Opening Bell | Asia opens lower; Jindal Steel, Kotak Mahindra Bank in news
Kotak Mahindra Bank surpasses ICICI Bank in market valuation; Adani Ports posts 38% increase in March quarter profit
Asia tracks US market losses
US markets closed lower. S&P 500 lost 0.87% to 2,063 points as concerns about the global economy resurfaced. Tracking the cues, Asian markets opened in losses.
Liberty House submits bid for Tata Steel UK assets
The UK-based commodity trading firm Liberty House Group has formally submitted the first bid for some of Tata Steel Ltd’s UK assets. Read more.
Wilful defaulters owe ₹ 66,000 crore to govt banks
There were 7,686 wilful defaulters owing ₹ 66,190 crore to state-owned banks as of December 2015, the government told Rajya Sabha, reports Business Standard. Total outstanding amount in top 100 non-performing accounts was ₹ 1.73 lakh crore.
JSW Energy to buy Jindal Steel’s power plant
JSW Energy Ltd has agreed to buy Jindal Steel and Power Ltd’s 1,000 megawatt thermal power plant in Chhattisgarh at an enterprise value of ₹ 4,000 crore. The enterprise value of the deal could be increased if the power plant is secured of fuel and manages to enter long-term power purchase agreements.
SITI Cable in talks to buy Den Networks
SITI Cable Network Ltd has held preliminary talks to acquire Den Networks Ltd, reports The Economic Times. According to the report, a potential deal could be worth about ₹ 2,000 crore.
Kotak Mahindra Bank surpasses ICICI Bank in market valuation
Kotak Mahindra Bank Ltd has surpassed ICICI Bank Ltd to emerge as the third most valued lender in the country, reports PTI. At close of trade on Tuesday, Kotak Mahindra’s market capitalisation stood at ₹ 1,29,963 crore, which is about ₹ 1,244 crore more than ICICI’s ₹ 1,28,718 crore.
Bajaj Auto regains number three spot
Bajaj Auto Ltd has regained its third rank, in terms of the number of units sold, displacing TVS Motor Co. Ltd, reports Business Standard. New product launches helped Bajaj Auto.
Adani Ports reports 38% increase in March quarter profit
Adani Ports and Special Economic Zone Ltd reported a 38% increase in profit for the March quarter. Consolidated revenue rose 18%. The results came after market hours.
Nalco to buy back 25% stake from government
National Aluminium Co. Ltd (Nalco) has agreed to buy back 25% of its shares from the government, reports Reuters. The buyback is part of the government’s efforts to raise much-needed funds, the report adds.
Jindal Steel results today
Adani Enterprises Ltd, Hexaware Technologies Ltd, Dewan Housing Finance Corp. Ltd, Jindal Steel and Power Ltd and V-Guard Industries Ltd are some of the companies that will release their earnings for the March quarter today.
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