Opening bell: Asian markets open higher; RIL, Punj Lloyd, Eicher Motors in news
Asian markets gain in morning trade
Asian markets gained in morning trade. Stocks rose after the US president and congressional leaders agreed to raise the government debt limit until December, reports Reuters. Overnight, the US stocks closed higher, led by gains in the energy sector.
Hurricane Harvey to push RIL’s refining margins
Hurricane Harvey, which disrupted the global refining and chemical industry, impacting margins, will work in favour of Reliance Industries Ltd (RIL), reports Mint.
In another report, RIL said it would acquire the assets of Vadodara-based Kemrock Industries and Exports Ltd to enter the composites business.
Punj Lloyd JV wins Myanmar highway project contract
A Rs1,200 crore construction and maintenance road contract funded by India for the Yagyi-Kalewa section in Myanmar was awarded to a joint venture of Punj Lloyd Ltd and Varaha Infra Ltd, reports Mint.
Godrej Appliances targets 30% growth this festive season
Godrej Appliances, a division of Godrej and Boyce Mfg Co. Ltd, is targeting 30% growth in sales this festive season as compared to the same period last year, reports Mint.
Eicher Motors looking to bid for Ducati
Eicher Motors Ltd, the maker of Royal Enfield motorbikes, is looking to bid for Italian bike-maker Ducati, reports The Economic Times.
JM Financial ARC offers to buy out all outstanding loans of Gujarat NRE Coke
JM Financial Asset Reconstruction Co. Pvt. Ltd has offered to buy out all outstanding loans to Gujarat NRE Coke Ltd, a company for which the Kolkata bench of the National Company Law Tribunal has already appointed a resolution professional, or administrator. Read more
ITC files Rs1,000 crore defamation suit against IiAS
ITC Ltd has slapped a Rs1,000 crore defamation suit against proxy advisory firm Institutional Investors Advisory Services (IiAS) for allegedly making defamatory comments against the company’s directors in one of its reports, reports Mint.
Equity mutual funds see record Rs20,000 crore inflows in August
Equity mutual funds received a record Rs20,000 crore in net investor flows in August, while the overall assets under management topped the Rs20 trillion mark, reports Business Standard.
Govt blacklists 300,000 directors of shell companies
The government has decided to bar as many as 300,000 directors of companies that have defaulted on statutory compliances from serving on the boards of other firms to improve corporate governance and check financial irregularities, reports Mint.