Opening bell: Asian markets open weak; Airtel, RIL, Marico in news
In other news, ONGC has signed agreements to buy out debt-ridden Gujarat State Petroleum Corporation’s entire 80% stake in KG-basin natural gas block for $1.2 billion
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Asian markets edge lower
Asian markets opened lower. The broad index of Asia-Pacific shares outside Japan was marginally lower in the morning trade, reports Reuters. Over the weekend US markets closed in red. S&P 500 at 2,378 was down 0.13%.
Indian stocks in favour despite high valuations
Global fund managers are still upbeat on India despite higher valuations, and say it is one of the strongest structural stories among emerging markets, reports Mint.
Govt lays down strict conditions for capital infusion in PSU banks
The government’s Rs8,586 crore capital infusion in 10 weak public sector banks (PSBs) in the current fiscal year is based on their meeting strict milestones, including raising capital from other sources and curtailing employee benefits, reports Mint.
Bharti Airtel close to buying Tikona’s 4G spectrum
Bharti Airtel Ltd is in the final stages of talks with Tikona Digital Networks Pvt. Ltd to buy the latter’s 4G spectrum, as India’s largest telecom company seeks to increase its capacity to offer data services to customers, reports Mint.
Reliance Industries looking to scale up retail business
Reliance Industries Ltd (RIL) is looking to scale up the retail operations, reports Business Standard. According to the report, Reliance Retail is planning to grow across all formats-fashion, food, grocery and wholesale.
ONGC signs pact to buy GSPC’s stake in KG block
ONGC Ltd has signed agreements to buy out debt-ridden Gujarat State Petroleum Corporation’s (GSPC) entire 80% stake in KG-basin natural gas block for $1.2 billion, reports PTI.
Marico acquires 45% stake in Beardo men’s grooming brand
Marico Ltd acquired a 45% stake in Beardo, a men’s grooming brand that sells beard oils, beard waxes, soaps and other grooming products for men’s facial hair.
Ashok Leyland may set up a facility in Jharkhand
Ashok Leyland Ltd is planning to set up a new facility in Jharkhand, reports Business Standard. According to the report, the company may make an initial investment of around Rs 500 crore.
CL Educate, Shankara Building IPOs to hit markets this week
Lastly, CL Educate and Shankara Building Products are ready to hit the market this week with their initial public offerings (IPOs) to raise a total of Rs584 crore, reports PTI.