Opening bell: Asian markets open higher; ITC, JSW Group, IndiGo in news
ITC looks to accelerate growth in non-cigarette business, while JSW Group is in talks with China’s Zhejiang Geely for electric vehicles
Asia tracks US market gains
Asian markets opened higher, tracking the gains in US equities. Overnight, US stocks gained as Hurricane Irma weakened. S&P 500 at 2,488 points is up 1.08%.
Direct tax receipts in April-August period rise 17.5%
Net direct tax receipts during the April-August period has grown 17.5% to Rs2.24 trillion, indicating tax collections are on track to achieve the full-year target, reports Mint.
ITC looks to accelerate growth in non-cigarette businesses
ITC Ltd is working on an eight-point strategy to reinvent itself and accelerate growth in its non-cigarette businesses, especially branded consumer packaged foods, reports Mint.
JSW Group in talks with China’s Zhejiang Geely for electric vehicles
JSW Group is in talks with China’s Zhejiang Geely Holding Group Co. for a partnership to make electric vehicles, reports Mint.
IndiGo board approves Rs4,000 crore institutional share sale
InterGlobe Aviation Ltd, which runs IndiGo airline, approved a sale of shares to institutions. A committee on issuing securities appointed by the board has approved selling up to 33.57 million shares, including a fresh issue of 22.38 million shares and a secondary sale of 11.19 million shares by promoters.
Thyssenkrupp says Tata Steel Europe merger deal may come in September
Thyssenkrupp AG could reach an in-principle agreement this month to merge its European steel business with that of Tata Steel Ltd, reports Reuters.
Supreme Court seeks resolution plan in Jaypee Infratech case within 45 days
The Supreme Court on Monday directed the Insolvency Resolution Professional to take over the management of Jaypee Infratech Ltd and submit an interim resolution plan—one that takes into account the interest of homebuyers—within 45 days, reports Mint.
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