Opening bell | Asian markets opens subdued, telecom shares in focus
US markets closed marginally lower; HDFC Bank, JSW Steel, Wipro and Cairn India to release their earnings for the September quarter today
US markets close lower
US markets closed marginally lower. S&P 500 at 2,030 closed down 0.14% on fall in shares of healthcare and biotech companies. Tracking the cues, Asian markets opened subdued.
Airtel raises $400 million from sale of Africa assets
Bharti Airtel Ltd raised $400 million more from the sale of telecom towers in Africa, taking to $1.7 billion the proceeds from an effort to monetize its assets in the continent, reports Mint. According to Business Standard the company will use the proceeds from the sale to reduce its debt.
Hero MotoCorp Q2 profit rises 1%
Hero MotoCorp Ltd’s second-quarter profit rose 1% year-on-year even as growth slowed on a sequential basis. Net profit rose to Rs772 crore beating the Rs717 crore estimate of analysts surveyed by Bloomberg. Read more.
Suzuki faces criticism over Maruti royalties
Royalty payments by Maruti Suzuki India Ltd to its parent Suzuki Motor Corp. have grown by 6.6 times in the last 15 years to Rs21,415 per vehicle sold in India, raising concerns among investors in India’s largest car maker, reports Mint.
HCL Technologies to buy Volvo’s IT business
HCL Technologies Ltd will buy Volvo Group’s external IT business for $138 million (around Rs900 crore) in an all cash deal. Volvo Group will also outsource its IT infrastructure operations to HCL Technologies for five years, reports PTI.
RCom, Aircel and Sistema in talks for merger
Reliance Communications Ltd (RCom), Aircel and Sistema (MTS) have begun initial talks for a three-way merger, reports The Economic Times.
Impairment likely for RIL’s KG-D6 block
Reliance Industries Ltd (RIL) may take a write-down on the KG-D6 block, reports Business Standard. According to the report, the company may account for the losses in its books at the end of this financial year.
Tata Steel Europe to stop steel plate production
Tata Steel Ltd’s Long Products Europe business will cut 1,200 jobs as part of a planned restructuring at the division. The company will also stop production of steel plates.
ONGC targets $12-bn foreign oil and gas investments
The foreign investment arm of ONGC Ltd is targeting $10-$12 billion of oil and gas asset purchases over the next three years, reports Reuters. The company hopes to capitalise on cheaper assets after a slump in oil prices, the report says.
Vedanta to export over 5.5 million tons iron ore from Goa
Vedanta Ltd expects its iron ore exports from Goa to be much higher than its permitted mining capacity of 5.5 million tons in the fiscal year to March, as it bids for ore in government-run auctions, reports Reuters.
ACC profit falls 40% in September quarter
ACC Ltd reported a 40% drop in September quarter net profit to Rs115 crore largely due to lower production and fall in realization, reports The Hindu Business Line. Production fell marginally to 5.61 million tons against 5.62 million tons in year ago quarter.
Bajaj Auto, Idea Cellular and HDFC Bank earnings today
It will be a results heavy day. Bajaj Auto Ltd, Cairn India Ltd, HDFC Bank Ltd, Idea Cellular Ltd, IRB Infrastructure Developers Ltd, JSW Steel Ltd and Wipro Ltd are some of the companies that will release their earnings for the September quarter today.
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