Opening bell: Asian markets positive; Vodafone, Voltas in focus
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US markets end higher; Asia opens positive
US stocks closed higher on Tuesday, lifted by a sharp rally in energy stocks, while the technology sector rebounded after a post-election sell-off.
Asian equities opened with a positive leap, as investors focused on stronger dollar, higher oil prices and US Federal Reserve’s interest rate hike expectations.
Subbarao warns RBI against taking unclaimed notes as profit
Any move by the Indian government to treat currency that is not surrendered during the ongoing demonetization process as a profit will be “ill-advised”, former Reserve Bank of India (RBI) governor D. Subbarao has warned. Read More.
Tata Global Beverages board removes Cyrus Mistry as chairman
“Keeping in view the long-term interests and alignment of all the stakeholders and stability of the company, the board of directors resolved to replace Cyrus Mistry as chairman of the company with majority vote, with 7 out of the 10 directors present at the board meeting voting in favour of the resolution,” Tata Global Beverages said in a statement to the exchanges
NSE may divest 25% stake via OFS route
The National Stock Exchange of India Ltd (NSE) is looking to divest around a 25% stake through the offer for sale (OFS) route in its planned initial public offering (IPO).
Cabinet schedules Union Budget on 1 February, hikes MSP of wheat, pulses
In a respite to farmers in the top wheat growing states of Punjab and Uttar Pradesh, the Union cabinet on Tuesday approved a modest 6.6% hike in the minimum support price (MSP) of wheat, the main spring harvest for which planting has begun. Read More.
Retail inflation eases to 14-month low of 4.20% in October
India’s retail price inflation fell to a 14-month low of 4.2% in October from 4.39% a month ago as inflation in fruits and pulses softened, raising the chances of an interest rate cut by the central bank.
Petrol price cut by Rs1.46, diesel by Rs1.53 per litre
Petrol price was on Tuesday cut by Rs1.46 a litre and diesel by Rs1.53 per litre, reversing the rising trend of the past few weeks. Read More.
Gail India Q2 profit up 179% on cost savings, petrochem
Gail (India) Ltd reported an almost three-fold growth in profit for the September quarter on lower expenses and finance costs. Net profit rose to Rs924.65 crore from a re-stated profit of Rs330.4 crore in the year earlier, the company said.
Tata Motors says Tata Tech stake sale talks on; deal may take longer
Tata Motors Ltd has resumed looking for potential buyers for some of its stake in subsidiary Tata Technologies Ltd. A deal, however, may take longer with the top-level change at group holding company Tata Sons. Read More.
Reliance Jio entry forces Vodafone to cut India unit valuation, delay IPO
Vodafone Group Plc. has written down the value of its Indian business by €5 billion (around Rs36,460 crore), citing increased competition in the country’s telecom market, causing its global first-half loss to double
Shipping Corp. of India and Voltas are among the companies that will be announcing their September quarter earnings on Wednesday.