Opening bell: Asian markets open higher; NTPC, PNB, L&T in news
US equities end higher; Asian markets open positive
US stocks kicked off the new year on a high note on Tuesday as the Wall Street bet on another strong year for equities.
Asian stocks notched moderate gains on Wednesday, tracking sizeable increases seen on Wall Street overnight as the dollar remained in the doldrums.
December PMI data signals revival in manufacturing, Indian economy
The Nikkei India manufacturing Purchasing Managers’ Index (PMI) grew at the fastest rate in five years in December. Coming in the backdrop of a pickup in merchandise exports and output of eight infrastructure sectors in November, this has stoked expectations of a sustained revival in the Indian economy.
L&T wins Rs1,454 crore contracts including in Egypt
Infrastructure major Larsen & Toubro (L&T) said its construction arm has won contracts worth Rs1,454 crore including one in Egypt.
PNB sells entire stake in Principal Financial Group JV
Punjab National Bank (PNB) has sold its entire stake in the joint venture with Principal Financial Group to give the latter full ownership of Principal PNB Asset Management Co. and Principal Trustee Co. Pvt. Ltd in India.
Trai issues interconnectivity rules, fixes 30-day deadline for inking pacts
The Telecom Regulatory Authority of India (Trai) mandated service providers to enter into an interconnection agreement “on non-discriminatory basis” within 30 days of receiving network connectivity request from another operator. Read more
Hero MotoCorp sales up 43% in December at 472,731 units
Hero MotoCorp reported 43% jump in sales at 472,731 units in December 2017 as against 330,202 units in the year-ago month. The company said it sold a record 72,07,363 units of two-wheelers in the whole of 2017.
NTPC reports record electricity generation in December quarter
India’s largest power generation utility NTPC Ltd recorded its highest ever quarterly generation in the three months ended 31 December, indicating a recovery in electricity demand.
Govt announces details of electoral bonds for political funding
The Union government has announced details of political funding that can be routed by donors to parties through electoral bonds, a scheme announced by it in Union Budget 2017.