Opening bell: Asian markets open higher; PNB, Tata Motors, Idea Cellular in news
US stocks end higher; Asian markets open on a positive note
US stocks rose sharply on Wednesday, notching a four-day winning streak as banks and tech carried major indexes higher. They rose despite a jump in bond yields.
Asian stocks advanced early on Thursday, taking cues from the rally on Wall Street following the release of stronger-than-expected US inflation data overnight.
PNB files complaint with CBI against Nirav Modi alleging Rs11,400 crore fraud
The Central Bureau of Investigation (CBI) has received two complaints from the Punjab National Bank (PNB) against billionaire jewellery designer Nirav Modi and a jewellery company alleging fraudulent transactions worth about Rs11,400 crore. Read more
Tata Motors, Ashok Leyland, Eicher ramp up truck manufacturing eyeing infra boost
Truck makers are preparing to boost production, encouraged by the government’s proposal to raise allocation for infrastructure by more than Rs1 trillion for the year starting 1 April
Birla, Dalmia are said to be lead bidders for Binani Cement
Billionaire Kumar Mangalam Birla and an investor group led by Dalmia Bharat Ltd are emerging as the lead bidders for India’s Binani Cement Ltd, which is being sold under the country’s insolvency process. Read more
Idea Cellular board approves Rs3,500 crore QIP
Idea Cellular Ltd’s board approved a proposal to sell shares via a qualified institutional placement (QIP) to raise as much as Rs3,500 crore.
Nestle India Q4 profit jumps 60% to Rs312 crore on volume growth
Nestle India Ltd reported an increase of 59.57% in its net profit to Rs311.83 crore for the fourth quarter ended December 2017, led by volume growth.
Sun Pharma Q3 profit slides 75% to Rs365 crore on weak US sales
India’s largest drugmaker Sun Pharmaceutical Industries Ltd reported a 75% plunge in third-quarter net profit as pricing pressures in the United States, its biggest market, hit sales.
Allahabad Bank reports Q3 loss of Rs1,264 crore as bad loans rise
State-owned Allahabad Bank Ltd reported a net loss of Rs1,263.79 crore in the December 2017 quarter compared to a net profit of Rs75.26 crore a year ago as bad loans mounted and provisions soared.
Aster DM IPO sees 45% subscription on Day 2
The initial public offering (IPO) of Aster DM Healthcare Ltd saw 45% subscription, the second day of the share sale, merchant bankers said.