Opening bell: Asia opens lower; Ultratech, Colgate Palmolive and DLF in news
In other news, Aditya Birla Group firm UltraTech said it would acquire the cement business of BK Birla Group companyCentury Textiles through a share swap deal
US stocks end lower; Asian markets see muted opening
The S&P 500 and Nasdaq composite closed lower on Friday as tensions between the US and China weighed on investor sentiment while both countries continued negotiations on trade.
Asian markets were subdued in early Monday trade, with weekend developments in US-China talks, regarded as positive by analysts on the whole, likely to be in the spotlight.
India’s rural consumption surges in boost for FMCG firms
Consumption growth in rural India has outpaced urban spending by the widest margin in five years, encouraged by relatively good rainfall last year and an increase in government spending on infrastructure.
UltraTech to acquire Century Textiles’ cement business
Aditya Birla Group firm UltraTech said it would acquire the cement business of BK Birla Group company Century Textiles and Industries through a share swap deal, a move which would further consolidate its position as market leader in the segment.
Petrol, diesel prices touch all time high
Petrol price touched a record high of Rs76.24 per litre and diesel climbed to its highest ever level of Rs67.57 as the oil PSUs passed on four weeks of relentless rise in international oil prices to consumers.
Finance ministry expects banks to get back over Rs1 trillion with resolution of 12 NPA cases
Enthused by successful conclusion of Bhushan Steel case, the finance ministry expects banks to write back more than Rs1 trillion after the resolution of all 12 non-performing asset (NPA) cases referred to insolvency proceedings by the Reserve Bank of India (RBI) it its first list.
PNB fraud: CBI to approach Interpol for red corner notice against Nirav Modi, Mehul Choksi
The CBI is likely to approach Interpol for a red corner notice against absconding billionaire jewellers Nirav Modi and Mehul Choksi who are allegedly the brains behind the over $2 billion scam in Punjab National Bank, agency officials said.
Suzuki, Toyota may decide on tie-up by end of 2018-19
Japanese auto makers Suzuki Motor Corp. and Toyota Motor Corp. are likely to firm up discussions regarding their partnerships by the end of this fiscal, a top executive at Toyota Kirloskar Motor Pvt. Ltd said.
Biocon bets on R&D, biosimilars business to boost growth in FY19
Biocon Ltd is betting on its biosimilars and research and development (R&D) services business to raise growth, reports Mint.
Vijaya Bank defers fundraising plan for 2018-19
Public sector bank Vijaya Bank said that its board has deferred a fund-raising plan for 2018-19. On 17 May, the bank had informed exchanges that its board will meet on 20 May to discuss a proposed capital-raising plan under Basel III.
Colgate Palmolive, DLF, JustDial and Petronet LNG are among the companies that will be announcing their March quarter earnings today.
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