BackOpening Bell | Asian markets open lower; DLF, Aurobindo Pharma in news
In other news, Reliance Communications, Aircel likely to sign merger deal by September first week
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Asia tracks US market losses
Most Asian markets opened with losses after US Federal Reserve chair Janet Yellen indicated of an interest rate increase this year, reports Reuters. Over the weekend, US markets closed lower. S&P 500 was at 2,169 points, down 0.16%.
Government may advance Parliament session to pass GST laws
To roll out the landmark goods and services tax (GST) by 1 April 2017, the government may advance the winter session of Parliament by a fortnight to get supporting legislations passed, reports PTI.
New accounting rules may hit FMCG firms’ revenues
IndAS, the new accounting standard that came into effect from 1 April, may squeeze the revenues of consumer goods companies, reports Business Standard. The key cause is deduction of sales promotion expenditure from the revenue figure, hitherto part of the profit and loss statement under the earlier norms, the report says.
R-Com, Aircel likely to sign merger deal by September first week
Telecom companies Reliance Communications Ltd and Aircel Ltd are expected to sign an agreement for merger of their businesses by the first week of September, reports PTI.
Aurobindo in race to buy Teva UK’s assets
Aurobindo Pharma Ltd and Intas are among the contenders for the UK and Irish portfolio of Teva, reports The Economic Times. Teva is selling assets to comply with anti-trust regulations for its acquisition of Allergan Plc.’s generics business.
SBI pushing for Jyoti Structures takeover proposal
State Bank of India Ltd (SBI) is pushing creditors of Jyoti Structures Ltd to accept a takeover proposal from Dubai-based Amin Group, reports Mint. At a creditors’ meeting, SBI asked other lenders to approve the stake sale proposal and divest majority ownership to Amin Group under strategic debt restructuring, the report says.
L&T to scale up business in Southeast Asia
L&T Ltd has sharpened its focus on Southeast Asia and Africa to make up for the slowdown in west Asia, reports The Economic Times.
Protest begins to make Delhi-Noida flyway toll free
Keep an eye on Noida Toll Bridge Co. Ltd. Demanding removal of toll tax on Delhi-Noida flyway people have started an indefinite protest, reports The Times of India.
GMR wins bid to build Goa’s second airport
GMR Infrastructure Ltd last week won the bid to build Goa’s second airport, expected to cost ₹ 3,000 crore, gaining an opportunity to tap tourist traffic to the north of the state.
DLF Ltd, Indian Oil Corp. earnings today
Ashoka Buildcon Ltd, DLF Ltd, Indian Oil Corp. Ltd and MOIL Ltd are some of the companies that will release their earnings for the June quarter on Monday.
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