Opening bell: Asian markets open mixed, NLC India, Reliance Power in news
Iran will cut some benefits to Indian state-run refiners on crude purchases after New Delhi decided to reduce the amount of oil it buys from the Persian Gulf nation
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Asian markets open mixed
Asian markets opened mixed. According to Bloomberg, while equities in Tokyo and Sydney climbed, South Korean shares dropped in the morning trade. Over the weekend US markets closed slightly lower. S&P 500 at 2,355 is down 0.08%.
Earnings season to begin this week
The quarterly earnings season that begins this week will determine whether Indian stocks that have rallied to record highs last week will be able to sustain the gains, reports Mint. With rising commodity prices and the lingering effects of demonetization, earnings prospects for most companies are anything but rosy, analysts say.
Religare sells 80% stake in health insurance arm
Religare Enterprises Ltd has announced the sale of its 80% stake in Religare Health Insurance Co. Ltd to a group of investors led by True North. The deal will fetch Religare approximately Rs1,040 crore.
NLC shortlists GMR, Ind-Barath power projects for acquisition
In deals potentially valued at around Rs12,000 crore, state-owned NLC India Ltd has shortlisted for acquisition GMR Group’s 1,370 megawatt (MW) coal power project in Chhattisgarh and Ind-Barath Power Infra Ltd’s 700MW plant in Odisha, reports Mint.
Iran said to cut benefits on oil sales to IOC, MRPL
Iran will cut some benefits to Indian state-run refiners (such as Mangalore Refinery & Petrochemicals Ltd and Indian Oil Corp.), on crude purchases after New Delhi decided to reduce the amount of oil it buys from the Persian Gulf nation, reports Bloomberg.
Neuland Labs gets USFDA observations
The US Food and Drug Administration (USFDA) has made two observations on Neuland Laboratories Ltd’s manufacturing facility in Hyderabad, reports The Hindu Business Line. The two observations relate to quality standards, the report adds.
Reliance Power may seal Bangla project today
Lastly, Reliance Power Ltd may seal the power purchasing agreement with Bangladesh Power Development Board on Monday to get the first phase of its proposed power project and liquid gas import terminal in Bangladesh off the ground, reports The Times of India.