BackOpening bell | Asian markets open mixed; jewellery stocks in focus
In other news, old Rs500 notes cannot be used for the purchase of airline tickets and automobile fuel with effect from Saturday
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Asian markets flat in morning trade
The US markets closed slightly lower. S&P 500 at 2,191 points is down 0.35% on selling in technology stocks. Tracking the cues, Asian markets opened mixed.
RBI looks to limit banks’ bad loan risks
The Reserve Bank of India (RBI) said it would cap banks’ exposure to a group of connected companies at 25% of the lenders’ core capital, seeking to reduce concentration risk in a banking industry laden with bad loans, reports Mint.
Rules changed again for using old Rs500 notes
Old Rs500 notes cannot be used for the purchase of airline tickets and automobile fuel with effect from Saturday. Read More.
Auto sales enter slow lane in November
Auto shipments to dealers in November fell sharply from the previous month as buyers developed cold feet in the aftermath of the ban on old Rs1,000 and Rs500 notes, which triggered a cash crunch. Read More.
Truck rentals skid after currency purge
Truck rentals dropped 25-30% in November, after the announcement to discontinue Rs500 and Rs1,000 denomination notes, reports Business Standard.
Govt tries to allay gold holdings fears
Moving to allay fears of a tax on gold holdings, the finance ministry clarified that gold jewellery purchased with legal income will not be taxable. But concerns about sales and regulatory actions may weigh on jewellery stocks.
Senior govt officials propose break-up of Coal India
Senior Indian government officials tasked by the PM with reviewing energy security are recommending the break-up of the country’s coal monopoly, Coal India Ltd, within a year, reports Reuters.
Bombay Dyeing aims to treble retail turnover
The Bombay Dyeing and Manufacturing Co. Ltd plans to treble its turnover from retail segment in four years by strengthening its entire value chain and entering into e-commerce, reports Business Standard.
Reliance Jio extends free offers in more pain for rivals
Reliance Jio Infocomm Ltd, a unit of Reliance Industries Ltd, will provide free voice calling, text messaging and data services until the end of March, extending its inaugural offer by three months, as it seeks to win more customers, reports Mint.
Brookfield in talks to acquire Bharti Infratel
Brookfield Asset Management Inc. has entered exclusive talks on a takeover of Bharti Infratel Ltd after submitting a bid valuing the company at about $11 billion, reports Bloomberg.
Vedanta looks to ramp-up Cairn India production
Vedanta group has lined up Rs30,000 crore investments to ramp up the capacity of Cairn India Ltd, reports Business Standard. Cairn India is in the process of being merged with Vedanta.
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