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Business News/ Market / Stock-market-news/  News roundup 25 December | Markets close on account of Christmas
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News roundup 25 December | Markets close on account of Christmas

Wall Street indices closed flat while a mixed economic picture in Europe kept the region's stocks largely in check

Nasdaq Composite gained 0.2% while S&P 500 closed flat. Photo: ReutersPremium
Nasdaq Composite gained 0.2% while S&P 500 closed flat. Photo: Reuters

Mumbai: Most of the markets around the world are shut on account of Christmas. In Asia, China’s Shanghai Composite crept higher by 0.8% on back of gains in banking shares, read more.

Overnight, Wall Street indices closed flat, with the Dow industrials eking out a record close after the latest data showed strength in the world’s largest economy, while a mixed economic picture in Europe kept the region’s stocks largely in check. Nasdaq Composite gained 0.2% while S&P 500 closed flat.

In India, the National Democratic Alliance (NDA) government has signed off on ordinances to roll out the long pending insurance and coal sector reforms, signalling that it has a strategy in mind to break the logjam in the parliament, even while it underlined its commitment to push reform initiatives, read more.

The government has also made it easier for foreigners to fully own existing medical device makers in the country, in a bid to boost investment in the $7 billion sector. Companies like Opto Circuits and Siemens India Ltd will benefit from this move.

A fund managed by JPMorgan Chase is in advanced discussions to team up with Ajay Singh to invest around 1,200 crore in cash-strapped SpiceJet Ltd to help the airline take off, reports Economic Times. Besides JPMorgan, another institutional investor Morgan Stanley has also shown interest in the airline.

Oil and Natural Gas Corp. Ltd is set for a weak year in terms of profit, as the company continues to report falling crude oil production and has also seen a drop in production of condensates, which are used in the production of value-added products, reports Mint.

In the wake of SpiceJet Ltd’s financial crisis, the ministry of civil aviation has suggested a cap on the maximum airfare for economy class at around 20,000 a ticket, reports Mint. The aviation ministry has also proposed a cap on the interest on bank loans at 8% and has asked to allow airlines to access the external commercial borrowing market to access cheaper funds.

Azim Premji, founder of Wipro Ltd’s private investment company has invested 175 crore into a promoter company of the Future Group led by Kishore Biyani in a structured deal to help debt-laden Future Retail Ltd, reports Economic Times. The cash infusion comes as a relief to the Biyanis, who need money to subscribe to Future Retail’s upcoming 1,600-crore rights issue which will open on 15 January and close on 29 January.

Lastly, Arvind Kejriwal’s Aam Aadmi Party (AAP) and the Bharatiya Janata Party (BJP) have joined battle in earnest on FM radio channels, airing ads attacking each other, as they seek to woo voters in Delhi before the Election Commission sets the dates for polls to the state assembly, read more.

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Published: 25 Dec 2014, 08:47 AM IST
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