Opening Bell | Asian markets trade lower; Cairn India, Yes Bank in news
In other news, ONGC in talks to acquire stake in GSPC gas field
US stocks end lower; Asian markets extend losses
US stocks closed lower Thursday, despite a surge in oil prices, as investors digested the European Central Bank’s latest monetary policy decision and remarks made by its president Mario Draghi.
The Dow Jones industrial average closed 0.25% lower at 18,479.91 points. The S&P 500 slipped 0.22% to close at 2,181.30 points. The Nasdaq dropped 0.46% to close at 5,261 points.
Asian markets extended losses after reports indicated an earthquake in North Korea may have been caused by a nuclear test in the isolated nation. Japan’s benchmark Nikkei 225 fell 0.24%, erasing early gains.
Cairn-Vedanta merger gets LIC backing
Life Insurance Corp. of India (LIC) will vote in favour of a proposed merger of Anil Agarwal-controlled Vedanta Ltd and Cairn India Ltd. The support of LIC, which owns a 9.06% stake in Cairn India, is crucial for the merger to go through, reports Mint.
Mahindra hitches a Rs2,600 crore ride on Ola
Auto maker Mahindra and Mahindra Ltd has struck a deal with ANI Technologies Ltd that operates ride-hailing service Ola to finance vehicles for more than 40,000 of its drivers by 2018. The alliance is worth Rs.2,600 crore. Read more.
ICICI Prudential IPO likely in week beginning 19 September
ICICI Prudential Life Insurance Co. is likely to launch its share sale to raise at least Rs.5,000 crore in the week of 19 September. The company, which filed the initial share sale documents with the Securities and Exchange Board of India (Sebi) on 18 July, received the regulator’s approval on 2 September. Read more.
Yes Bank says no to share sale after scrip tanks
Yes Bank scrapped its $1 billion share sale less than 24 hours after launch as the share price collapsed due to poor investor appetite and the management blamed “extreme volatility" and poor advice on regulations by investment banks Goldman Sachs, Nomura and CLSA, reports The Economic Times.
ONGC in talks to acquire stake in GSPC gas field
Oil and Natural Gas Corp. (ONGC) is in talks with Gujarat State Petroleum Corp. (GSPC) for acquiring a stake in its gas field in the Krishna-Godavari Basin, ONGC chairman and managing director D.K. Sarraf said, reports The Hindu.
SAIL’s net loss widens to Rs534.92 crore in Q1
India’s largest steelmaker Steel Authority of India (Sail) on Thursday reported widening of its stand-alone net loss to Rs534.92 crore for the quarter ended 30 June 2016. The state-run company had posted a net loss of Rs248.24 crore in the year-ago period, Read more
Britannia challenges Delhi HC order on packaging dispute with ITC
Britannia Industries has appealed before a division bench of the Delhi High Court, challenging the injunction order passed by its single bench on the biscuit packaging dispute with ITC Ltd, reports The Financial Express.
Passenger vehicle sales increase 16.7%, bike sales up 22% in August
Sales of passenger vehicles, including cars, grew 16.7% to 258,000 in August from the year-ago period. The increase in demand for automobiles in the country has prompted the Society of Indian Automobile Manufacturers (Siam) to revise its growth projections.
S&P assigns stable outlook to Indian Bank
S&P Global Ratings said it has affirmed “BBB-" long-term rating on Indian Bank with a stable outlook on the back of the PSU lender’s strong capital base and funding ability. Read more.
Earnings corner
GSPL, Gujarat Gas and Jaiprakash Associates are among the companies that will be announcing their June quarter earnings on Friday.
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