Opening bell: Asian stocks steady; RIL, Tata Motors in news
Asian stocks steady, US markets close lower
Asian markets are steady in morning trade. Overnight, US markets closed lower. S&P 500 lost 0.22% to 2,432 on selling in technology stocks.
Reliance, BP to invest Rs40,000 crore in KG basin
Reliance Industries Ltd (RIL) and BP Plc. plans to invest a combined Rs40,000 crore in the D6 gas field in the Krishna-Godavari (KG) basin to boost production over the next 3-5 years.
In another report, RIL is looking beyond oil and gas for opportunities in energy innovations, such as renewables and new-age mobility, reports The Times of India.
Tata Motors to sell stake in Tata Technologies
Tata Motors Ltd and two other group entities will sell a 43% stake in Tata Technologies Ltd to an affiliate of US-based private equity firm Warburg Pincus Llc for $360 million (Rs2,231 crore), seeking to raise funds to reduce debt, reports Mint.
Gujarat Pipavav Port bullish on car exports
Gujarat Pipavav Port Ltd plans to double its roll-on roll-off (RoRo) business over the next two years on the back of strong car exports from India, reports Mint. A RoRo is a vessel with built-in ramps that allow four-wheeled cargo like cars, to be rolled on and off the vessel, when it is in port.
Apollo Hospitals to ramp up occupancy
Apollo Hospitals Enterprise Ltd plans to ramp up occupancies and work towards improving operational efficiency over the next three years, reports Mint.
JSPL may diversify into ammonia, urea production
Jindal Steel and Power Ltd (JSPL) may diversify into ammonia and urea production as it is keen to use the spare gas from its coal gasification plant, reports PTI.
Steel consumption rises marginally
According to Business Standard, consumption of the finished steel increased by 4.2% during April-May. Non-alloy steel usage is higher by 5.4%, the report adds.
Govt to reduce stake in MSTC to 64%
The Union government is planning to sell 25% stake in MSTC Ltd through an initial public offering this financial year, reports Mint. MSTC provides e-commerce solutions to the government and also procures industrial raw material.
Solar power tariffs in India may decline further
Lastly, solar power tariffs in India may decline further as a result of the US withdrawal from the Paris climate deal, reports Mint. According to the report, Chinese manufacturers may further cut their solar module prices to drive sales in India because they may not have a significant US market left any longer.