US market ends lower; Asia follows suit
Asia markets extended this week’s global sell-off as investors remained cautious over the possibility that the UK may opt to exit the European Union as well as concerns over the outcome of the US Federal Reserve meeting, due later, and the Bank of Japan’s meeting ending Thursday. The US markets also ended lower. The Dow Jones Industrial Average closed down 0.33% at 17,674.82 points. The S&P 500 index was down 0.18% at 2,075.32 points, while the Nasdaq Composite shed 0.1% to 4,843.55 points.
GST inches closer to reality as states unite
The implementation of the landmark Goods and Services Tax inched closer on Tuesday with states unanimously backing it and agreeing that the ceiling rate should not be prescribed in the Constitution Amendment Bill that is awaiting a Rajya Sabha nod. The meeting raised hopes that the government and the Congress may close the gap in their position over the landmark tax reform, reports The Times of India.
Wholesale inflation accelerates in May as food prices soar
Reflecting the trend in retail inflation, wholesale food price inflation galloped to 7.88% in May from 4.23% in April, paced by rising vegetable prices. Data released by the industry department showed that Wholesale Price Index (WPI)-based inflation accelerated for the second consecutive month, touching 0.79% in May, reports Mint.
913 wilful defaulters owe ₹ 11,486 crore to PNB
Punjab National Bank (PNB), the nation’s second-biggest state-run lender, declared a list of 913 wilful defaulters, including Kingfisher Airlines and NAFED, with total outstanding dues of ₹ 11,486 crore. PNB has added eight defaulters to its February list to take the number of wilful defaulters to 913 as on 31 March.
Call drops: Bharti to allow subscribers to check coverage
In a bid to improve quality of services following rising number of call drops reported, Bharti Airtel said it will open up the entire network infrastructure information to end consumers, wherein subscribers can see the quality of coverage, reports The Financial Express.
Mahanagar Gas looks to raise more than ₹ 10 billion through IPO
Mumbai-based cooking gas supplier Mahanagar Gas Ltd plans to raise a maximum of ₹ 10.40 billion ($154.65 million) through an initial pubic offering (IPO) on 21 June. The price band for the IPO is ₹ 380 to ₹ 420 per share. At the lower end of the price band, the company could raise up to ₹ 93.80 billion. Read more.
Coal India arm to buy back shares worth ₹ 1,200 crore
State-owned Coal India said its subsidiary South Eastern Coalfields Ltd will buy back shares worth ₹ 1,200.19 crore. The move will help the government in realising its disinvestment target of ₹ 56,500 crore for the fiscal. Read more
Bharti Infra to buy back shares worth ₹ 2,000 crore
Mobile tower firm Bharti Infratel will buy back shares worth ₹ 2,000 crore from shareholders. “With the buy-back price of ₹ 425 and buy-back size of ₹ 19,99,99,99,775, the total number of shares to be bought back in the buy-back shall be 4,70,58,823 equity shares, representing 2.48% of the total issued and paid-up equity capital of the company," Bharti Infratel said.
Tata Power to buy 25% in Resurgent Power for ₹ 1,800 crore
Tata Power, India’s largest private power producer, will purchase 25% of Resurgent Power for $300 million (around ₹ 1,800 crore) as part of a consortium to primarily buy both coal-fired and hydro power assets in India, besides looking at power transmission companies, reports The Economic Times.
ChrysCapital, GIC may buy SBI’s 5% stake in NSE
Local private equity fund ChrysCapital Investment Advisors India Pvt. Ltd and Singapore’s sovereign wealth fund GIC Pte. Ltd may together buy a 5% stake in National Stock Exchange of India Ltd (NSE) valued at ₹ 900 crore, reports Mint. The stake was put on the block last month by State Bank of India.
Union Bank to raise ₹ 1,000 crore via bonds
Public sector lender Union Bank of India on 14 June said it plans to raise ₹ 1,000 crore by issuing tier-II bonds. The bank further said Crisil Ratings has assigned a negative outlook to the proposed bonds issue.
HSBC sells Reliance Infra shares worth ₹ 144 crore
HSBC offloaded over 26 lakh shares of Anil Ambani-led Reliance Infrastructure for an estimated ₹ 144 crore through an open market transaction. The shares were picked up by AGF Emerging Markets Fund.
BHEL commissions 195 MW unit at Muzaffarpur plant
State-run power equipment maker BHEL has commissioned another 195 MW unit at Muzaffarpur thermal power station in Bihar. This is the second 195 MW unit to be commissioned by BHEL at the Muzaffarpur Thermal Power Station Stage-II of Kanti Bijlee Utpadan Nigam Ltd, a joint venture of NTPC and BSPGCL. Read more.
Nippon Express in talks to buy 43% stake in TVS Logistics
Japanese logistics company Nippon Express Co. Ltd is in talks to buy a stake of about 43% in TVS Logistics Services Ltd from existing private equity (PE) investors KKR and Co. Lp and Goldman Sachs Group Inc.