Opening bell: Asian markets fall, SBI, DLF, Adani, Dr Reddy’s, GDP data in news
Tech shares pull down Asian stocks
Asian stocks opened lower weighed down by selling in shares of technology companies. Overnight technology stocks in the US stocks also closed lower.
September quarter GDP numbers today
Indian economic growth likely rebounded in the July-September quarter with demand picking up modestly as the effects from a shock ban on high-value currency notes eased, a Reuters poll showed.
SBI raises bulk deposit rate by 1 percentage point
State Bank of India (SBI) raised interest rates on bulk deposits by 1 percentage point in certain categories. It left rates for deposits below Rs1 crore unchanged. Read more.
DLF plans to raise Rs3,500 crore from share sale
DLF Ltd plans to raise around Rs3,500 crore through sale of shares to institutional investors and the proceeds will be used to cut its net debt, reports PTI. A board meeting has been called on 1 December to approve the proposals, the report adds.
Adani, Hindujas join race for Jaypee Infratech
Adani Group, Hindujas and JSW Group have entered the fray to invest in Jaypee Infratech, taking the number of suitors past 20, reports The Times of India. The move comes as holding company Jaiprakash Associates is struggling with excess debt.
Dr Reddy’s served securities class action lawsuit in US
Dr Reddy’s Laboratories Ltd had been served a securities class action lawsuit in the US for alleged violations of federal securities laws.
UIDAI orders probe against Bharti Airtel
Unique identification authority of India (UIDAI) ordered a probe against Bharti Airtel for alleged violations of the Aadhaar Act, reports The Times of India. According to the report the action was taken on complaints Airtel Payments Bank surreptitiously opened accounts of customers while carrying out Aadhaar verification of their mobile numbers.
Cairn India to increase gas production by 2019
Cairn India, part of Vedanta group, is set to considerably increase its gas production to three million standard cubic metres a day (105.9 million standard cubic feet a day) by June 2019, reports Business Standard. The firm’s production capacity as of September quarter stood at of 33.8 million standard cubic feet a day, the report adds.
Lawmakers pitch for fresh concessions for exporters
Lawmakers have pitched for fresh concessions to labour-intensive exporting sectors such as textiles, leather, gems and jewellery to mitigate the compliance burden incurred in transitioning to the goods and services tax (GST) regime that was rolled out on 1 July.
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