Opening bell: Asia opens mixed; M&M, Grasim Industries in news
In other news, India’s inflation is seen climbing to within touching distance of the Reserve Bank of India’s 4% medium-term target in March
US equities fall; Asian markets open mixed
US equities fell on Tuesday as investors fretted over geopolitical concerns, pushing safe-haven assets higher.
Asian markets were mixed in early trade on Wednesday, as tensions continue to ratchet up on the Korean peninsula following a warning from North Korea of a nuclear attack on the US.
SC sets aside ruling allowing compensatory tariff to Tata Power, Adani
In a major blow to Tata Power Ltd and Adani Power Ltd, the Supreme Court set aside an earlier tribunal ruling that allowed the companies to charge compensatory tariff from consumers.
Reliance Jio launches Dhan Dhana Dhan offer replacing Summer Surprise plan
Reliance Jio unveiled a new tariff plan ‘Dhan Dhana Dhan’ after the latest entrant into India’s telecom space was told by the Telecom Regulatory Authority (Trai) to withdraw its Summer Surprise offer.
Aditya Birla Nuvo shareholders sign off Grasim merger plan
Shareholders of Aditya Birla Nuvo Ltd, controlled by billionaire Kumar Mangalam Birla, approved plans for a merger with Grasim Industries Ltd that would create a firm with $9 billion in combined revenue.
Mahindra & Mahindra, SsangYong to develop electric SUVs by 2020
Mahindra & Mahindra Ltd and its Korean unit SsangYong Motor Co. are working on a joint global platform that will spawn two models each for Mahindra and SsangYong and an electric SUV, the companies said on Tuesday.
March inflation seen edging up closer to RBI’s mid-term target: Reuters poll
India’s inflation is seen climbing to within touching distance of the Reserve Bank of India’s 4% medium-term target in March, driven by higher food costs, a Reuters poll found, backing policymakers’ decision last week to move to a defacto tightening bias.
SUV growth pushes passenger vehicle sales to its highest in six years
Sales of passenger vehicles in India during the fiscal year ended 31 March grew at its fastest pace in six years, largely propped up by sales of sports utility vehicles (SUVs), according to data released by industry lobby Society of Indian Automobile Manufacturers.
Cairn India merged with Vedanta
Metals and mining group Vedanta Ltd, controlled by London-based non-resident Indian businessman Anil Agarwal, said the merger with its oil and gas subsidiary Cairn India Ltd has become effective as of Tuesday.