BackOpening bell: Asian markets open higher; PSU banks, Future Group in news
Kishore Biyani unveils plan to make Future Group a trillion-dollar-revenue group by 2047, while SAIL, ArcelorMittal to sign pact for auto-grade steel plant
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US equities end higher; Asia opens on positive note
US stocks rose to record highs on Tuesday as a rally in tech lifted the broader market. Investors also cheered strong quarterly results from top companies in corporate America.
Asia markets rose in early trade on Wednesday, taking overnight cues from Wall Street where stocks rose to record highs.
Kishore Biyani unveils plan to make Future Group a trillion-dollar-revenue group by 2047
After several attempts at integrating the company’s digital and brick-and-mortar retail businesses, Future Group chairman and chief executive Kishore Biyani has unveiled Retail 3.0, a digital strategy aimed at making the group Asia’s largest leading integrated consumer company with a trillion dollars in revenue by 2047.
PSU banks line up to raise funds after recapitalisation plan, Moody’s rating upgrade
Public sector banks are queueing up to raise funds from the equity market, especially through qualified institutional placements (QIPs), against the backdrop of improved investor sentiment on account of the government’s bank recapitalisation plan and a recent upgrade of India’s sovereign rating by Moody’s Investors Service.
Reliance Communications shares rise nearly 12% on real estate assets sale buzz
Shares of Reliance Communications Ltd rose sharply by 12% on Tuesday amid reports that lenders of the debt-ridden firm have approved the sale of its real estate assets in Delhi and Chennai to Canada-based Brookfield Asset Management Inc.
Reliance Industries raises $800 million via 10-year bonds at lowest rate
Reliance Industries Ltd (RIL) has raised $800 million by selling 10-year bonds overseas at the lowest coupon rate for an Indian corporate bond sale of that maturity, in the first offering since Moody’s Investor Services raised India’s sovereign rating.
SAIL, ArcelorMittal to sign pact for auto-grade steel plant: Steel minister
Union steel minister Birender Singh said the Steel Authority of India Ltd (SAIL) and ArcelorMittal SA will sign a memorandum of understanding (MoU) for forming a joint venture to set up a 1.5 million tonne per annum auto-grade steel plant, in the next few days.
Yes Bank raises $400 million loans from Japan, Taiwan
Midsize private sector lender Yes Bank has raised $400 million in syndicated loans from lenders in Taiwan and Japan for on-lending to clients.
Mahindra wants to sell electric vehicles in US
Mahindra & Mahindra Ltd, one of India’s oldest vehicle manufacturers, is testing autonomous tractors, trucks and cars, while moving closer to bringing electric vehicles to the US, chairman Anand Mahindra said.
ONGC Videsh buys 15% stake in Namibia offshore block from Tullow Oil
ONGC Videsh Ltd (OVL), the overseas investment arm of the country’s top explorer Oil and Natural Gas Corp., has agreed to acquire a 15% stake in a hydrocarbon block held by a subsidiary of Namibia’s Tullow Oil Plc, which has 25% interest in the block under exploration.
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