Opening bell: Asian stocks mixed; Vedanta, Aurobindo Pharma, Bank of India in news
In other news, Vedanta’s Sterlite copper plant in Thoothukudi was sealed after the Tamil Nadu government ordered its permanent closure
Asian stocks mixed in morning trade
Asian markets opened mixed. Benchmark indices headed lower in Japan, while stocks were little changed in South Korea, reports Bloomberg. Overnight, US markets were closed for a holiday.
Monsoon to hit Kerala coast in the next 24 hours
The south-west monsoon is expected to hit the Kerala coast within next 24 hours. The Indian Meteorological department confirmed that activities over the coast are favourable for onset of monsoon within the forecast period. Read more.
L&T net profit rises 5% to Rs3,338 crore in Q4
Larsen and Toubro Ltd (L&T) said fiscal-fourth quarter profit rose 5% from a year ago. Revenue from operations rose 10% to Rs41,110.86 crore.
Aurobindo Pharma fourth-quarter profit misses estimates
Aurobindo Pharma Ltd posted a 0.6% fall in fourth-quarter net profit on Monday that missed analysts’ estimates, reports Reuters.
Tamil Nadu govt orders permanent shutdown of Sterlite copper plant
Sterlite Industries Ltd’s Thoothukudi plant was sealed on Monday after the Tamil Nadu government ordered its permanent closure in the wake of last week’s firing that killed 13 people protesting against the plant. The company is part of Vedanta group.
Bank of India posts Rs3,969 crore Q4 loss
Bank of India Ltd reported a net loss of Rs3,969 crore for the March quarter, as the public sector bank set aside more funds for bad loans.
Binani Cement lenders back UltraTech’s offer
UltraTech Cement Ltd’s Rs7,950 crore bid to acquire Binani Cement Ltd has received near-unanimous backing from lenders to the distressed company even as a legal battle reached the country’s top court, reports Mint.
Fortis sale process is likely to begin again
The consortium led by Hero Enterprise chairman Sunil Munjal and Dabur India Ltd chairman Anand Burman has given its consent to reopen the bidding process for sale of troubled Fortis Healthcare Ltd.
Paper firms raise prices due to increase in costs
Paper companies have again raised prices by 2-3% in the current financial year due to increase in raw material costs, reports Business Standard.
Dish TV, BHEL, Coal India, Glenmark, M&M earnings today
Dish TV India Ltd, BHEL Ltd, Coal India Ltd, Glenmark Pharmaceuticals Ltd, Power Grid Corp. of India Ltd, and Mahindra & Mahindra Ltd are some of the companies that will release their earnings for the March quarter today.