Opening bell: Asian markets open higher; GDP data today; ICICI Bank, RCom in news
In other news, NCLAT stays the insolvency resolution process against RCom after Ericsson India accepts RCom’s offer to pay Rs550 crore by 30 September
Asian stocks rebound in morning trade
Asian stocks rebounded in morning trade. Markets outside Japan opened higher. Overnight US stocks also closed higher. S&P 500 was up 1.27% at 2,724.
India’s growth likely topped 7% in March quarter
The government will release the gross domestic product (GDP) data for March quarter today. A Reuters poll peg the growth in the range of 6.9% to 7.7%. The median in Reuters poll stood at 7.3%.
ICICI Bank to probe charges against CEO
ICICI Bank Ltd said it will institute a fresh enquiry into an alleged nexus between the husband of chief executive Chanda Kochhar and Videocon Group chairman Venugopal Dhoot over a loan extended by the bank to the conglomerate.
RCom settles Ericsson dues, asset sale gets nod
The National Company Law Appellate Tribunal (NCLAT) stayed the insolvency resolution process initiated against Reliance Communications Ltd (RCom). The order came after Ericsson India Pvt. Ltd accepted RCom’s offer to pay Rs550 crore by 30 September.
Meanwhile, Brookfield will buy Reliance Communications’ real estate assets in New Delhi and Chennai for around Rs800 crore, reports The Economic Times.
McLeod Russel looking to sell assets to cut debt
McLeod Russel India Ltd announced that it had formed a committee to explore the sale of multiple tea estates to cut down its debt, reports Mint. The company is looking to raise Rs400-500 crore from the sale of estates, the report adds.
IOB widens on higher provisions for bad loans
Losses at Indian Overseas Bank (IOB) widened to Rs3,606.73 crore in the March quarter on higher provisioning for mounting bad loans, reports PTI.
Sebi seeks Jet Airways’ response to complaint
Markets regulator Sebi has sought information from Jet Airways following a complaint of alleged fraudulent practices, reports PTI. According to the report, the regulator sought views of the statutory auditors and the audit committee on certain allegations.
Sea food exporters hit by higher cost, low realization
The plunge in the average exports realisations for shrimps is hitting the bottom-line of the stakeholders across the supply chain associated with the Indian seafood export market, reports Business Standard.
MSCI may put India on notice for limiting access
Lastly, MSCI Inc. on Wednesday said it is considering placing some emerging markets including India on notice for limiting investor access, reports Mint.
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