Opening Bell | Asian markets open higher; Yes Bank, M&M in news

In other news, ICICI Prudential Life IPO subscribed 10.44 times on last day

A file photo of the BSE building in Mumbai. Photo: Reuters
A file photo of the BSE building in Mumbai. Photo: Reuters

US markets end higher; Asia follows suit

US stocks closed sharply higher on Wednesday after the Federal Reserve kept interest rates unchanged but hinted at the possibility of one rate hike later this year. The Dow Jones industrial average gained 0.90% to close at 18,293.7 points. The S&P 500 rose 1.09% to end at 2,163.12 points, while the Nasdaq advanced 1.03% to close at 5,295.18 points.

Asian markets opened higher on Thursday, tracking the overnight rally in the US. The Japanese market , which climbed nearly 2% on Wednesday following the Bank of Japan’s (BOJ) decision to overhaul its monetary policy framework, is closed Thursday for a public holiday

US Fed keeps interest rates steady, signals one hike by end of the year

The US Federal Reserve left interest rates unchanged on Wednesday but strongly signalled it could still tighten the monetary policy by the end of this year as the labour market improved further.

Current account deficit at 0.1% of GDP in April-June quarter

India posted a current account deficit (CAD) of $277 million, or 0.1% of the gross domestic product (GDP), in the April-June quarter—same as in the preceding quarter —belying expectations of a surplus, data released by the Reserve Bank of India (RBI) showed.

Cabinet clears merger of Railways and Union Budgets

In a sweeping recast of India’s annual budget process, the government ended the 92-year-old practice of having a separate rail budget. The Union cabinet also approved the finance ministry’s proposal to advance the general budget’s presentation by a month from the end of February.

ICICI Prudential Life IPO subscribed 10.44 times on last day

ICICI Prudential Life Insurance Co. Ltd’s initial public offering (IPO) closed on Wednesday, with the issue, excluding the anchor book, drawing bids 10.44 times the number of shares on offer. Read more .

Lenders finalizing debt restructuring package for ABG Cement

Lenders to ABG Cement Ltd are in the process of finalizing a debt restructuring package for the company. Global commodities platform SIMEC Group bought a 51% stake in ABG Cement for Rs525 crore and initiated a management change in the company earlier this financial year, reports Mint .

Orient Paper to demerge electrical appliances division

Orient Paper and Industries Ltd has decided to demerge its electrical appliances division to unlock shareholder value. Read more .

Mahindra recalls new gen Scorpio, NuvoSport due to faulty fluid hose

Mahindra and Mahindra Ltd is recalling new generation Scorpio and Nuvo Sport vehicles manufactured until June 2016 “for a pro-active inspection of fluid hose ”, the company said in a statement to the stock exchanges.

IOC eyes entire GSPC stake in Mundra LNG terminal

Indian Oil Corp. Ltd (IOC) wants to buy Gujarat State Petroleum Corp.’s (GSPC) entire stake in the GSPC-Adani liquefied natural gas (LNG) terminal being built in Mundra, Gujarat.

Aurobindo Pharma, Cadila recall drugs from US market

Aurobindo Pharma and Cadila Healthcare have recalled over 25,500 bottles of two different drugs in the US due to the presence of foreign tablets and failed dissolution specifications.

Yes Bank invokes 19 lakh United Breweries shares worth Rs156 crore

United Breweries Ltd (UBL) said private lender Yes Bank has invoked 19 lakh of its shares worth Rs156 crore which were pledged by McDowell Holdings, a unit of Vijay Mallya-led UB Group. Read more

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