Opening bell: Asian markets open mixed; Airtel, RIL in focus
US stocks end lower; Asian markets open mixed
US stocks closed lower on Thursday as Wall Street digested earnings from some of the top financial companies.
Markets in Asia were subdued on Friday after Wall Street slipped as investors awaited the release of China trade data during the session.
Airtel to buy Tata’s consumer mobile business in a debt-free, cash-free deal
Tata Sons Ltd will sell its consumer mobile business to India’s largest telecom operator Bharti Airtel Ltd virtually for free, as part of the group chairman’s strategy to exit businesses which have been a prolonged drag and have little visibility of future profits.
TCS reports 3.2% sequential rise in Q2 dollar revenue
Tata Consultancy Services Ltd (TCS)’s quarterly revenue rose 1.7% in constant currency terms in the second quarter from the preceding three months, but a 150 basis point boost from positive currency movement and better operational efficiency helped it report a 3.2% sequential increase in dollar revenue.
Banks need to set aside Rs3.3 trillion as bad loan provisioning in FY18: Crisil
Banks are likely to need nearly Rs3.3 trillion this fiscal as provisioning for large non-performing asset (NPA) accounts in the current financial year, said a Crisil report.
India’s IIP in August highest in 9 months, inflation unchanged
India’s factory output rebounded strongly to a nine-month high of 4.3% in August as companies stepped up production to restock warehouses ahead of the festival season, after they reduced output in June and July owing to uncertainties regarding implementation of the goods and services tax (GST).
IndusInd Bank Q2 net profit rises 25% to Rs880 crore
IndusInd Bank Ltd said its net profit for the September quarter rose 25% from a year ago due to higher net interest income and other income.
GIC Re IPO subscribed 90% on second day
The initial public offering of state-owned General Insurance Corp. of India Ltd (GIC Re) was subscribed 90% on the second day of the IPO.
Karnataka Bank, MCX and Reliance Industries Ltd are among the companies that will be announcing their September quarter earnings on Friday.