Opening bell: Asian markets open mixed; Jyoti Structures, Ultratech Cement in news
In other news, IOC has issued its first tender to buy high-sulphur, or sour, crude from North America as it seeks to diversify imports
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US market closed for Independence Day holiday; Asian markets open mixed
US markets were closed on Tuesday for Independence Day holiday. However, US equities kicked off the second half of the year on the right foot, closing mostly higher on Monday as bank stocks climbed.
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Asian bourses were pressured in early Wednesday trade as geopolitical concerns came to the fore a day after North Korea launched a long-range ballistic missile.
Cyrus Mistry, firms to face Rs500 crore defamation suit
A Mumbai magistrate’s court admitted a Rs500 crore criminal defamation suit, filed by R. Venkataramanan, a trustee at Tata Trusts, against ousted Tata Sons Ltd chairman Cyrus Mistry and his family investment firms.
Jyoti Structures becomes first case to be admitted for bankruptcy proceedings
The National Company Law Tribunal (NCLT) approved bankruptcy proceedings for power infrastructure company Jyoti Structures Ltd, making it the first among the 12 cases referred by the central bank under India’s new Insolvency and Bankruptcy Code (IBC).
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ICICI Prudential to take over Sahara Life’s insurance business
ICICI Prudential Life Insurance Co. Ltd has agreed to take over the life insurance business of Sahara India Life Insurance Co. Ltd, which was effectively wound up by the regulator last month.
GST impact: Ultratech cuts cement price by up to 3%
Aditya Birla group firm Ultratech Cement has reduced prices of its products by 2-3%, extending benefits of tax reduction under the GST regime.
GTPL Hathway shares close slightly higher on stock market debut
Shares of cable TV service provider GTPL Hathway Ltd opened at the issue price of Rs170 on their first day of trading on Tuesday and fell further to a low of Rs162.25, before recouping to close at Rs171.65, up 0.97%. GTPL Hathway’s initial public offering was subscribed 1.53 times.
Samsung Biologics to manufacture Sun Pharma’s new psoriasis drug
Sun Pharmaceutical Industries Ltd has entered into a long-term manufacturing agreement with South Korea’s Samsung Biologics for Tildrakizumab, the Indian company’s new drug for treatment of moderate-to-severe plaque psoriasis.
IOC plans to buy North American sour crude for the first time
India’s top refiner has issued its first tender to buy high-sulphur, or sour, crude from North America as it seeks to diversify imports. Read more.