BackOpening bell: Asian markets open mixed; Claris Lifesciences in focus
In other news, Ratan Tata is likely to step down as chairman of the Tata Trusts next year
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Asian markets mixed in morning trade
US markets closed with gains. S&P 500 at 2,262 is up 0.39% on buying in shares of financial services companies. Asian markets opened mixed. While Japanese shares are trading in the green, markets elsewhere are slightly down.
Cash withdrawal rules to be eased after 80% remonetisation
The government is considering easing rules on cash withdrawals, starting with cooperative banks, once 80% of the new currency is introduced into the system, reports PTI. According to the report 50% or Rs7.5 trillion worth of remonetisation is complete.
In another report the Reserve Bank of India (RBI) imposed restrictions on withdrawal if more than Rs2 lakh has been deposited after 9 November in an account which has a balance of over Rs5 lakh.
Ratan Tata may step down next year
Ratan Tata is likely to step down as chairman of the Tata Trusts, which control 66% in Tata Sons, the holding company of Tata Group, reports The Times of India. According to the report, the Trusts have asked an external consultant to advise them on the selection process, which could be completed by the middle of next year.
Claris to sell its generic injectables business for $625 million
Claris Lifesciences Ltd will sell its global generic injectables business to US-based Baxter International Inc. for $625 million (Rs4,238 crore). The company plans to share a significant part of the net cash proceeds from the sale with shareholders, reports Mint.
Cipla arm forms JV for manufacturing drugs in Iran
Cipla Ltd’s wholly-owned subsidiary in the Netherlands, Cipla Holding B.V., has entered into a joint venture agreement with Ahran Tejarat Co. for manufacturing and marketing pharmaceutical products in Iran.
Telenor looks to sell its India unit to Idea Cellular
Telenor held talks with Idea Cellular Ltd for a cash-less sale of its India unit, which would entail Idea taking over liabilities of Telenor’s local business, reports The Economic Times.
McNally Bharat Eng to see capital infusion of Rs600 crore
Williamson Magor Group is looking to infuse as much as Rs600 crore to revive its flagship engineering firm, McNally Bharat Engineering Co. Ltd, reports Mint. The board of McNally Bharat on Tuesday approved a capital infusion of up to Rs600 crore.
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