Asian markets drop in morning trade

Asian stocks dropped in morning trade tracking the losses in the US markets. Overnight, the US stocks closed with losses as decline in Walmart weighed on the benchmark indices. S&P 500 at 2,716 points is down 0.58%.

Software services sector to grow 7-9% in FY19

India’s software services exports will see revenue growth of 7-9% in constant currency terms in the fiscal year to March 2019, forecasts lobby group Nasscom.

RIL to acquire 5% stake in Eros International

Reliance Industries Ltd (RIL) said it will acquire 5% stake in NYSE listed Eros International for Rs10 billion with a view to producing and acquiring Indian films and digital originals across languages, reports PTI.

Blackstone in talks to buy stake in Indiabulls Real Estate unit

Blackstone Group is in talks to buy 49% stake in the office rental business of Indiabulls Real Estate in a $600-650 million deal, reports The Economic Times.

Capital First gets NHB nod for merger with IDFC Bank

Capital First said the regulator National Housing Bank (NHB) has approved the merger of the company along with Capital Home Finance and Capital First Securities Ltd with IDFC Bank, reports PTI.

MMTC to end retail joint venture with Gitanjali Gems

MMTC has decided to terminate its loss making retail experiment with Gitanjali Gems as unease over the nine-year-old venture mounts, reports The Times of India.

CBI widens PNB fraud probe to include bank’s top brass

Trouble is mounting for Punjab National Bank (PNB) with the Central Bureau of Investigation (CBI) widening the probe into the Rs11,400 crore fraud at the lender to include the top brass.

RBI’s panel to look into NPA divergence, bank fraud

The Reserve Bank of India (RBI) constituted an expert panel to look at the divergence in asset classification and provisions reported by banks vis-à-vis RBI’s auditors, and examine the rising incidence of fraud in the banking system, reports Business Standard.

Walmart gives disappointing outlook as e-commerce growth flags

Walmart Inc. delivered a disappointing annual profit forecast as its once-torrid e-commerce sales growth begins to decelerate and the US tax overhaul provides less of a windfall than expected, reports Bloomberg.

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