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Business News/ Market / Stock-market-news/  Opening Bell | Greece deal relieves markets; GMR, TCS in focus
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Opening Bell | Greece deal relieves markets; GMR, TCS in focus

Greece finally got a bailout deal in exchange for a package which could amount to 86 billion over three years

A file photo of the BSE building in Mumbai. Photo: Bloomberg Premium
A file photo of the BSE building in Mumbai. Photo: Bloomberg

Greece signs an agreement with Europe

Greece finally got a bailout deal in exchange for a package which could amount to €86 billion over three years. Greece Prime Minister Alexis Tsipras has had to sign up to precisely the sort of demands his Syriza party railed against during its successful election campaign in January, reports Economist. Greece will have to meet a tight timetable for enacting unpopular reforms of pension and budget cuts.

Greece deal brings relief to markets

Overnight, the US markets followed the rally in the European markets as Greece averted a potential exit from the euro zone. Nasdaq Composite, Dow Jones Industrial Average and S&P 500 all gained over 1% each.

Asian markets, in turn, followed gains in the US markets. On Tuesday morning, China’s Shanghai Composite was up 2.4%. Hong Kong’s Hang Seng gained 1.3% and Japan’s Nikkei Stock Average was trading higher by 1.6%.

RBI may press the pause button during the August policy

Retail inflation accelerated to an eight-month high of 5.4% in June from 5.01% in May as food items became costlier after the government’s weather forecaster predicted deficient monsoon rainfall for the second year in a row. The inflation data has raised concerns that Reserve Bank of India (RBI) may press the pause button on rate cuts in its policy on 4 August.

Yes Bank questions intentions of UBS

Yes Bank Ltd has asked market regulator Securities and Exchange Board of India (Sebi) to probe the intentions of analysts of brokerage UBS, who, in a recent report, had painted a bleak picture of the bank’s finances if its borrowers were to default, reports The Economic Times.

GMR in race for airports in Philippines

GMR Infrastructure Ltd shares will be in focus as GMR-Megawide is in a race to acquire operations of five airports worth $2.4 billion in Philippines under the public-private partnership (PPP) model, reports Business Standard. These PPP projects involve development, operations and maintenance of the five airports.

TCS trains a third of its employees on digital tech

Tata Consultancy Services Ltd is undertaking a mammoth task of training a third of the company’s employees (about 100,000) on digital technologies, reports Business Standard. Around 12.5% of TCS total revenue of $15.5 billion comes from digital.

State govts ask e-commerce firms to provide monthly sales data

Indian e-commerce companies could see some trouble on the tax front as some state governments have asked those that function as marketplaces to provide monthly sales data for vendors registered on their platforms, reports The Economic Times. Delhi, Uttar Pradesh and Kerala have introduced new disclosure norms, which may add to the complexity and cost of e-commerce.

Earnings in focus

Development Credit Bank and NIIT Technologies Ltd will announce their June quarter results today.

Legal setback for Mallya in F1 car ad case

Lastly, the Supreme Court has rejected an appeal by Vijay Mallya to overturn charges against him for allegedly violating foreign exchange rules. The enforcement directorate has alleged that Mallya entered into an unauthorized agreement in 1995 to advertise the Kingfisher beer brand name on racing cars during Formula One championships between 1996 and 1998, read more.

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Published: 14 Jul 2015, 08:10 AM IST
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