Opening bell: Asian markets open higher; UltraTech Cement, Bank of India in focus
In other news, Motherson Sumi has lined up capital expenditure (capex) of Rs2,000 crore for the current fiscal, mainly on the upcoming nine plants in five countries including India
US equities end higher; Asian markets follow suit
US equities closed higher on Friday as concerns about Donald Trump’s presidency recede for the time being.
Asian equities opened higher on Monday, following the continued recovery on Wall Street last week and as investors digest yet another missile test out of North Korea at the weekend.
GST rates: 83 services exempt, 13 in 5% slab
Thirteen services including travelling by road and by air in the economy class or to any airport covered under the government’s regional connectivity scheme will attract a concessional 5% goods and service tax (GST) rate, while seven services including rail freight, business class air travel and construction services will be taxed at 12%.
Jaypee, UltraTech Cement looking to seal Rs16,189 crore deal by July
The Aditya Birla group’s Ultratech Cement Ltd’s Rs16,189 crore acquisition of the cement business of Jaiprakash Associates Ltd is expected to be completed soon, reports Mint.
Motherson Sumi lines up Rs2,000 crore capex for FY18
Auto components major Motherson Sumi Systems Ltd has lined up capital expenditure (capex) of Rs2,000 crore for the current fiscal, mainly on the upcoming nine plants in five countries including India.
LIC earns investment income of Rs1.8 lakh crore in FY16-17
Insurance behemoth Life Insurance Corporation (LIC) of India earned a total investment income of Rs1,80,117 crore during the financial year 2016-17. Read more.
EPFO advisory body to vet proposal on raising ETF investment
Retirement fund manager Employees’ Provident Fund Organisation’s (EPFO) advisory body the finance, investment and audit committee (FAIC) will examine the proposal to increase investments in exchange-traded funds (ETFs) to 15% from 10% on 25 May.
SBI Q4 profit rises 122.7% to Rs2,814 crore
State Bank of India’s (SBI’s) fiscal fourth-quarter net profit more than doubled, beating analysts’ estimates, as asset quality at the nation’s largest lender improved and it set aside less money to cover bad loans.
Hudco shares close 21% up in stock market debut after IPO
Shares of Housing and Urban Development Corp. Ltd (Hudco) made a stellar stock market debut on Friday, closing the day with a 20.8% gain at Rs72.50 apiece on BSE.
BSE to shift 17 firms to restricted trading segment
Leading stock exchange BSE will shift stocks of 17 firms to the restricted trading category, from 29 May, for not complying with listing rules.
Earnings corner
Allcargo Logistics, Bank of India and GAIL are among the companies that will be announcing their March quarter earnings on Monday.
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