Opening Bell | Asian markets open lower; Bank of Baroda, JK Lakshmi Cement in news3 min read . Updated: 11 Aug 2016, 07:59 AM IST
In other news, Tata Chemicals to sell urea business to Yara for Rs2,670 crore
US stocks close lower; Asia follows suits
US stocks closed lower on Wednesday as the recent rally in equities eased and investors digested falling oil prices. The Dow Jones industrial average closed 0.2% lower, at 18,495.66 points. The S&P 500 fell 0.29% to end at 2,175.49 points and the Nasdaq composite closed 0.4% lower, at 5,204.58 points.
Asian markets opened lower on Thursday, following US losses, with sentiment likely driven by Wednesday’s oil price falls and in anticipation of another data deluge from China.
Tata Chemicals to sell urea business to Yara for ₹ 2,670 crore
Tata Chemicals Ltd has agreed to sell its urea plant in Babrala, Uttar Pradesh, to the Indian unit of Norway-based Yara International ASA for ₹ 2,670 crore, as it seeks to position itself as a maker of consumer products rather than fertilizers, reports Mint.
CCI clears UltraTech Cement’s ₹ 16,189 crore deal with Jaiprakash Associates
Aditya Birla Group-controlled UltraTech Cement Ltd said India’s anti-trust regulator has approved its deal to buy Jaypee Group’s cement business. With the completion of this deal, UltraTech’s cement capacity will increase to 91.1 million tonne per annum. Read more.
Now mutual funds can hold 10% in housing finance companies
The Securities and Exchange Board of India (Sebi) has doubled the limit on permissible holding of bonds of housing finance companies (HFCs) by mutual funds as it aims to support Prime Minister Narendra Modi’s promise of housing for all.
Mahindra & Mahindra Q1 profit rises 12.37% to ₹ 955.21 crore
Mahindra and Mahindra Ltd’s (M&M) net profit in the June quarter rose 12.37% from a year ago on higher sales, other income and lower finance cost. Net profit of India’s largest utility vehicle and tractor maker was ₹ 955.21 crore, against ₹ 850.09 crore last year. Read more
Ashoka Buildcon wins ₹ 1,600 crore road project in Punjab from NHAI
Infrastructure firm Ashoka Buildcon has received a letter of award for widening of a highway stretch in Punjab from the National Highways Authority of India (NHAI) at a bid cost of ₹ 1,600 crore. The project is part of ₹ 2,070 crore highways project in Punjab approved in June. Read more
RBL Bank looks to raise ₹ 1,211 crore through IPO
RBL Bank Ltd will sell its shares to the public in a three-day offer starting 19 August, becoming the country’s first private bank to go public in more than a decade. The bank has set a price band of ₹ 224-225 for the issue, which will raise up to ₹ 1,211.2 crore at the lower end of the band.
Lupin gets USFDA nod for potassium deficiency treatment drug
Pharma major Lupin’s US arm Gavis Pharmaceuticals LLC has received final approval from the US Food and Drug Administration (USFDA) for its generic version of Upsher-Smith Labs’ Klor-Con tablets used for treating potassium deficiency in blood.
Car sales rise nearly 10% In July; passenger vehicles up 17%
Car sales rose 9.62% in India last month, while overall passenger vehicles grew 16.78%, driven mainly by robust sales of utility vehicles (UVs), including Maruti Suzuki’s Vitara Brezza and Hyundai’s Creta. UVs saw a jump of 41.85% to 64,105 units as against 45,191 units in the same month last year.
Adani Transmission Q1 net profit jumps 3-fold to ₹ 123 crore
Adani Transmission, a part of conglomerate Adani Group, posted a three-fold jump in consolidated net profit at ₹ 122.71 crore for the June quarter. The company had posted ₹ 30.89 crore net profit after taxes, minority interest and share of profit of associates in the year-ago period. Read more
Bank of Baroda, Balrampur Chini, Godrej Industries, IRB Infrastructure, IPCA Laboratories and JK Lakshmi Cement are among the companies that will be announcing their June quarter earnings today.