Opening bell: Asian markets open mixed; GMR, RCom, NTPC, L&T in news
Asian markets ease in morning trade
Asian markets were subdued in morning trade as concerns about another sharp sell-off in Chinese stocks weighed on investor sentiment. Overnight, US stocks closed slightly lower. S&P 500 at 2,601 points is down 0.04%.
GMR Airports IPO likely by June 2019
GMR Airports Ltd, a unit of GMR Infrastructure Ltd, is meeting investment bankers as it prepares to launch its initial share offering (IPO) planned by June, reports Mint. The company plans to use the funds to repay debt, private equity investors and projects.
China Development Bank files insolvency case against RCom
China Development Bank has become the first lender to file a case against debt-ridden Reliance Communications Ltd (RCom) under the Insolvency and Bankruptcy Code, reports Mint.
Reliance Jio is likely to chase the 4G airwaves in the 850 MHz band in seven key markets that RCom has got by merging Sistema Shyam Teleservices with itself, if the government backs the regulator’s call for easing spectrum caps, reports The Economic Times.
NTPC power plants face Bhel equipment woes
NTPC Ltd has been facing problems at several of its power projects due to issues related to equipment supplied by Bharat Heavy Electricals Ltd (Bhel), reports Mint.
L&T may sell some assets by March to fund acquisitions
Larsen and Toubro Ltd (L&T) plans to sell its electrical unit and spin out its road assets trust by March 2018, a sign that funding for plans to acquire more companies in information technology will soon be in place, reports Bloomberg.
ITC plans Rs10,000 crore investment in food processing business
ITC Ltd plans to invest around Rs10,000 crore in the coming years to strengthen its business in the food processing sector, reports Business Standard.
Textile exports may fall 10-12% in FY18
India’s textile exports are likely to decline by 10-12% for the current financial year due to the reduction in tax exemptions granted to exporters, appreciation in the Indian rupee against the dollar and shifting of import orders to competing countries, reports Business Standard.