BackOpening Bell | Global equities rise, United Spirits and UltraTech in focus
RBI gives banks more time to exit SDR assets; Vijay Mallya has stepped down as non-executive chairman of United Spirits
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US markets close higher
US markets closed higher, helped gains in crude prices and better economic reading. S&P 500 at 1,951 is up 1.13%. Tracking the cues, Asian markets opened higher.
Markets fear hike in capital gains tax holding period for stocks
The fear that the finance minister may raise the holding period for equities to qualify as a long-term capital asset from one year to up to three years in the Union budget on 29 February has made market participants nervous, reports Mint.
RBI gives banks more time to exit SDR assets
The Reserve Bank of India (RBI) on Thursday announced changes in its strategic debt restructuring (SDR) scheme, allowing banks more time to divest their holdings in companies they take control of, reports Mint.
Vijay Mallya quits as United Spirits chairman
UB Group chairman Vijay Mallya has stepped down as non-executive chairman of United Spirits Ltd, controlled by Diageo Plc., after striking a sweetheart deal with the UK firm which agreed to drop all charges of irregularities under his watch, and pay him $75 million over five years in return for letting him go, reports Mint.
UltraTech leading race to acquire Jaypee’s cement business
Aditya Birla Group’s UltraTech Cement Ltd is the front-runner in the race for Jaiprakash Associates Ltd’s entire 20 million tonne cement capacity, reports Mint.
Tata Steel loses Chhattisgarh iron ore mine allotment
An earlier iron ore mine allotment to Tata Steel Ltd by the Chhattisgarh government in Dantewada district has been cancelled, for not completing the prospecting work within the stipulated period, reports Business Standard.
Unitech defaults on a payment to Central Bank of India
Realty firm Unitech Ltd has defaulted on payment of a loan instalment of ₹ 38.52 crore to the Central Bank of India, reports PTI.
IVRCL lenders eye asset sales to recover dues
Creditors of debt-laden IVRCL Ltd plan to try sell the company’s assets through a piecemeal approach to recover dues before looking for a new owner for the company.
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