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Business News/ Market / Stock-market-news/  Opening bell: Asian markets open higher; TCS, Infosys, Infibeam, GVK Power, Monnet Ispat in focus
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Opening bell: Asian markets open higher; TCS, Infosys, Infibeam, GVK Power, Monnet Ispat in focus

In other news, Tata group has begun discussions to sell an additional stake in Tata Sky to joint venture partner Twenty-First Century Fox

Photo: MintPremium
Photo: Mint

Global equities extend gains

US markets closed with gains. S&P 500 gained 0.19% to 2,447 points on cautious US Federal Reserve comments. Tracking cues, Asian markets opened in the green. According to Bloomberg, investors are awaiting US inflation data and earnings from some of America’s large banks.

TCS results underwhelm as it kicks off earnings season

Tata Consultancy Services Ltd’s (TCS) quarterly dollar revenue rose 3.1% from the preceding three months, matching depressed expectations, even as profitability narrowed sharply, underlining the structural challenges faced by the Indian software services industry, reports Mint.

Another large information technology company Infosys Ltd will release its earnings for the March quarter today.

Infibeam in merger talks with Snapdeal

Infibeam Incorporation Ltd is in merger talks with Snapdeal, reports The Times of India. According to the report, Infibeam has put in a term sheet. A term sheet is a non-binding agreement that puts together a proposal.

In another report, the board of Infibeam approved share split plan. It also cleared amalgamation of CC Avenue with the company in which Infibeam has controlling stake.

GVK Power exits Bengaluru airport

GVK Power and Infrastructure Ltd said it had sold its residual stake worth Rs1,290 crore in Bangalore International Airport Ltd (BIAL) to Canadian billionaire Prem Watsa’s Fairfax India Holdings Corp. In May 2016, the debt-laden company had sold a 33% stake in BIAL to Fairfax for Rs2,149 crore.

Monnet Ispat eyes deal with JSW Steel to escape insolvency

In line for insolvency, Monnet Ispat is looking for a window in an earlier buy-out offer from JSW Steel Ltd, reports Business Standard. According to the report, the company told the National Company Law Tribunal that it was in discussion with JSW Steel for a workable option.

Meanwhile, The Economic Times reports that the State Bank of India is not in favour of a JSW Steel proposal in its current form to buy a controlling stake in Monnet Ispat.

Tata group in talks sell stake in Tata Sky

Tata group has begun discussions to sell an additional stake in Tata Sky to joint venture partner Twenty-First Century Fox Inc., reports Mint.

Blackstone in talks to buy IL&FS real estate fund

The Blackstone Group Lp is in talks to acquire ILFS India Realty Fund I, a $525 million real estate fund owned by IL&FS Investment Managers Ltd (IIML), reports Mint. IIML is a unit of Infrastructure Leasing & Financial Services Ltd.

Debt restructuring package for Supreme Infrastructure gets nod

The Reserve Bank of India’s oversight committee has approved a debt restructuring package for Supreme Infrastructure India Ltd under the central bank’s scheme for sustainable structuring of stressed assets.

Cipla, Novartis explore marketing tie-up

Cipla Ltd and Novartis are in early-stage discussions to jointly market an asthma drug, reports The Economic Times.

JSW Energy shareholders clear plan to raise Rs21,000 crore for acquisitions

Shareholders of JSW Energy Ltd voted to give the company board the power to raise up to Rs21,000 crore through various securities. This included Rs5,000 crore via issuing non-convertible debentures, and up to Rs7,500 crore by issuing fresh equity. Ends

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Published: 14 Jul 2017, 07:58 AM IST
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