Opening bell: Asian markets steady, all eyes on RBI; Tata Chem, auto firms in news
US stocks close higher; Asia steady
US markets closed higher. Stocks gained on buying in shares of banking and financial services firms. Asia markets outside Japan are steady in the morning trade. Strong earnings by Apple Inc. are expected to lift technology shares.
RBI may cut policy rate
The Reserve Bank of India’s monetary policy committee is likely to cut the policy rate, taking note of the sustained fall in retail inflation, when it announces its policy decision on Wednesday. Here are the reasons why it may cut the policy rate.
Manufacturing PMI in July hits 8-year low
A gauge of India’s manufacturing activity in July plunged to the lowest since February 2009 because new orders and output dropped following the rollout of the goods and service tax.
Auto sales pick up in July as dealers build stocks
Car and two-wheeler sales advanced at a brisk pace in July as manufacturers dispatched more vehicles to their dealers to build stocks.
Indorama in talks to buy Tata Chemicals’ Haldia unit
Indorama Corp. is in talks to acquire the Haldia fertilizer unit of Tata Chemicals Ltd for upwards of Rs1,000 crore. The deal if it happens will mark Tata group’s exit from the regulated fertilizer business. Read more
Clix Capital may buy Religare stake in housing finance firm
Clix Capital is likely to buy Religare Housing Development Finance from Religare Enterprises Ltd for about Rs600 crore, reports The Economic Times. According to the report, Religare owns an 87.5% in the housing finance firm.
ABG Shipyard to face bankruptcy proceedings
Bankruptcy proceedings against ABG Shipyard Ltd were approved by the Ahmedabad bench of National Company Law Tribunal (NCLT), reports Mint. ICICI Bank approached NCLT to initiate bankruptcy proceedings against ABG after it defaulted on loans.
Tractor sales may hit record high this year
Two consecutive years of good rains and crop loan waivers in key states will push tractors sales to a record high in 2017-18, Crisil said in a note. According to the report, sales of tractors may touch a new peak of 650,000 units in 2017-18, about 12% higher than in 2016-17.
Lupin, Voltas earnings today
Bata India Ltd, Emami Ltd, Lupin Ltd, KEC International Ltd, Punjab National Bank Ltd, Voltas Ltd and Wockhardt Ltd are some of the companies that will release their earnings for the June quarter today.