Mumbai: Asian markets are trading lower. Japan’s Nikkei lost 0.80% to 8,942 on concerns that a slowing global economy is crimping corporate earnings.
Overnight, equity markets in the US also retreated. The S&P 500 lost 1.44% to 1,413 on weak corporate earnings. Read the Bloomberg report.
Back home, the woes of the telecom industry are far from over. The finance ministry is suggesting the auctioning of all mobile-spectrum held by the mobile companies when their permits expire, reports The Economic Times. The suggestion, if implemented, could increase costs of Bharti Airtel and Idea Cellular.
The oil regulator wants Reliance Industries to share the marketing margin it charges from customers on the sale of gas with the government, reports The Indian Express. According to the report, the government made it a prerequisite for approving accounts of the company’s KG D6 gas fields.
The Government is increasing the scrutiny of the GMR Infrastructure-run Delhi airport. The civil aviation ministry is considering an audit of the functioning of the airport, reports Mint. The development follows a report by the Comptroller and Auditor General of India that highlighted how the company short-changed the government.
Creditors are beginning to recover their dues from the Kingfisher Airlines. HPCL encashed the bank guarantee provided by the airline for not clearing the fuel dues, reports Business Standard. According to the report, the bank guarantee was worth about Rs 434 crore. Meanwhile, an The Economic Times report says lessors are directly approaching the Airports Authority of India to reclaim the grounded aircraft.
There is more bad news for the Indian steel sector. India’s largest iron ore miner NMDC is faltering in its performance. In the first six months of the fiscal year, the company reported a 7% drop in production. From 13.15 million tonnes last year, production fell to 12.24 million tonnes in first half this fiscal. Read more.
Gujarat State Petronet Limited is getting caught in political mudslinging. The Gujarat Congress has accused the state government of trying to rig the bidding process of the gas pipelines contracts awarded by the company, reports Business Standard.
To reduce debt Orbit Corporation is looking to sell stakes in four projects, reports The Economic Times. According to the report, the company is aiming to raise Rs 500 crore from the stake sale process.
Finally, to take on Kindle and other smaller tablets, Apple Inc. has unveiled an 8 inch tablet. The tablet, which costs $329, will go on sale from Friday. Read the Reuters report.