Mumbai: Asian markets are trading lower. According to Bloomberg, concerns over Chinese growth and Greece’s political outlook is dampening sentiment for equities. Overnight US markets closed flat. S&P 500 at 2,059 is marginally down 0.02%.
Commercial vehicle sales in India grew 9.05% in November, led by a 40.14% growth in sales of trucks and buses. The figures reflect a nascent economic recovery with hopes of a sharper turnaround next year, reports Mint. Car sales, too, grew after declining in the previous two months.
One of the units of conglomerate Essar Group and Russia’s Rosneft may have reportedly signed a large crude purchase agreement that could be announced in the next few days. The deal could be worth $500 million a year, the report adds.
Reliance Industries Ltd formed a joint venture with China’s Shandong Ruyi Science to revive its textile business, reports The Hindu Business Line. As per the agreement, Reliance will transfer its existing textile business into a newly incorporated company.
UltraTech Cement Ltd is re-evaluating its decision to bid for the Brazilian assets of Holcim SA, reports Mint. The company had submitted non-binding bids for the cement assets in October, following which binding bids are due in January.
The Uttar Pradesh government has agreed to constitute a committee to facilitate implementation of GAIL (India) Ltd’s Jagdishpur-Haldia natural gas pipeline project, reports Business Standard. The pipeline is expected to carry fuel to Uttar Pradesh, Bihar, Jharkhand and West Bengal.
Bosch Ltd’s Bengaluru plant concluded a wage settlement with its workmen union, reports The Hindu Business Line. With the agreement the strike by the union comes to an end.
Jet Airways (India) Ltd may continue to trade with positive momentum. SpiceJet Ltd has stopped bookings for flights which are beyond one month, leading to jump in airfares on many sectors, reports Mint. The aviation authority asked the SpiceJet to submit a funding plan by 15 December, reports Business Standard.
Hero MotoCorp Ltd is tying up with Snapdeal to sell Hero’s two wheelers online, reports The Hindu Business Line.
Lastly, the State Bank of India Ltd launched a monthly economic index that will primarily track manufacturing activity to offer forward-looking economic trends, reports PTI. The index is developed on the basis of the bank’s internal loan portfolio, which mirrors the credit demand in the country.