Opening bell: Asian markets open mixed; Infosys, Indian Hotels in news
Asian markets little changed in morning trade
Asian markets are mixed in the morning trade. According to Reuters, concerns about US President Donald Trump’s ability to fulfill his economic agenda is weighing on investor sentiment. Over the weekend US markets closed lower. S&P 500 at 2,425 is down 0.18%.
Govt all set to hike GST cess on luxury cars
The government is set to promulgate an ordinance within weeks, allowing an increase in goods and services tax (GST) cess on luxury cars and SUVs, as it seeks to restore tax revenue from the automobile industry that unintentionally got affected, reports Mint.
Bank unions threaten to go on strike on Tuesday
Services at public sector banks may take a hit on Tuesday as all unions under the aegis of United Forum of Bank Unions have threatened to go on strike against the government’s proposed consolidation move, reports PTI.
Infosys approves share buyback at 24.57% premium
The board of Infosys Ltd announced buyback of shares worth Rs13,000 crore. The company will buy back shares aggregating up to 4.92% of the paid-up equity capital via tender route at a price of Rs1,150 per equity share.
Meanwhile the dramatic departure of Vishal Sikka as chief executive of Infosys has left the company with another messy problem: how to find someone willing to replace him, reports Reuters.
Indian Hotels plans to raise Rs1,000 crore
Indian Hotels Co. Ltd, which runs the Taj Group of hotels, plans to raise about Rs1,000 crore through a rights issue to fund the expansion, reports The Economic Times.
Russia’s Rosatom eyes Inox’s wind turbine manufacturing business
Russia’s Rosatom State Atomic Energy Corp. is exploring an investment in Inox Group’s wind turbine manufacturing business, reports Mint.
Two fixed deposit holders take Jaiprakash Associates to NCLT
Two fixed deposit holders have filed insolvency proceedings against Jaiprakash Associates Ltd in the National Company Law Tribunal in Allahabad, reports Business Standard.
Indian Oil to invest Rs52,000 crore on Paradip refinery
Indian Oil Corp. Ltd will invest about Rs52,000 crore in expanding the Paradip refinery and setting up petrochemical complex, after the Odisha government agreed to restore part of tax incentives, reports PTI.
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