Opening bell: Asian markets open higher; Tata group, Jyoti Structures in news
In other news, Matrimony.com, Capacit’e Infraprojects and ICICI Lombard will launch their IPOs this week to raise Rs6,600 crore
Asian stocks open higher
Asian markets opened higher. Stocks rose as hurricane Irma’s force reduced in the US and as the United Nations prepared to vote on tougher North Korean sanctions, reports Bloomberg. Over the weekend, US stocks closed mostly lower.
GST Council hikes cess on large cars, SUVs
The goods and services tax (GST) Council raised the cess on mid-sized to large cars and SUVs in the range of 2-7 percentage points but kept the tax burden lower than pre-GST levels, reports Mint.
Automakers such as Mahindra and Mahindra, Toyota Kirloskar Motor India Ltd, Audi India, Mercedes-Benz India and Jaguar Land Rover are planning to pass on the increased cess to buyers, reports PTI.
Three IPOs to hit market this week to raise Rs6,600 crore
Three companies—Matrimony.com, Capacit’e Infraprojects and ICICI Lombard—will launch their initial share sale offers this week to raise about Rs6,600 crore.
Tata Sons to reduce cross-holdings in Tata Chemicals, Tata Power
Tata Sons will pare the stakes that group companies have in Tata Chemicals Ltd and Tata Power Co. Ltd, and the holding firm will buy shares in each case and consolidate its ownership, reports Business Standard.
Airtel in talks with handset companies for Rs2,500 4G smartphone
Bharti Airtel Ltd is in talks with multiple handset makers to bring a 4G smartphone for a price as low as Rs2,500-2,700 to take on Reliance Jio, reports PTI.
Infosys to hire 6,000 engineers annually over next 2 years
Infosys Ltd will continue to hire about 6,000 engineers annually over next 1-2 years, same as the last fiscal, reports PTI. The company has also ramped up its hiring process in the US and European markets, the report adds.
Shapoorji Pallonji, SSG Capital plan joint bid for Jyoti Structures
Shapoorji Pallonji group and distressed assets investor SSG Capital will jointly bid for power transmission tower maker Jyoti Structures Ltd, which is currently facing bankruptcy proceedings, reports Mint.
Liquor firms bet big on festive season sales
Liquor makers are betting big on the festive season to make up for dismal sales growth during the rest of the year, reports Mint. Liquor companies, whose sales fell because of demonetisation and the Supreme Court’s ban on sales near highways, expect this year’s festive season to yield growth exceeding 10%.
India renegotiates LNG import deal with Exxon
India has renegotiated the pricing of liquefied natural gas (LNG) imported from Australia’s Gorgon project to make the imported fuel affordable, reports Reuters.
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