US stocks end lower; Asia follows suit

US stocks closed lower on Wednesday, while investors eagerly awaited a speech from Federal Reserve chairwoman Janet Yellen. The Dow Jones industrial average closed 0.35% lower, at 18,481.48. The S&P 500 fell 0.52% and the Nasdaq dropped 0.81%, to 5,217.69.

Asia markets fell at the open on Thursday morning, following losses in US stocks. Japan’s Nikkei 225 was 0.45% lower, while across the Korean Strait, the Kospi was down 0.28%.

Cabinet clears railway projects worth over Rs24,000 crore

In an effort to ramp up capacity and decongest key routes for rail traffic, both freight and passenger, the Union cabinet approved nine projects estimated to cost Rs24,374 crore, reports Mint.

Rains to be normal, not excess, this monsoon

India will receive normal rainfall this monsoon season, not surplus as previously expected, Reuters reported, citing three senior officials in the weather department. Read more.

Cabinet clears new India-Cyprus tax treaty

The Union cabinet on Wednesday approved a revised India-Cyprus tax treaty that seeks to plug loopholes used by investors to avoid paying taxes in India. The revisions in the treaty are on the lines of the recent changes notified in the India-Mauritius tax treaty and those still being negotiated in the India-Singapore treaty.

TCS settles Orange County lawsuit for $26 million

India’s largest IT firm, Tata Consultancy Services Ltd, and its US affiliate have paid Orange County, California, $26 million to settle a lawsuit over what the latter termed as a “failed replacement" to the county’s automated property tax system.

8K Miles to raise Rs500 crore; split shares 1:2

Cloud computing player 8K Miles Software plans to raise Rs500 crore through a mix of instruments, including issue of fresh equity shares or convertible bonds via qualified institutional placement, among others. Read more

SBI plans to raise Rs11,100 crore through AT-1 bonds

State Bank of India (SBI) said that its committee of directors for capital raising had authorised the bank to raise Rs11,100 crore worth additional Tier-I (AT-1) capital through issuance of Basel III-compliant perpetual debt instruments. Read more.

Tata Global Beverages looks to enter dairy business

Tata Global Beverages Limited (TGBL, formerly Tata Tea Ltd) said it was looking to enter the dairy business as it scouts for opportunities to expand beyond tea, coffee and bottled water.

Lupin arm gets USFDA nod to market generic Zyvox tablets

Drug major Lupin said its subsidiary Gavis Pharmaceuticals has received approval from the US health regulator to market generic linezolid tablets used for treating bacterial infection in the American market.

Infosys may get about $60 million for GST project

Infosys Ltd can expect about $60 million (Rs400 crore) in incremental revenue over the third and fourth quarters as part of the Rs1,380 crore Goods Services and Tax Network (GSTN) project, as the Bengaluru-based company readies to buy and install the hardware required for the project.

Fitch reaffirms Bharat Petroleum’s ratings with stable outlook

Fitch Ratings on Wednesday reaffirmed Bharat Petroleum Corporation’s long-term forex issuer default rating and that of its outstanding senior unsecured debt at ‘BBB-’ with a stable outlook. Fitch cited strong linkage of the second-largest oil marketer with the state as the primary reason for its stance. Read more.

Multiplex operator Inox Leisure plans to invest 200 crore

Multiplex operator Inox Leisure plans to invest Rs200 crore to add up to 60 cinema screens across the country this fiscal. “In addition to one property, five screens and 617 seats (already opened), we expect to open another 12 properties, 54 screens and 10,786 seats this financial year," Deepak Asher, Inox Leisure Director and Group Head, told analysts during a conference call.

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