Opening Bell | Asian markets open higher; Britannia, Hero, Idea in news
In other new, Essar Oil to invest Rs1,200 crore in Vadinar refinery
US markets end higher; Asia follows suit
US stocks closed sharply higher on Friday, with the S&P and the Nasdaq posting their strongest close ever, after a stronger-than-expected jobs report. The Dow Jones industrial average closed 1.04% higher, at 18,543.53 points. The S&P 500 rose 0.86% and Nasdaq rose 1.06%.
Asian markets jumped at opening on Monday. Japan’s benchmark Nikkei 225 was up 1.93%, while the Topix added 1.52%. Japanese shares also received some boost from a relatively weaker yen.
HDFC Life-Max merger ratio likely at 10:24
The merger of Max Financial Services Ltd, its unit Max Life Insurance Co. Ltd and HDFC Life Insurance Co. Ltd will be an all-stock deal. Under a two-step process recommended to the boards of the companies, Max Life will first get merged into Max Financial in a 1:1 share swap ratio. Read more.
Government notifies new rules for MSMEs to furnish info
The government has notified new rules for micro, small and medium enterprises (MSMEs) to furnish information in the prescribed format. According to the Micro, Small and Medium Enterprises Development (Furnishing of Information) Rules, 2016, MSMEs need to furnish basic details to the central government online in the databank maintained by it. Read more.
Essar Oil to invest ₹ 1,200 crore in Vadinar refinery
Essar Oil Ltd will invest an additional ₹ 1,200 crore over the next two-to-three years to upgrade its Vadinar refinery in Gujarat to boost refinery margins by $1.5 per barrel.
RBI allows foreign investors to hike stake in HPCL
The Reserve Bank of India (RBI) has allowed foreign investors to hike their stake in Hindustan Petroleum Corp. to up to 40% under a portfolio investment scheme (PIS). A special resolution was passed by company shareholders to enhance the limit for purchase of equity shares by foreign institutional investors and registered foreign portfolio investors, RBI said. Read more.
Marico Q1 profit rises 17.2% to ₹ 267.9 crore
Packaged consumer goods company Marico Ltd reported a 17.2% jump in net profit to ₹ 267.9 crore for the quarter ended 30 June, benefiting from lower commodity prices. Sales of Marico, maker of Saffola and Parachute oil, during the first quarter of the fiscal year increased 0.6% from a year ago to ₹ 1,754 crore.
Irdai issues guidelines for share acquisition in insurance firms
The Insurance Regulatory and development Authority of India (Irdai) has come out with guidelines for acquisition of shares in listed insurance companies under which the acquirer will be required to adhere to the fit and proper criteria and seek regulators’ nod for owning voting rights beyond 5%.
DLF plans to raise up to ₹ 2,500 crore via NCDs
Realty major DLF plans to raise up to ₹ 2,500 crore through issuance of non-convertible debentures for working capital requirements and reducing debt. The country’s largest realty firm has sought shareholders’ approval through a special resolution in its annual general meeting scheduled to be held on 30 August.
Cognizant cuts its full-year revenue forecast again
Cognizant Technology Solutions Corp. has cut its full-year revenue growth forecast sharply to 8.5-9.5%, implying the slowest pace since 1996, after posting a 5.2% sequential increase in revenue for the quarter ended 30 June.
Earnings corner
Bayer Corp, Britannia, Colgate-Palmolive, Hero Moto Corp, Idea and Polaris are among the companies which will be announcing their June quarter earnings today.
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