BackNews roundup 29 July | Spicejet faces regulatory scrutiny
Gains in Chinese shares and optimism about the global economy are helping the benchmark indices trade higher
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Mumbai: Asian markets are trading in the green. Gains in Chinese shares and optimism about the global economy are helping the benchmark indices trade higher.
US markets closed flat. Discouraging data on the housing market offset the optimism over corporate earnings. Investors are now waiting for the US Federal Reserve policy decision. Read more.
NTPC Ltd has been advised by its audit committee to scale back its planned capacity addition targets due to muted demand, reports Mint. In addition, the committee has asked the company to “revisit" its inorganic growth plans.
Bharti Airtel Ltd has announced that it has crossed the 300 million customer mark across operations. The milestone includes customers across mobile, fixed line, digital subscriber line, and direct-to-home services.
Minority shareholders are planning to file an objection in the Calcutta high court against Tata Metaliks Ltd’s proposed amalgamation with parent Tata Steel Ltd, reports Business Standard. The amalgamation was first approved by the boards of the two companies on 10 April, 2013.
To fund acquisition of Jaiprakash Power Ventures Ltd’s hydro assets, Reliance Power Ltd may raise debt of ₹ 9,500 crore, reports The Indian Express. The company will float a special purpose vehicle to execute the transaction, the report says.
Adani Ports and Special Economic Zone Ltd is looking to acquire or set up a port on south-east coast of India, reports The Economic Times. According to the report, the company also wants to expand overseas.
The Khaitan family is ceding control of McNally Bharat Engineering Co. Ltd, though they will retain minority stake for now, reports Mint. An investor has been identified and a deal is expected to be concluded within a few weeks, the report says.
The auditors to GMR Infrastructure Ltd have raised red flags over accounting norms followed by the company, reports Business Standard. The concerns relate to a power and highway project.
The airline regulator has decided to conduct engineering checks on the fleet of SpiceJet Ltd, reports Mint. The regulator had sought clarifications after Mint reported that the airline is cannibalizing some of its aircraft for parts.
In another report, the aviation regulator has directed SpiceJet to refund full fare to all passengers of a Mumbai-Delhi flight, which was delayed by almost five hours.
Lastly, Bharti Airtel Ltd, IDFC Ltd, ITC Ltd, Ranbaxy Laboratories Ltd, V-Guard Industries Ltd and VIP Industries Ltd are some of the companies that will release their earnings for the June quarter today.
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