BackOpening Bell | Political logjam casts shadow on legislative business
Global stocks fell in morning trade as drop in crude prices weighed on energy shares
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Asian markets open lower
Asian markets opened lower. Stocks fell in morning trade as drop in crude prices weighed on energy shares. Overnight US markets also closed lower. S&P is down 0.7% to 2,063.
Fresh push for PPP projects likely in Union budget
Next year’s Union budget is likely to contain greater emphasis on public-private partnership (PPP) projects to make up for a shortfall in investment spending by a resource-strapped government, reports Mint.
Congress offensive casts shadow on reforms push
The National Herald misappropriation of funds case has led to a confrontation between the Congress leadership and the National Democratic Alliance (NDA) government, which could cast a shadow on ambitious reform legislation slated for this session. Read more.
Fairfax acquires additional stake in IIFL
Canadian investor Prem Watsa’s Fairfax India Holdings Corp. (FIH) acquired additional 21.85% stake in the financial firm IIFL Holdings Ltd through an open offer. Following the completion of the open offer, FIH Mauritius Ltd’s holding in IIFL increased to 30.7%.
Tata Communications to sell Neotel fixed line business
Tata Communications Ltd plans to sell the fixed-line assets of its South African telecom subsidiary Neotel Pty Ltd to Vodacom SA, a subsidiary of Vodafone Plc, under a revised deal. The revised deal excludes Neotel’s wireless spectrum and licenses.
Havells may sell majority stake in European subsidiary
Havells India Ltd may divest majority stake in European lighting systems and fixtures company Sylvania, which it acquired in 2007 and focus on domestic market, reports The Economic Times.
Unichem Lab gets US FDA approval for hypertension drug
Unichem Laboratories Ltd received final approval from the US health regulator to market hypertension drug in the American market, reports PTI. The tablets are therapeutically equivalent to Sanofi Aventis’s Avapro tablets, the report adds.
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