Opening bell: Asian markets open cautious; Lupin, New India Assurance in news
Asian markets cautious in morning trade
Congressional committee votes to increase minimum salary of H1B visa
A key Congressional committee voted to pass a legislation that proposes to increase the minimum salary of H1B visa holders from $60,000 to $90,000 and imposes a number of restrictions on the work visa popular among IT professionals from India, reports PTI.
US FDA warns Lupin on repeated quality control violations
Lupin Ltd was warned by the US Food and Drug Administration (FDA) for repeatedly ignoring tests showing that pills made at two of its facilities didn’t meet quality standards, reports Bloomberg.
New India Assurance’s Q2 profit nearly triples
New India Assurance Company Ltd’s profits nearly tripled to Rs748.27 crore in the quarter ended September due to lower underwriting losses, reports Bloomberg Quint.
Apollo Hospitals’ returns on cath labs halve due to stent price cut
Apollo Hospitals Enterprise Ltd’s returns on investment (RoI) in cardiac catheterization laboratories (cath labs) have halved following the government’s decision to slash prices of coronary stents in February this year, reports Mint.
CRISIL to acquire data analytics firm Pragmatix
Rating agency CRISIL will acquire 100% stake in data analytics firm Pragmatix Services Pvt. Ltd for Rs56 crore, reports Business Standard.
ArcelorMittal, Tatas step up Essar & Bhushan Steel bids
ArcelorMittal and Tata Steel have intensified efforts to place takeover bids for Essar Steel and Bhushan Steel, reports The Times of India.
Suzlon O&M arm looking to sell minority stake
Suzlon Global Services Ltd, the operations and maintenance (O&M) subsidiary of Suzlon Energy Ltd, is looking to raise up to $250 million by divesting a large minority stake, reports Mint.
Apax Partners, Carlyle Group may bid for stake in Royal Sundaram
Apax Partners and Carlyle Group LP are among suitors weighing bids for a stake in Royal Sundaram General Insurance Co., reports Bloomberg. Royal Sundaram, a unit of Mumbai-listed Sundaram Finance Ltd., has started a process to sell a 49% stake.
All is well at Infosys, says Narayana Murthy
Weeks after expressing his unhappiness with the board of Infosys Ltd, founder N.R. Narayana Murthy on Wednesday struck a conciliatory note and reiterated his confidence in chairman Nandan Nilekani’s leadership, reports Mint.
Singh brothers restructure Fortis, Religare
Two companies controlled by Malvinder and Shivinder Singh announced a reorganization as the brothers wrestle with debt and legal tangles, reports Bloomberg.
Delhi to get BS-VI fuel two years early to tackle pollution
The world’s cleanest fuel will be introduced in the national capital two years earlier than planned as the government seeks to reduce vehicular pollution.
GST rollout impacts September quarter earnings
Lastly, earnings of Indian companies were muted in the September quarter as companies struggled to adjust to the new goods and services tax (GST). Rise in raw materials and employee cost also crimped profitability, reports Mint.
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