BackNews roundup | Trade deficit narrows; Tata Steel, Coal India in news
Trade deficit at record low in March; wholesale inflation declines for 17th month
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Asia tracks US market gains
US markets closed higher. S&P 500 gained 0.65% to 2,094 on optimism about the US economy and rebound in crude prices. Tracking the cues, Asian markets opened higher.
Trade deficit at record low in March
A sharp decline in gold imports helped narrow India’s trade deficit to a record low, as merchandise imports contracted faster than exports in March amid tepid global demand. Read more.
Wholesale inflation declines for 17th month
India’s wholesale price index (WPI) fell for the 17th straight month in March, declining by an annual 0.85%, driven down by tumbling prices of oil and manufactured goods.
TCS lags industry estimates
Tata Consultancy Services Ltd (TCS) reported revenue growth of 11.9% in constant currency terms for the year ended March, slower than industry body Nasscom’s growth estimate of 12.3% for the country’s outsourcing sector.
Mindtree’s Q4 profit up 21.2%
Mid-cap IT services firm Mindtree Ltd reported a 21.2% rise in net profit for the quarter ended 31 March compared to the year-ago period on growing digital business and robust order book.
Greybull Capital mulls bid for Tata Steel’s specialty arm
Investment firm Greybull Capital is considering making a bid for Tata Steel Ltd’s UK specialty steels arm, reports indicate. Earlier this month, Tata Steel agreed to sell its Long Products Europe division in Scunthorpe to Greybull.
Coal India rationalises charges
Coal India Ltd will no longer charge an extra premium from buyers for purchase of the full quantity of coal, reports Business Standard. The initiative comes in the backdrop of poor off-take by customers and pithead stock idling at Coal India, the report adds.
Arrest warrant issued against Vijay Mallya
A special court on Monday issued a non-bailable warrant for the arrest of UB Group chairman Vijay Mallya, as investigators and creditors strive for the return of the embattled businessman from abroad. Read more.
Bharati Defence in talks with equity investors
Debt-laden Bharati Defence and Infrastructure Ltd (formerly known as Bharati Shipyard Ltd) hopes to bring an equity investor on board in the next five to six months, even as it looks to secure debt financing to restart some of its projects, reports Mint.
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