BackOpening Bell 22 September | Bharti Infratel in focus as KKR plans stake sale
Asian markets are trading lower after selling in shares of SoftBank Corp
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Asian markets are trading lower after selling in shares of SoftBank Corp. Over the weekend, US markets closed flat. Indices were weighed down by selling in shares of technology companies. S&P 500 at 2,010 is marginally down 0.05%.
India’s airlines may have to pay 20-25% more in premiums for renewing their fleet, reports Mint. A Libyan militant group’s attack on Tripoli International Airport and extremist attacks on Karachi Airport in June have put pressure on premiums.
Five associates of State Bank of India (SBI) are likely to raise about ₹ 33,000 crore capital to meet risk norms in the next five years, reports Press Trust of India. Part of the funds would be raised in the market while remaining would be provided by the parent SBI, the report says.
Maruti Suzuki India Ltd plans to make hybrids more affordable, reports The Economic Times. According to the report, the company is working on low-cost hybrid technology to make such cars cheaper to run.
Oil and Natural Gas Corp. Ltd (ONGC)’s long-delayed mega petrochemical plant at Dahej in Gujarat will be commissioned by June next year at 27% higher cost, reports PTI. The plant was originally expected to come on stream by end of 2012.
Bharat Petroleum Corp. Ltd (BPCL) plans to invest ₹ 13,000 crore in energy exploration and production in Mozambique and Brazil over the next four years, reports Mint. The planned investment is twice the amount the company has spent in exploration and production activity in the last 10 years.
Falling iron ore prices in the global market can make Sesa Sterlite Ltd’s exports from Goa unprofitable, reports Mint. The company had to suspend mining operations in 2012 after the Supreme Court upheld a ban.
Tech Mahindra Ltd is on track to register $5 billion worth of revenues by 2016-17, reports Business Standard. The company reported revenues of over $3 billion in the fiscal ending March 2014.
Bharti Infratel Ltd may continue to see some action. Private equity fund KKR is planning to sell its stake in the company, reports The Economic Times.
The first round of talks pertaining to the five-day old strike at Bosch Ltd’s plant remained inconclusive, reports PTI. The workers are on strike from 16 September.
Rashtriya Chemicals and Fertilizers Ltd is scouting for opportunities abroad, reports PTI. The company is looking for a partner for a urea plant in Iran.
Lastly, financially stressed Bharati Shipyard Ltd has sold its wind power business for ₹ 55 crore, reports Mint. The windmill assets comprised 14 wind turbine generators capable of producing a combined 15 megawatts of power in Maharashtra.
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