BackOpening Bell 25 February | Global equities gain on US Fed comments
Stocks gained after Janet Yellen testimony suggested that the central bank may not rush into raising interest rates
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Mumbai: Asian markets are trading higher. Stocks gained after the US Federal Reserve chair Janet Yellen testimony suggested that the central bank may not rush into raising interest rates, reports Reuters. The comments helped US markets close higher. S&P 500 at 2,115 is up 0.28%.
The government is pressing ahead with efforts to reduce its bill on food subsidies, reports Mint. The government is initiating a pilot project in all Union territories and select districts in states under which consumers will be selected on the basis of their Aadhaar unique identification numbers.
Railway minister may rely on higher support from the union budget, joint ventures and soft financing from other countries to turnaround the Indian Railways, reports The Economic Times.
Keep an eye on ABG Shipyard Ltd. According to The Times of India, Mahindra group is in talks to acquire stake in the company. Mahindra group has also been in discussions to acquire stake in Pipavav Defence and Offshore Eng. Ltd.
Tata Motors Ltd is developing a quadricycle with new petrol engine, reports Business Standard. According to the report the project is in very early stage now.
Tech Mahindra Ltd has partnered International Business Machines Corp. (IBM) to create a platform on which its developers can build web-based apps for clients, reports Mint. This will help the company achieve high network performance.
Blue Star Ltd plans to set up a manufacturing plant in south India, reports The Hindu Business Line. The plant will help the company source its products better.
Dewan Housing Finance Corp. Ltd is raising as much as $130 million through sale of shares to portfolio investors, reports Reuters. The company is offering the shares in the price band of ₹ 478 to ₹ 488 a share. The stock closed at ₹ 502 on Tuesday.
IL&FS is planning to raise as much as $100 million through a qualified institutional placement of shares with institutional investors for IL&FS Transportation Networks Ltd, reports Mint.
A private equity firm invested ₹ 135 crore in PC Jeweller Ltd, reports Business Standard. The fund infusion will help the company expand showrooms.
Lastly, Ajay Singh, a co-founder of SpiceJet Ltd who exited the airline in 2010, is back in control. The entire shareholding of the existing promoters totalling 350.4 million equity shares (58.46% of the equity), has been transferred to Singh, reports Mint. In another report the airline has cleared all the tax dues.
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