Opening Bell | Piramal Enterprises, telecom stocks in focus
Piramal plans to carve out its financial services business and merge it with IL&FS in an all-stock deal, says report
Global equities lower
US markets closed lower. S&P 500 lost 1.4% to 1,942 on selling in shares of Apple and energy companies, reports Reuters. Tracking the cues Asia opened lower.
Gold schemes, offshore wind farms policy approved
The cabinet has signed off on two gold schemes to realise the twin objective of monetizing India’s massive private holdings of the metal and discouraging its imports. Read more. The cabinet also approved the National Offshore Wind Energy Policy, aiming to harness wind power along India’s coastline.
Corporate tax exemptions to be phased out
Finance minister Arun Jaitley reaffirmed the government’s commitment to economic reforms, saying corporation tax exemptions would be phased out, reports Business Standard. According to the report, the government would release a list of tax exemptions to be withdrawn in a phased manner.
Stage set for telecom consolidation
Keep an eye on telecom stocks. The cabinet has approved rules that will allow telecom operators to buy and sell unused spectrum among themselves, a move that may spur consolidation in the telecom industry and also help improve service quality.
R-Com, Reliance Jio to ink spectrum pacts
Reliance Communications Ltd and Reliance Jio Infocomm are set to announce a pan-India spectrum sharing-cum-trading agreement next week, reports The Economic Times.
Airtel in talks to merge Bangladesh telecom unit
Bharti Airtel Ltd is in discussions with Malaysia’s Axiata Group Bhd to explore a possible merger of their respective telecom units in Bangladesh—Robi Axiata Ltd and Airtel Bangladesh Ltd, reports Mint.
L&T eyes three infra projects in Sri Lanka
Larsen and Toubro Ltd (L&T) is increasing its reach in West Asia, Africa and other countries, reports Business Standard. According to the report, the firm is looking at two or three projects worth ₹ 3,000 crore in infrastructure sector in Sri Lanka.
Piramal Enterprises in talks to acquire IL&FS
Piramal Enterprises Ltd is in talks to take control of Infrastructure Leasing & Financial Services (IL&FS), reports The Economic Times. Piramal plans to carve out its financial services business and merge it with IL&FS in an all-stock deal, the report says.
Amtek Auto in talks to secure fresh loan
Amtek Auto Ltd is in advanced discussions with financial institutions to take a fresh loan and repay ₹ 800 crore of bonds coming up for redemption on 20 September, reports Mint.
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