Opening bell: Asian markets open lower; HUL, Ultratech earnings in news
US stocks end lower; Asian markets on weak footing
US equities fluctuated on Monday as investors geared up for a slew of earnings reports later this week.
Markets in Asia were subdued in early Tuesday trade after a muted session on Wall Street and a mini-crash in Chinese stocks that some have deemed a “Black Monday” on the mainland.
HDFC Life to go ahead with IPO before merger with Max Life Insurance
HDFC Standard Life Insurance Co. Ltd’s board approved a proposal to sell as much as 20% of the insurer through an initial public offering (IPO) even as it reiterated its commitment to a potential merger with Max Life Insurance Ltd at a later date.
GST Council raises cess on cigarettes
The goods and services tax (GST) Council decided to increase the cess on cigarettes to offset a reduced tax revenue from the product following the 1 July rollout of the indirect tax reform.
Gujarat high court dismisses Essar Steel petition
The Gujarat high court on Monday dismissed Essar Steel’s petition that had challenged the Reserve Bank of India’s (RBI) directive to banks for initiating insolvency proceedings against the company.
Reliance Industries second company after TCS to cross Rs5 trillion in market cap
Reliance Industries Ltd on Monday became the second Indian company to cross Rs5 trillion market capitalisation after the nation’s biggest software major, Tata Consultancy Services Ltd (TCS).
Wipro shares soar over 3% ahead of board meet on stock buyback, quarterly results
Ahead of Wipro’s board meeting this week on stock buyback and quarterly results, its shares rose by over 3% on Monday, adding Rs3,949 crore to the firm’s market valuation.
ACC June quarter net profit rises 32.7% to Rs321 crore
Cement maker ACC Ltd on Monday reported a jump in stand-alone net profit for the quarter ended June, beating analyst estimates. Net profit rose to Rs321.75 crore, a 32.7% increase from the year-ago period, on a 20.5% rise in revenue to Rs3,958.6 crore.
SBI Life files for IPO, seen raising more than $1 billion
SBI Life Insurance Co. Ltd, a unit of State Bank of India, filed for an initial public offering (IPO) of shares that bankers have said could raise more than $1 billion.
HUL, Crisil and Ultratech Cement are among the companies that will be announcing their June quarter earnings on Tuesday.