Opening bell: Asian markets open mixed; Jaiprakash Power, Airtel, Religare in news
Asian markets open mixed
11 buyers line up for Jaiprakash Power
Lenders of Jaiprakash Power Ventures have managed to get as many as 11 suitors for the beleaguered company, reports Business Standard. According to the report, Adani Power Ltd, JSW Energy Ltd and a joint venture of ICICI Ventures and Tata Power Co. Ltd are among those who have put in expressions of interest.
Ericsson moves NCLT against RCom to recover dues
Ericsson India Pvt. Ltd has sought the intervention of the National Company Law Tribunal (NCLT) for recovering dues totalling about Rs1,154 crore from Reliance Communications Ltd (RCom) and subsidiaries.
Religare institutional shareholders move court
An institutional investor of Religare Enterprises Ltd has moved the Delhi bench of NCLT seeking ouster of the company’s board on grounds of mismanagement and oppression of minority shareholders, reports Economic Times.
REI Agro goes in for liquidation
REI Agro Ltd has gone in for liquidation after the National Company Law Tribunal ordered it to do so, reports Business Standard.
Lupin gets USFDA nod to market generic anti-bacterial drug
Lupin Ltd has received US health regulator’s nod to market generic version of Flagyl tablets, a drug used to treat bacterial infections, in the American market, reports PTI. According to the report, the drug had sales of $44.1 million in the US market.
Hindalco looks to export alumina from Odisha unit
Hindalco Industries Ltd is looking at exporting the extra alumina that its unit Utkal Alumina International Ltd produces, as it seeks to spur growth. Read more
Force Motors, Rolls-Royce Power tie up to make engines
Force Motors Ltd has entered into a non-binding joint venture agreement with Rolls-Royce Power Systems AG to produce engines for power generation and rail application and complete power generation systems, reports Mint.
BPCL to invest Rs1.08 trillion, focus on petrochemicals
BPCL Ltd will invest Rs1.08 trillion over the next five years to expand operations across its business segments, reports Mint. The company is bullish on the petrochemicals segment and plans to invest around Rs45,000 crore in the business over five years.
Airtel, SK Telecom tie up to work on 5G, network experience
Bharti Airtel Ltd said it has formed a strategic partnership with SK Telecom to leverage the South Korean telecom operator’s expertise in improving network experience, machine learning, big data and to provide a better experience to customers.
HDFC Bank India’s top brand, Reliance Jio at no. 11: report
Lastly, HDFC Bank Ltd topped the list of top 50 brands, according to a report by WPP Plc and Kantar Millward Brown. Reliance Jio, a unit of Reliance Industries Ltd, stood at number 11.