Home >market >stock-market-news >Opening bell: State-run banks, Tata Steel, Max Bupa in focus

Rout in metal shares drag Asian indices lower

Asian markets were trading lower dragged down by metal shares as copper and nickel traded near their lowest prices in at least six years following a rout in industrial metals. Japan’s Nikkei Stock Average was down 0.2%, Hong Kong’s Hang Seng fell 0.4% and China’s Shanghai Composite was down 0.5%.

US markets end slightly lower

Overnight, US markets consolidated after last week’s gains. The dollar rose to an eight-month high on Monday amid heightened expectations that the US Federal Reserve might raise interest rates next month, driving down the prices of copper, gold and other metals. The S&P 500, Dow Jones Industrial Average and Nasdaq Composite closed marginally lower.

BJP and Congress may reach a consensus on GST bill

In India, the government is in discussion with opposition parties to reach a consensus on the GST bill. Expectations are that if the government is willing to meet the Congress halfway, it would break the present deadlock and ensure passage of the bill pending in the Rajya Sabha where the National Democratic Alliance (NDA) is in a minority. A high-level panel has recommended a revenue neutral rate for GST at 23-25%.

Govt to test more samples of Maggi noodles

The troubles for Nestle India Ltd may be far from over as the government has initiated action against Nestle India on behalf of consumers in the apex consumer court. The government has sought further testing of 31 batches of Maggi at an accredited laboratory to settle the question of the safety of their consumption, read more.

Govt takes steps to relieve stress in PSU banks

Shares of state-run banks will be in focus as the government is taking steps to relieve stress in state-run banks from sectors such as steel, power and highways. Finance minister Arun Jaitley said on Monday that it is trying to free up bank lending to key sectors in an attempt to revive economic growth, read more.

Tata Steel to raise $1.5 billion refinance debt

Tata Steel Ltd shares will see some action as it is looking to raise at least $1.5 billion to refinance its debt and reduce interest cost, reports Economic Times. The proposed mobilisation of funds through the company’s Singapore subsidiary would primarily be for Tata Steel Europe, while balance sheet debt of others may also be refinanced.

Max India to sell 23% stake to UK parent

Max India Ltd shares will be in limelight as it plans to sell 23% stake in Max Bupa Health Insurance to its UK-headquartered parent Bupa for 191 crore in an all-cash transaction that values the health insurer at 830 crore, reports Economic Times. Bupa will increase the stake from 26% to 49% in Max Bupa after the government relaxed foreign direct investment norms for insurance companies earlier this year.

Lanco Infratech posts 99 crore profit

Lanco Infratech Ltd shares will be in focus as it has posted a net profit of 99 crore in the September quarter, against a loss of 527.48 crore in the same period last year. The company saw a near four-fold increase in engineering, procurement and construction revenues, the restarting of halted power projects of around 4,036 megawatts (MW), and tax and tariff reimbursements during the fiscal second quarter.

Bankers take majority control over Gammon India

Gammon India Ltd shares will be in focus as the consortium of creditors have decided to convert part of the company’s 15,000 crore debt into equity in a prelude to changing its management in a so-called strategic debt restructuring exercise, reports Mint.

Belgium residents post cat pictures to keep terrorists in the dark

Lastly, Belgium residents responded to authorities’ request by flooding the Twitter hashtag with cat pictures in a unified effort to keep terrorists in the dark. Police have detained a total of 21 people in raids across Belgium; including five arrests made early Monday, MarketWatch.

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