Mumbai: Asian markets are trading higher. Japan’s Nikkei jumped 1.71% to 11,364 after the Group of 20 nations refrained from criticizing the country’s policies that have weakened the yen. Read the Bloomberg report.
US markets closed mixed over the weekend. The S&P 500 at 1,519 closed marginally lower by 0.10% as selling in Wal-Mart Stores Inc. weighed on the benchmark indices. Shares of Wal-Mart tumbled after reports pointed to weak retail sales.
Back home, government is considering the option of letting mobile operators with 2,300 megahertz (MHz) spectrum to switch to the more efficient 700MHz band, reported Business Standard. If the move goes through, Reliance Industries Ltd (RIL) and Bharti Airtel Ltd may benefit as they have spectrum in 2,300Mhz band.
Also, the government is likely to allow broadband wireless service providers to offer voice services for an extra fee, reported Business Standard. The proposal, if implemented, will also help RIL offer voice services.
Shares of Jet Airways (India) Ltd may witness some action. Etihad Airways PJSC wants to revise the proposed deal to buy stake in Jet Airways. Read more.
Hotel Leelaventure Ltd is trying to script a turnaround by raising around Rs.3,500 crore through the sale of non-core assets, reported Mint. The company plans to slow down expansion and is looking to reduce its equity in its Chennai and Bangalore hotels.
Keep an eye on Gujarat Gas Ltd., Gujarat State Petroleum Corp. is planning to merge its city gas distribution business with Gujarat Gas, reported Business Standard. According to the report, the merger will let Gujarat State Petroleum Corp. transfer some debt to Gujarat Gas Ltd.
Officials of Diageo Plc and United Spirits Ltd (USL) are likely to meet this week to discuss regulatory and other issues related to their proposed $2 billion deal. The transaction—that would see Diageo acquiring majority stake in USL—is yet to receive a green signal from Competition Commission of India. Read more.