Asian stocks gain in morning trade
Asian markets opened with gains. According to Bloomberg, stocks gained as inflation data in the US added to evidence that global growth is continuing steadily. Over the weekend, US markets closed with modest gains.
IndusInd Bank’s board approves merger with Bharat Financial
The board of IndusInd Bank Ltd has approved the merger between the bank and microfinance firm Bharat Financial Inclusion Ltd (BFIL). The share exchange ratio for the merger shall be 639 equity shares of the bank for every 1,000 equity shares of BFIL.
IDFC investors seek better swap ratio in Shriram deal
A group of domestic investors are arguing that IDFC has no management bandwidth to run the truck financing business of Shriram Group, besides demanding a better share swap ratio, reports The Times of India. According to the report, the development deals an unexpected blow to the proposed merger between IDFC and Shriram Group to create a lending-cum-insurance behemoth.
D-Mart parent Avenue Supermarts Q2 profit rises 65.2%
Avenue Supermarts Ltd, the parent company of retail chain D-Mart, posted a 65.2% increase in profit for the quarter ended September 2017. Revenues from operations increased 26.3%.
Reliance Industries exits all international oil and gas blocks
Reliance Industries Ltd (RIL) has sold all its conventional oil and gas exploration blocks outside India. During the July-September quarter, the company pulled out of the last two oil blocks it held in Myanmar.
The company reported a 12.5% increase in consolidated net profit for the quarter ended September, helped by a strong performance by its refining business, and said its telecom venture was poised to turn profitable shortly.
Hindalco weighing bid to acquire Aleris Corp of US
Hindalco Industries Ltd is gearing up to bid for Aleris Corp., reports The Economic Times. According to the report, the company is likely to face competition from global peers.
Tatas ready to go all out on Taj Mansingh hotel bid
The Tatas are preparing to bid aggressively for the Taj Mansingh hotel as the New Delhi Municipal Council plans to fix the terms of reference and the date of auction at a crucial meeting on Monday, reports Business Standard. The hotel is run by Indian Hotels Co Ltd.
Innoventive Industries faces liquidation
Innoventive Industries Ltd faces liquidation after a committee of creditors rejected two resolution plans, including one from the company’s promoters, reports Mint.