BackOpening Bell | Asian markets open lower; ONGC, Apollo Hospitals in news
In other news, Zee sells TEN Sports to Sony for $385 million
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Asia tracks US market losses
US markets closed lower. S&P 500 lost 0.24% to 2,170 points on selling in energy shares. Tracking the cues, Asian markets opened lower.
India’s GDP grows at slowest pace in six quarters
India’s economic growth decelerated to its slowest level in six quarters in the April-June period, potentially making the government’s target of achieving 8% growth this year more daunting, reports Mint.
Petrol price hiked by ₹ 3.38 per litre, diesel by ₹ 2.67
Petrol price was on Wednesday hiked by a steep ₹ 3.38 per litre and diesel by ₹ 2.67 a litre, reversing a two-month declining trend, reports PTI.
CCI imposes ₹ 6,715 crore fine on 11 cement companies
The Competition Commission of India (CCI) confirmed penalties of about Rs.6,700 crore on 11 cement firms and one Cement Manufacturers Association for cartelization.
ONGC-Reliance gas dispute: Govt sets one-month deadline
The government has set a one-month deadline to begin implementing steps to resolve a dispute over natural gas that migrated from Oil & Natural Corp.’s offshore block in the Bay of Bengal to the adjoining assets of Reliance Industries Ltd, reports Bloomberg.
In another report, Justice A.P. Shah Committee that probed the dispute between ONGC and Reliance Industries indicted the latter for “unfair enrichment". The dispute pertains to the flow of gas between the adjacent fields of ONGC and Reliance Industries in Krishna-Godavari basin.
US firms to partner Tata Power to make Javelin missile
Two US defence firms-Raytheon and Lockheed Martin-plans will partner Tata Power Co. Ltd in manufacturing Javelin anti-tank guided missile in India, reports Business Standard. According to the report, 70% value of the Javelin would be built in India.
Zee sells TEN Sports to Sony for $385 million
Zee Entertainment Enterprises Ltd announced the sale of its sports network TEN Sports to Sony Pictures Network in an all-cash deal worth $385 million.
MCX profit up 55% in June quarter
Multi Commodity Exchange of India Ltd reported a 23% rise in revenue for the June quarter. Net profit rose 55% to ₹ 32.8 crore.
Rajesh Exports receives order worth ₹ 1,172 crore
Rajesh Exports Ltd received export order worth ₹ 1,172 crore. The order is to be completed by December 2016. Read more
Apollo Hospitals, Mahanagar Gas earnings today
Ballarpur Industries Ltd, Apollo Hospitals Enterprise Ltd and Mahanagar Gas Ltd are some of the companies that will release their earnings for the June quarter today.
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