Opening bell: Asian markets open lower; TCS, ACC, ITC in news
In other news, Airtel to raise Rs16,500 crore for refinancing debt, spectrum payment, while Sandhar Tech is set to launch IPO on 19 March
US stocks end lower; Asian markets see a weak opening
The Dow Jones industrial average fell on Monday as investors worried a trade war could develop after President Donald Trump implemented tariffs on steel and aluminium imports.
Asian stock markets were lower on Tuesday as Washington’s policies hit regional steel producers.
Macro data signals an economic turnaround
India’s factory output grew at a robust pace for the third straight month, at 7.5% in January, while retail inflation surprisingly slowed for the second consecutive month to 4.4% in February, signalling that the economy may be set on a strong recovery path.
Tata Sons to sell TCS stake worth $1.25 billion to pay debt
Tata Sons Ltd, India’s biggest business group, plans to sell $1.25 billion of its stake in Tata Consultancy Services (TCS), according to terms of the transaction. Read more
ACC and Ambuja Cements to enter into master supply agreement
Having put their merger on hold, ACC Ltd and Ambuja Cements—the two Indian units of LafargeHolcim—said they plan to enter into a “master supply agreement” with each other.
ITC to enter branded rice segment by end of this year: S. Sivakumar
ITC Ltd, the maker of Aashirvaad atta, Sunfeast biscuits and BNatural juices, plans to launch branded packaged rice this year, entering a segment vacated by Hindustan Unilever Ltd two years ago.
Airtel to raise Rs16,500 crore for refinancing debt, spectrum payment
Telecom major Bharti Airtel Ltd received approval from the board to raise up to Rs16,500 crore for refinancing debt and paying for spectrum liabilities.
JSW Steel to raise $1 billion via overseas bonds to acquire distressed assets
JSW Steel Ltd is tapping overseas bond investors to raise $1 billion to fund its plan to buy distressed assets in India.
Andhra Bank shares fall 7% on Rs5,000 crore fraud case
Shares of Andhra Bank Ltd fell as much as 15.5% to hit a 14-year low after the Enforcement Directorate (ED) filed a chargesheet against one of its former directors in a money laundering case.
Sandhar Tech to launch IPO on 19 March, price band set at Rs327-332
Auto parts maker Sandhar Technologies Ltd said it will be launching its over Rs500 crore initial public offering (IPO) on 19 March.