Brexit: US plunges; Asian markets open mixed

US stocks plunged more than 3% Friday to end in the red for the year so far after Britain surprised markets by voting to leave the European Union. The Dow Jones industrial average closed 3.39% lower at 17,400.75; the S&P 500 index dropped 3.6%, at 2,037.30 and the Nasdaq composite fell 4.12%, at 4,707.98.

Asia markets opened mixed on Monday, as traders continued to digest the UK’s unexpected vote to leave the European Union (EU). Japan’s government and central bank will hold an emergency meeting on Monday to discuss how to respond to Brexit-related market turbulence, Reuters reported.

SBI’s Arundhati Bhattacharya may get 1-year extension

The government is considering a proposal to extend Arundhati Bhattacharya’s term as chairman of State Bank of India by at least a year.The finance ministry wants continuity in leadership as state-run SBI absorbs five associate units and Bhartiya Mahila Bank while cleaning up its books of bad loans, they said, adding that the government may fix SBI chairman’s tenure at five years, up from three now, reports The Economic Times.

Bajaj Finserv likely to buy out Allianz’s stake in insurance joint ventures

Bajaj Finserv Ltd is likely to buy out its German partner Allianz SE’s stakes in two insurance units—Bajaj Allianz Life Insurance Co. Ltd and Bajaj Allianz General Insurance —in a deal estimated at as much as 10,000 crore. Bajaj Finserv Ltd, the financial services arm of Bajaj Holdings and Investments Ltd, owns 74% and Allianz SE holds 26% in both the ventures, reports Mint.

Axis Bank seek shareholders’ nod to raise 35,000 crore

Axis Bank has sought approval of shareholders to raise 35,000 crore through multiple instruments including green bonds and from overseas markets. The approval would be sought at Axis Bank’s 22nd Annual General Meeting of shareholders on 22 July. The funds, which would be within the overall borrowing limits of the bank, will be raised in one or more tranches on a private placement basis.

Asian Paints to invest 4,000 crore in new units at Karnataka, AP

Asian Paints is investing around 4,000 crore on setting up two manufacturing plants in Karnataka and Andhra Pradesh, although it has cautioned that demand conditions in the current fiscal “still remain uncertain" on account of the global economic situation. Read more.

HDFC to raise 1,035 crore via bonds on private placement

HDFC will raise 1,035 crore through issuance of debentures on a private placement basis to augment its long-term capital resources. The bonds in the form of secured redeemable non- convertible debentures will carry a coupon rate of 8.5% per annum.

BSE shareholders vote for listing; dilution of stake via OFS

The shareholders of BSE on June 24 voted for the proposed initial public offer (IPO) of the exchange and are expected to offload at least 10% stake of the total BSE’s equity through offer for sale. A maximum of 30% of BSE’s equity can be offloaded. The exchange has about 8,000 shareholders comprising brokers and institutions. Read more.

Unichem gets USFDA nod for its Donepezil Hydrochloride tablets

Drug firm Unichem Laboratories has received approval from the US health regulator for it’s Donepezil Hydrochloride tablets used for improving cognition and behaviour of people suffering with Alzheimer’s disease. The company’s product in the strengths of 5mg and 10mg is generic version of Eisai Inc’s Aricept tablets in the same strengths.

Zuari Agro gets 100-crore unsecured deposit from promoter

Fertiliser firm Zuari Agro Chemicals has received 100 crore as unsecured deposit from promoter Adventz Finance towards meeting its working capital requirements. The company has three fertiliser plants in Goa -- one urea and two complex fertiliser units. Read more.

Govt allows airlines to import upto 18 year old planes

Domestic airlines can now import aircraft that are up to 18 years old into the country with the government amending more than two-decade rules in this regard. The move is expected to provide a fillip for the government’s ambitious efforts to boost regional air connectivity as it gives more leeway for operators in expanding their fleet.

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