BackOpening bell: Asian markets gain; Jet Airways, Tata group firms in news
Tata Sons to raise stake in Tata Global Beverages, Tata Chemicals, while Jet Airways Q1 profit more than doubles on domestic growth
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Asian markets open with gains
Asian markets opened higher, tracking gains in the US. Overnight, the US markets closed with gains on buying in the shares of financial services companies. S&P 500 at 2,496 is up 0.34%.
Inflation quickens in August, industrial growth sees mild recovery
India’s industrial production recovered to grow only mildly as growth in manufacturing output remained flat with introduction of goods and services tax which continued to disrupt production networks while retail inflation quickened in August, reports Mint.
Tata Sons to raise stake in Tata Global Beverages, Tata Chemicals
Tata Sons Ltd said it would raise its shareholding in Tata Global Beverages Ltd and Tata Chemicals Ltd by up to 6.84% and 4.39%, respectively, reports Mint. The move is part of a larger strategy to disentangle cross-holdings of group companies, the report adds.
Jet Airways Q1 profit more than doubles on domestic growth
Jet Airways (India) Ltd’s net profit more than doubled in the June quarter as healthy domestic growth offset muted earnings from its global operations.
Phoenix Mills buys back stakes in four malls for Rs1,350 crore
Retail developer Phoenix Mills Ltd is buying back stakes from various investors in four of its mall projects for around Rs1,350 crore, making it the sole owner of the assets, reports Mint.
NTPC plans to phase out 1,460 MW of old depreciated plants
NTPC Ltd plans to phase out 1,460 megawatt (MW) of old depreciated plants over time, reports The Hindu Business Line. One plant of 460 MW at Talcher (Odisha) and another plant of 1,000 MW at Singrauli (Madhya Pradesh) will be retired, the report adds.
Telecom Commission asks panel to consider relief measures for telcos
The Telecom Commission has asked the inter-ministerial panel looking into the health of the telecom sector to consider ways for providing relief to telcos, which are facing high debt levels and falling revenues, reports The Economic Times.
India’s oil demand falls 6.1%, the most in 14 years
Lastly, India’s oil consumption in August shrank 6.1%, the most since April 2003, as floods ravaged several parts of the country curbing demand for diesel and gasoline, reports Bloomberg.
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