Mumbai: Asian markets are trading lower. In morning deals Japan’s Nikkei slid more than 1% to 11,117, amid concerns that a political shake-up in euro zone could disrupt the region’s efforts to resolve the debt crisis.
Overnight, US markets also slumped on broad-based selling. The S&P 500 lost 1.15% to 1,495 on concerns that European debt crisis may intensify.
European equity markets fell after bond yields in Spain and Italy soared on increasing risk of political uncertainty. Spanish leader Mariano Rajoy is facing opposition calls to resign. Ousted Italian premier Silvio Berlusconi, on the other hand, narrowed the front-runner’s lead before elections this month.
Back home, Nestle India Ltd has inked an agreement to acquire a 26% stake in Indocon Agro and Allied Activities Pvt Ltd. The company is engaged in the milk collection business in western India. Read more.
The empowered group of ministers is scheduled to meet on Tuesday to decide on the time and price of the 9.5% stake sale in NTPC Ltd. The government is proposing to offload its stake through the offer-for-sale route.
Kotak Mahindra Bank Ltd and an overseas firm are separately looking to buy stake in Sharekhan, reported The Economic Times. The deal, if fructifies, will help Kotak Mahindra Bank expand its footprint in the trading business.
The Jet Airways (India) Ltd and Etihad Airways PJSC deal has entered the final lap. Etihad Airways, which is conducting due diligence of Jet Airways, will send its board a proposal for consideration in a week’s time. Read more.
GVK Power and Infrastructure Ltd have revived talks with Changi Airports International for a stake sale in GVK’s airport business, reported The Economic Times. According to the report, both the parties have initiated talks in December last year.
HCL Infosystems Ltd, Hewlett-Packard and Acer India (Pvt.) Ltd and are in the race for the biggest government order for tablets in the country, reported Mint. UP Electronics Corp. Ltd is managing the tender.
Ballarpur Industries Ltd, Carborundum Universal Ltd, GTL Ltd, JB Chemicals & Pharmaceuticals Ltd, Mangalore Chemicals & Fertilisers Ltd, NHPC Ltd, Phillips Carbon Black Ltd and United Brew Holdings Ltd are some of the notable companies that will release their earnings for December quarter on Tuesday.
Finally, here are the 49 best British films compiled by critic Barry Norman. The list has just two movies from the last 10 years. Read more.