Opening bell: Asian markets open lower; Torrent Pharma, aviation firms in news
HDFC to pare over 4% stake in asset management arm through IPO, while PNB discloses Rs942 crore additional exposure in Nirav Modi, Mehul Choksi fraud probe
US stocks end lower; Asian markets see weak opening
US stocks fell in choppy trade Tuesday after tech shares pulled back amid concerns trade tensions between the US and China could increase.
Asian markets tracked losses seen on Wall Street, following the sacking of US Secretary of State Rex Tillerson, and amid talk of potential US tariffs against China.
RBI bans letters of undertaking for seeking overseas loans
The Reserve Bank of India (RBI) has barred banks from issuing letters of undertaking (LoUs), the instruments used by Nirav Modi and Mehul Choksi to perpetrate the over $2 billion PNB fraud, in a move that may deal a blow to trade financing in India and raise credit costs for importers.
Torrent Pharma may raise Rs1,500 crore in bid for Sanofi generics business
Torrent Pharma Ltd is likely to raise at least Rs1,500 crore by selling shares to institutional investors, as it prepares a bid for the generic drugs unit of France’s Sanofi, reports Mint.
HDFC to pare over 4% stake in asset management arm through IPO
Mortgage lender Housing Development Finance Corp. Ltd (HDFC) said it will sell over 4% stake in its asset management arm HDFC Asset Management Co. Ltd (HDFC AMC) through an initial public offer (IPO).
Bharat Dynamics IPO sees 32% subscription on Day 1
The initial public offering (IPO) of defence company Bharat Dynamics was subscribed 32% on the first day of bidding on Tuesday.
PNB discloses Rs942 crore additional exposure in Nirav Modi, Mehul Choksi fraud probe
The Punjab National Bank (PNB) has told police that it has uncovered additional exposure of about Rs942 crore ($145.2 million) in connection with the massive alleged fraud involving jewellers Nirav Modi and Mehul Choksi, according to a court filing seen by Reuters.
IndiGo, GoAir cancel 66 flights as DGCA grounds Airbus A320neo planes
Low-fare airlines IndiGo and GoAir cancelled at least 66 flights, a day after regulator Directorate General of Civil Aviation (DGCA) grounded 11 Boeing A320Neo aircraft powered by Pratt & Whitney engines following instances of glitches.
Customs duty hike on car parts may put brakes on luxury car sales
Increases in customs duty on some imported engine components and completely knocked down (CKD) units are set to put a brake on the surging sales of luxury cars.
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