Opening bell: Asian markets defensive; PSU banks, Adani Ports, Tata Power in news
Global equities on back-foot on US Fed rate hike, Trump probe
Asian markets are defensive in morning trade. According to Reuters, reports that US President Donald Trump is being investigated for possible obstruction of justice is weighing on the sentiment. Overnight US stocks closed slightly lower after the Federal Reserve raised key interest rate by a quarter of a percentage point.
12 defaulters identified by RBI to be named soon
The finance ministry said the names of the 12 big defaulters identified by the RBI for initiation of bankruptcy proceedings will soon be made public, reports PTI.
BoB, Canara Bank may lead smaller banks consolidation
Bank of Baroda Ltd (BoB) and Canara Bank Ltd may acquire smaller banks like Dena Bank Ltd, Vijaya Bank Ltd, UCO Bank Ltd, Union Bank of India Ltd, and United Bank of India Ltd, reports Business Standard. According to the report, the government is holding discussions with 6-7 banks to examine synergies.
GST impact: Bajaj Auto cuts prices of bikes
Bajaj Auto Ltd on Wednesday announced a reduction in prices of its motorcycles—from CT 100 to Dominar 400—by up to Rs4,500 with immediate effect to pass on the expected benefit of GST to customers, reports PTI.
S&P ups outlook on Adani Ports to stable from negative
Ratings agency Standard and Poor’s (S&P) revised up the outlook on Adani Ports to “stable” from “negative” on expectations of better operating performance and limiting related-party lending, reports PTI.
HDFC eyes 10% sales in life insurance arm through IPO
With the insurance regulator rejecting the HDFC Life and Max Life merger structure, HDFC Ltd is looking at selling 10% of its stake in its life insurance arm through an initial public offering, reports The Times of India.
Mahindra Holidays assessing acquisitions in the US
Mahindra Holidays and Resorts India Ltd is assessing acquisition targets in the US in an effort to make its portfolio attractive to outbound Indian holiday makers, reports Business Standard.
PSU OMCs sign agreement to set up $30 billion refinery
State-owned oil marketing companies (OMCs) India Oil Corp Ltd, BPCL Ltd, and HPCL Ltd signed an agreement to jointly set up India’s biggest refinery at Ratnagiri district of Maharashtra at a cost of $30 billion (Rs 2 trillion), reports PTI.
Clothing retailers slash prices ahead of GST
Several retailers are slashing prices to liquidate merchandise, advancing their usual end-of-season sales before the goods and services tax (GST) is rolled out, reports The Economic Times. The move comes after the GST council decided that man-made apparel above Rs 1,000 will attract a 12% levy, higher than the existing 7%, the report adds.
Tata Power’s Welspun deal may come under lens
Tata Sons is considering a forensic audit of last year’s purchase of Welspun Renewables Energy by Tata Power Co Ltd on concerns over corporate governance and valuations, reports The Economic Times.
ED files charges against Vijay Mallya
The Enforcement Directorate (ED) has filed a chargesheet against businessman Vijay Mallya in a case related to the suspected diversion of a Rs900 crore loan given to his defunct Kingfisher Airlines Ltd by IDBI Bank Ltd.