Opening bell | Patanjali sales double; Airtel, Eros, Steel stocks in focus2 min read . Updated: 22 Mar 2016, 08:07 AM IST
Govt prepares bailout for steel sector; Patanjali Ayurved doubles sales
US markets close flat
Govt prepares bailout for steel sector
The government is readying a financial package to help revive the steel sector and also prevent bank loans advanced to steel firms from turning bad, reports Mint. The government’s move comes after similar efforts in the roads and power sectors.
Current account deficit narrows to 1.3% of GDP
India’s current account deficit (CAD) narrowed to 1.3% of the gross domestic product (GDP) in the fiscal third quarter from 1.5% in the year-earlier period. CAD mirrors the difference between domestic savings and domestic investment.
Patanjali Ayurved doubles sales
Home-grown Patanjali Ayurved Ltd is growing rapidly. According to Brickwork Ratings Patanjali Ayurved clocked a provisional turnover of ₹ 3,266 crore in the first 10 months of the current financial year, more than double of ₹ 1,587.51 crore reported in year ago period, reports The Hindu.
Airbus in talks to source some of its parts from India
Airbus is in initial talks with domestic companies such as Bharat Forge Ltd and the forgings arm of Mahindra group to have some of its aircraft parts forged in India, reports The Economic Times.
Bharti Airtel to sell 1,350 towers in Tanzania
Bharti Airtel Ltd has signed an agreement with American Tower Corp. to sell approximately 1,350 towers in Tanzania, reports Mint. The deal is valued at around $179 million, according to a statement by American Tower to US stock exchanges.
CCI puts riders for PVR’s DT Cinema purchase
The Competition Commission of India (CCI) has asked PVR Cinemas to divest some of its assets if it wants to acquire DT Cinemas, reports Business Standard. The decision follows concerns that the ₹ 500 crore PVR-DT deal might have adverse effects on competition in certain areas of north India.
Jindal Steel and Power in talks to sell power plant
JSW Energy Ltd is in advanced talks to buy a power plant owned by Jindal Steel and Power Ltd, reports Mint. The sale will help the struggling Jindal Steel and Power to meet interest payment obligations and pare overall debt.
Eros announces completion of internal audit
Eros International Media Ltd has announced that the company’s audit committee has completed the internal review, which commenced in November 2015. The review included analysis of the company’s financial reporting. Read more.