BackOpening Bell | Asian markets open higher; United Bank, Piramal Enterprises in news
United Bank to raise Rs1,000 crore via equity issue to QIBs; BSE shareholders okay IPO plan
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US markets open higher, Asia follows suit
US stocks closed more than 1.5% higher Wednesday, helped by gains in oil prices, as global markets recovered for a second day from their post-Brexit plunge. The Dow Jones Industrial Average closed up 1.64% at 17,694.68 points; the S&P 500 added 1.7% to 2,070.77 points and the Nasdaq Composite gained 1.86% to 4,779.25 points.
Asian markets opened higher on Thursday, tracking global rally. Japan’s Nikkei 225 was up 1.10%, with shares receiving a boost from a relatively weaker yen. Across the Korean Strait, the Kospi was up 0.46%.
Seventh Pay Commission: A ₹ 1 trillion bonanza for government employees
The Union cabinet approved pay and pension raises that will put an additional ₹ 1.02 trillion in the hands of 10 million central government employees and pensioners in the current fiscal, delivering a potential boost to the consumer economy, reports Mint.
Cabinet nod for model law allowing malls, cinemas to stay open 24x7
The cabinet approved the ‘Model Shops and Establishments (Regulation of Employment and Conditions of Service) Bill’ that will allow malls, shops, restaurants, banks and cinemas to operate 24 hours a day, effectively boosting employment generation in the country.
United Bank to raise ₹ 1,000 crore via equity issue to QIBs
State-owned United Bank of India plans to raise ₹ 1,000 crore through issuance of equity to qualified institutional buyers (QIBs). The decision to raise the capital was taken at the bank’s annual general meeting on 28 June 2016, it said in regulatory filing.
Essar Oil makes $500 million payment to Iran via new channel
Essar Oil has paid $500 million to Iran via a new payment channel opened recently to clear one-fifth of its outstanding amount. Indian refiners are using Germany-based EIH bank to help clear past oil dues to Iran. Industry sources said Essar Oil, which owed about $2.6 billion in past dues, paid $500 million. Read more.
Telcos may seek withdrawal of Trai’s paper on free data
Phone companies may seek the withdrawal of a consultation paper issued by the telecom regulator on free data on the grounds that it is too vague and ad hoc in the absence of net neutrality rules that should first be laid down to give clarity to the industry, reports The Economic Times.
BSE shareholders okay IPO plan
Shareholders of the BSE stock exchange have approved its proposed plan to sell up to 30% of its equity in a much-awaited initial public offer (IPO). It is expected to hit the market this financial year. The exchange plans to file draft papers next month with the Securities and Exchange Board of India (Sebi), reports Business Standard.
GAIL begins gas supplies to Chinese wheel producer
GAIL India, the nation’s biggest natural gas transporter, has begun supplying gas to the India unit of the world’s largest automotive aluminium wheel producer Wanfeng Group. Gas supplies to Wanfeng Aluminum Wheels (India) Pvt. Ltd’s plant at Rewari in Haryana commenced on 27 June.
Suven Life Sciences gets patent for neuro-degenerative drug
Drug firm Suven Life Sciences has been granted a patent from Europe and two product patents from Eurasia for a drug used in the treatment of neuro-degenerative diseases. In a BSE filing, Suven Life said it has been granted “one product patent from Europe and two product patents from Eurasia corresponding to New Chemical Entities (NCEs) for treatment of disorders associated with neuro-degenerative diseases".
Dr Reddy’s completes ₹ 1,569.41 crore share buyback
Drug major Dr Reddy’s Laboratories said it has bought back nearly 51 lakh shares for ₹ 1,569.41 crore as part of a share buyback offer launched earlier this year. The company has bought back 5,077,504 equity shares at an average price of ₹ 3,090.92 per share. The company has thus deployed ₹ 1,569.41 crore against the maximum buyback size, Dr Reddy’s Laboratories said in a regulatory filing.
Piramal Enterprises raises ₹ 105 crore via NCDs
Piramal Enterprises has raised ₹ 105 crore in the second tranche through issue of debentures as part of its overall plan to mop up ₹ 1,000 crore, the company said. “At the meeting of Administrative Committee held on June 23, 2016, the committee approved allotment of 1,050 secured redeemable NCDs, having the face value of ₹ 10,00,000 each aggregating ₹ 105 crore under tranche II," Piramal Enterprises said in a BSE filing.
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