BackOpening Bell | Watch out for Bharti Airtel, Lupin, IT firms
The US job growth slowed in June as the economy added fewer jobs than expected
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Global equities edge lower
US markets closed marginally lower. S&P 500 lost 0.03% to 2,076 as investors looked toward a weekend referendum in Greece, reports Bloomberg. The US market is closed on Friday for a holiday.
The much-awaited US jobs report provided little comfort. The job growth slowed in June as the economy added fewer jobs than expected. Tracking the cues, most Asian stocks opened lower.
RBI says economy recovering
India’s economic growth is set to accelerate as capital investments gather pace and the government tackles bottlenecks that have stalled industrial projects, Reserve Bank of India (RBI) governor Raghuram Rajan said.
DIIs’ equity investment at a record high
Net investments by domestic institutional investors (DIIs) in Indian equities in the three months ended June was the highest on record for any quarter, reports Mint.
₹ 50,000 crore irrigation scheme cleared
To remove bottlenecks in Indian agriculture and revive growth, the government approved a ₹ 50,000 crore irrigation package and took the first step to create a national market for agricultural produce. Read more.
IT firms cut prices to retain clients
Software exporters Tata Consultancy Services Ltd, Infosys Ltd and Wipro Ltd and their global rivals have started to drop prices on outsourcing contracts as they try to retain clients, reports Mint.
Airtel sells towers in five African countries
Bharti Airtel Ltd completed the sale of mobile towers in five countries in Africa for $1.3 billion ( ₹ 8,237.5 crore), reports Business Standard. The company is also in the process of selling tower assets in more countries in Africa, the report says.
Lupin enters Russia with Biocom acquisition
Lupin Ltd acquired Russia’s JSC Biocom, marking its entry into one of the world’s top drug markets, reports PTI. The company did not disclose financial details.
India in talks for $2 billion loan for Power Grid Corp
The World Bank and the Asian Development Bank are in talks with the Indian government for providing a loan of around $2 billion to Power Grid Corp. of India Ltd, reports Mint. In addition, the company is evaluating the prospects of raising $500 million.
Rajesh Exports may buy European firm for up to $500 million
Gold jewellery maker Rajesh Exports Ltd has received an approval from its board to spend $250 million to $500 million to buy gold refineries and mining fields in Europe. The company is making this move as part of its back integration.
SC stays transfer of FTIL stake in IEX
The Supreme Court stayed an order of the Central Electricity Regulatory Commission (CERC) that asked Financial Technologies India Ltd (FTIL) to transfer all its shares in India Energy Exchange (IEX) to a trust demat account. FTIL had approached the apex court seeking a stay on the CERC order.
Telcos to roll out national number portability
Lastly, India’s major telecom service providers said they are ready to roll out national number portability. Number portability allows mobile phone users to retain their number even after shifting locations to another circle outside their home circle.
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