Opening bell: Asian markets flat, Goldman Sachs cuts GDP forecast, HAL, IndiGo, SBI in news
In other news, Videocon sells stake in insurance business, while Gujarat State Petroleum to sell stake in Gujarat Gas to subsidiary Gujarat State Petronet
Asian markets mixed in morning trade
Asian markets were little changed in morning trade as investors awaited the US Federal Reserve policy, reports Reuters. Overnight, the US stocks closed slightly higher. S&P 500 at 2,716 points is up 0.15%.
Goldman Sachs cuts India’s FY19 GDP forecast
Investment bank Goldman Sachs downgraded its forecasts for India’s economy in the wake of fraud at Punjab National Bank, warning it could spark tighter regulation of the banking sector that would constrain credit growth, reports Reuters.
Apparel exports fall 10.25% in February
India’s apparel exports declined 10.25% during February 2018 against the year ago, according to an industry body, reports Business Standard.
Hindustan Aeronautics IPO hits turbulence
Hindustan Aeronautics Ltd’s initial public offering (IPO) received a tepid response from investors who subscribed for just 99% of shares, data released after Tuesday’s deadline for bids showed, reports Reuters.
Grounded IndiGo jets to get spare engines from Pratt & Whitney
Pratt & Whitney will provide spare engines within 40 days to get all grounded Airbus SE A320neo aircraft at IndiGo, with the first delivery scheduled for Wednesday, reports Bloomberg.
SBI seeks Supreme Court nod for RCom asset sale
State Bank of India (SBI) on Tuesday approached the Supreme Court to seek approval for the sale of Reliance Communications Ltd’s (RCom) assets to Reliance Jio Infocomm Ltd.
GSPC to sell 28.4% stake in Gujarat Gas to subsidiary GSPL
Gujarat State Petroleum Corp. Ltd (GSPC) has decided to sell a 28.4% stake in Gujarat Gas Ltd, its city gas distribution business, to its subsidiary Gujarat State Petronet Ltd (GSPL). Read more
Videocon sells stake in insurance business
Videocon Industries has sold its stake in insurance joint venture Liberty Videocon General Insurance Company to reduce the debt, reports Reuters.
PNB fraud: Mehul Choksi refuses to join CBI probe again
Gitanjali Gems promoter Mehul Choksi, has once again refused to join the ongoing probe by the Central Bureau of Investigation (CBI) in the Rs12,636 PNB fraud case. Read more
Government scraps export duty on sugar
Lastly, in a move aimed at the domestic sugar industry which is staring at a surplus production in the current season, the government scrapped the export duty on sugar, giving mills a better way to deal with the glut.
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