BackOpening Bell 24 September | DLF, Educomp Solutions in focus
Asian markets opened lower on concerns about the pace of global economic growth
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The US markets closed lower as S&P 500 lost 0.58% to 1,982 on concerns about the pace of global economic growth, reports Reuters. Tracking the losses, Asian markets also opened weak.
India’s drug price regulator scrapped a May guideline giving itself sweeping powers to set the price of non-essential medicines. The move is likely to find favour with drug companies that have protested the order.
The Supreme Court named a former Australian high court judge as the third and presiding arbitrator in the dispute between Reliance Industries Ltd (RIL) and the oil ministry, reports Mint. The arbitral tribunal will decide whether RIL had suppressed output from the KG-D6 offshore gas field.
BHEL Ltd is set to bag the mandate to execute two thermal projects in Telangana on an engineering, procurement and construction basis. The two projects will have a combined capacity of 1,880 megawatts. Read more.
Mahindra & Mahindra Ltd is preparing to launch new scooterGusto. The company plans to sell two wheelers through its passenger vehicle outlets in key metros.
DLF Ltd plans to acquire its promoters’ stake in the rental business through a share swap deal, reports The Economic Times. According to the report, the company plans to list the rental business as a real estate investment trust.
Aditya Birla Nuvo Ltd may see some action. Private equity funds are in advanced talks to buy stake in the retail arm of Aditya Birla group, reports Reuters.
Educomp Solutions Ltd may also come under focus. According to The Economic Times, Aditya Birla group is in talks to acquire the schools business of the company.
Tech Mahindra Ltd won a five-year deal with Finnish materials and fibre company Ahlstrom Corp. to manage its information technology (IT) operations. As part of the deal around 50 IT employees of Ahlstrom will move to Tech Mahindra.
Keep an eye on GMR Infrastructure Ltd. The group is in talks with Airbus for a possible stake sale in its aircraft maintenance, repair and overhaul unit in Hyderabad, reports Business Standard.
The Supreme Court allowed Essar Oil Ltd to repay its last instalment of sales tax dues to the Gujarat government in six months’ time. The company has already paid seven instalments earlier amounting to a total of ₹ 6,500 crore.
Financial Technologies (India) Ltd has decided exit exchanges and focus on technology solutions business, reports Business Standard. According to the report, the company is in the process of selling its stake in Indian Energy Exchange.
Lastly, the market regulator has approved a new name for MCX Stock Exchange. The exchange will now be known as Metropolitan Stock Exchange of India Ltd. The name change is part of the turnaround strategy to give the exchange a new identity, the bourse said.
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