Opening Bell | UltraTech, JP Associates, Pipavav Defence in focus
Asian markets slip and the yuan weakens after China reported a decline in industrial profits
Asian markets trade lower
Asian markets slipped and the yuan weakened after China reported a decline in industrial profits. The euro traded near a seven-month low as traders positioned for a divergence in the monetary policies of Europe and the US. Japan’s Nikkei Stock Average was down 0.5% and Hong Kong’s Hang Seng declined 0.6%. US markets were shut on account of Thanksgiving Holiday.
Congress attacks govt on first day of winter session
In India, the winter session of Parliament began on Thursday with Congress president Sonia Gandhi attacking the government over the issue of intolerance. The feisty interjection has renewed rivalries between the Congress and the Bharatiya Janata Party (BJP), and has injected uncertainty on the former’s support to the passage of the crucial goods and services tax (GST) bill.
UltraTech in talks to buy Reliance Infra’s cement units
UltraTech shares will see some action as it is in talks to take over the cement units of Reliance Infrastructure, owned by Anil Ambani, at an enterprise valuation of ₹ 5,000 crore-5,500 crore, reports Business Standard. Reliance Infrastructure had put up its cement units for sale last month to reduce its ₹ 25,766 crore debt.
F1 seeks to encash bank guarantee of ₹ 350 crore from Jaypee Group
Jaiprakash Associates Ltd shares will be in focus as Formula One is seeking to encash a ₹ 350 crore guarantee by debt-laden JP Associates on the ground that it had not paid the sport’s organizer money that had been contractually agreed upon, reports Economic Times. Bernie Ecclestone-led Formula One has moved the Bombay high court for the payment.
Telenor frontrunner to buy Videocon’s 4G spectrum in UP
Telenor has emerged the frontrunner to buy Videocon Telecom’s 4G spectrum in the lucrative Uttar Pradesh (East) and Bihar circles, in what could be the second spectrum trading deal in the industry in less than a week, reports Economic Times. The deal is valued at roughly ₹ 3,500 crore.
Pipavav Defence to exit corporate debt restructuring
Pipavav Defence and Offshore Ltd shares will be in limelight as it plans to exit the shipyard’s corporate debt restructuring programme approved by bankers earlier this year for better financial flexibility, reports Mint. Reliance Infrastructure, which bought 18% stake in Pipavav Defence in March for ₹ 819 crore along with its wholly-owned subsidiary Reliance Defence Systems Pvt. Ltd, has announced an open offer for Pipavav Defence.
Dr. Reddy’s to reply to US FDA warning by 7 December
Lastly, Dr. Reddy’s Laboratories has bought time until 7 December from the US Food and Drug Administration to tell the regulator how it plans to address a string of alleged manufacturing violations at its plants in India, read more.
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