dow Jones industrial average led major indices higher Thursday, notching a record close on the second-to-last trading day of the year. It was the Dow’s 71st record close for the year.
Major markets in Asia were mixed on the last trading day of the year following the moderately higher close seen stateside.
Sebi restricts cross-holding in mutual funds, credit rating agencies
The Securities and Exchange Board of India (Sebi) approved norms to improve governance in mutual funds and credit rating agencies and deepen the securities markets. Sebi also did its bit to help tackle India’s Rs10 trillion stressed asset problem at a meeting of its board in Mumbai.
Reliance Jio signs pact to buy most of RCom’s wireless assets
Reliance Jio Infocomm Ltd will buy a majority of the wireless assets of Reliance Communications Ltd (RCom) in a deal that will give the Mukesh Ambani-controlled telecom operator access to valuable 4G spectrum and help his younger brother Anil repay lenders.
India’s steel exports rise in 2017 as China’s plunge
In March 2017, India’s beleaguered steel industry achieved what had been unthinkable even a few months ago. The country’s iron and steel exports during the month were more than double their imports.
Tata Steel appoints i-banks for $2 billion rights issue to be launched in January
Tata Steel Ltd has appointed a bunch of domestic investment banks to manage its proposed rights issue of about $2 billion (Rs12,800 crore), reports Mint.
Creditors seek rebids for Monnet Ispat, Jyoti Structures, citing new evaluation criteria
Creditors of Monnet Ispat and Energy Ltd and Jyoti Structures Ltd have called for fresh bids from potential suitors of the two companies which are in bankruptcy court, citing new criteria to assess bidders. Read more
Pharma companies revenues seen clipping at 9% over next 3 years: Crisil
Robust domestic demand and rising need for complex products in the west will help domestic pharma players log in a 9% revenue growth with healthy cash flows over the next three years, offsetting headwinds in exports and rising competition, says a report.