US ends higher; Asian markets open lower

Major US indices closed marginally higher with the Dow Jones industrial average effectively flat, the S&P 500 up 0.11% and the Nasdaq Composite 0.08% higher. However, Asian markets were lower in early trade on Thursday ahead of Australia’s retail sales, European Central Bank rate decision and US ADP jobs report.

RIL takes start-up plunge

Reliance Industries Ltd (RIL) has pumped 100 crore into a US-based technology company, its first such direct investment in a start-up venture. India’s biggest company by sales picked up a 40% stake in NetraDyne Inc., a San Diego, California-based company, which is developing products that may be leveraged by RIL’s telecom venture Reliance Jio.

Auto sales rise at a brisk pace in May

Auto sales in India rose at a brisk pace in May as buyers lapped up new models. Sales at India’s top three passenger vehicle-makers advanced 10% each, even though uncertainties surround the fate of diesel cars and utility vehicles in the world’s fastest growing car market. Read more.

UK court orders Punj Lloyd to pay $26 million to IFC

A UK court has asked infrastructure major Punj Lloyd to pay $26 million to International Finance Corp. (IFC) for their claims. Punj Lloyd, in a filing to the BSE, said, “The company is considering various legal options and shall take appropriate steps in respect of such order."

Citing call drops study, Trai pushes for powers to penalize telecom firms

The Supreme Court may have ruled that the Telecom Regulatory Authority of India (Trai) doesn’t have the right to penalize telcos for dropped calls, but the regulator is pushing ahead with efforts to get telcos to improve the quality of their service, reports Mint.

With hike in ATF, airlines may increase tickets’ price

With the government affecting a steep over-9% hike in aviation turbine fuel (ATF), airlines may increase the price of tickets. The fuel cost accounts for about 40-50% of the operating expenditure for airlines in India. Read more.

Tata Steel UK completes sale of long products biz to Greybull

Tata Steel has announced the completion of sale of its European long steel business, including the giant Scunthorpe plant, to Greybull Capital LLP. Besides Scunthorpe steelworks in England, Tata Steel has sold mills in Teesside and northern France, which employ a total of 4,800 people. The transaction was announced back in April for a nominal one pound, marking the revival of the brand name British Steel.

ICICI cuts lending rate by 0.05%

The country’s largest private sector lender, ICICI Bank, cut its marginal cost of funds-based lending rate (MCLR) by 0.05% to take it at par with the rates offered by State Bank of India and HDFC Bank. This will help reduce the rate of interest to new borrowers. Read more

Coal India’s May output at 42.5 million tonnes; misses target

State-run Coal India said that it achieved a production of 42.58 million tonnes in May, lower than the target of 44.64 million tonnes (mt) for the month. During the months of April and May, the miner produced 82.93 mt of coal against the target of 89.12 mt (provisional), reports Business Standard.

Amtek Auto to sell stake, reorganize business

Amtek Auto Ltd, the auto parts maker that defaulted on bond payments last year, will sell a “significant" stake to financial investors to infuse capital into the business and pare debt, reports Mint.

Henkel likely to invest in Jyothy Labs

German consumer goods major Henkel AG might invest in Jyothy Laboratories, the maker of the Ujala brand of fabric care and detergent products, this year. Ullas Kamath, joint managing director and chief financial officer of Jyothy, said all “indications were positive" that Henkel would put in a bid, though nothing had been finalised. Read more.

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