Mumbai: Asian markets started the new month on a weak note. Reports of slowing business activity in the US and recession in Spain have made investors wary of risk assets like equities. Japan’s Nikkei at 9,420 is down 1.05%.
Overnight, US stocks closed lower, as investors, concerned about slowing economy and growing risks in Euro zone, sold shares of industrials and technology companies. S&P 500 at 1,397 is down 0.39%.
Back home, the growth rate of eight core infrastructure sectors slipped to 2% in March. Contraction in crude oil, natural gas and weak growth in electricity sector weighed on the core sector growth in March. Read the Business Standard report.
Aditya Birla Nuvo, a unit of the Aditya Birla Group, will acquire a majority stake in the Pantaloons retail chain of Pantaloon Retail (India). The proposed transaction is expected to help the Pantaloon Retail (India) pare its debt. Read the Mint report.
UB Holdings, the parent company of Kingfisher Airlines, is in talks with private equity firms to raise money by selling stakes in its commercial real estate, reports The Times of India.
A division bench of the Uttarakhand high court has directed the state government to award the 200 megawatts Mapang Bogudiyar project to Reliance Infrastructure. The project was earlier awarded to a consortium of GVK Industries and L&T.
Wipro is buying an Australian analytics firm Promax Applications Group for about Rs 192 crore. Promax Applications Group is a leading player in trade promotion planning, management, and optimization solutions space.
GMR Infrastructure is rethinking its move to raise $300 million through the private equity route, reports the Business Standard. The company has been in talks with private equity firms to raise funds for the expansion of its highways business.
The income-tax department has sent show-cause notices to 45 companies for non-payment of tax deducted at source on commissions charged by banks for facilitating credit card transactions, reports Mint. Companies to which the notices have been sent include Pantaloon Retail (India), Infiniti Retail Ltd and Titan Industries Ltd.
Finally, Noma, a waterside establishment in Copenhagen, was named the World’s Best Restaurant for the third straight year. The restaurant serves Nordic dishes such as poached sea urchin and powdered cucumber. Read the Bloomberg report.