Opening Bell: Tata Power earnings today; Tata Steel, Airtel, PVR in news
In other news, Bharti Airtel Ltd’s revenue market share hit a 7-year high at 33% in the July-September quarter
US markets close lower
US markets closed lower. S&P 500 lost 0.53% to 2,201 on selling in shares of financial services and consumer discretionary companies. In Asia, Japanese markets are trading with losses in the morning trade.
Tata Steel to begin talks for UK assets sale
Tata Steel UK Ltd, a unit of Tata Steel Ltd, is set to begin exclusive talks with the Liberty House Group for a potential sale of its UK speciality steels business at an enterprise value of £100 million (about Rs851 crore). Read more. In another report, Tata Steel and Thyssenkrupp are looking at reducing the size of steel plant in Port Talbot, Britain, as the two firms explore merger of their European steel operations.
PVR promoters’ profit-sharing deal under Sebi lens
The Securities and Exchange Board of India (Sebi) has asked PVR Ltd to explain a profit-sharing deal struck by its promoters with private equity investors that was not disclosed to its shareholders, reports Mint.
Airtel’s revenue market share at 7-year high
Bharti Airtel Ltd’s revenue market share hit a 7-year high at 33% in the July-September quarter, reports The Economic Times. According to the report, Airtel consolidated its overall lead, increasing its revenue market share by 20 basis points sequentially to 33%.
Tata Power’s board to meet today
Cyrus Mistry, who was ousted as the chairman of Tata Sons, is likely to have an edge at the Tata Power board meeting on Tuesday, reports Business Standard. The board of Tata Power is meeting to consider September quarter results.
Demonetisation to hit HUL’s near-term performance
Hindustan Unilever Ltd (HUL), India’s largest consumer goods company, warned its near-term performance can be weighed down by demonetisation of high-value currency notes, reports Business Standard.
M&M to help customer tide over cash crunch
Mahindra & Mahindra Ltd (M&M) is working on a plan to help its tractor and commercial vehicle customers hit by demonetisation of high-value notes, reports The Hindu Business Line. The plan will extend to dealers and suppliers facing cash flow problems.