BackNews roundup 8 April | Global equities lower on selling in tech shares
With Indian markets closed on account of Ram Navami, pressure from the tech sell-off in the US will not be felt
Premium
Mumbai: Global markets are trading lower with US markets continuing to face selling pressure. Overnight, the S&P 500 lost 1.08% to 1,845 on selling in shares of Internet stocks. Read the Reuters report.
The selloff is casting a shadow over Asian markets. Japan’s Nikkei lost 1.16% to 14,637 in morning trade. According to Bloomberg, investors are waiting for the conclusion of the Bank of Japan policy meeting.
The demand for replacement tyres is buoying Indian tyre companies. According to Reuters, India’s top six tyre-makers by value are forecast to see average revenue growth of 11.8% in the fiscal year that started this month, the fastest expansion in three years.
The country’s antitrust regulator is closely watching the implications of the proposed merger between cement makers Lafarge SA and Holcim Ltd, reports Mint. The proposed global merger could bring the combined entity within striking distance of becoming the largest cement maker in India.
Reliance Industries Ltd., promoted Reliance Jio is in talks with Reliance Communications Ltd. to share the latter’s retail network across the country, reports Business Standard. Both the firms announced a pact on Monday in which Reliance Communications will share its intra-city optic fibre backbone with Reliance Jio.
Maoist rebels are illegally mining and selling coal from coalfields owned by Coal India Ltd, reports Mint. The illegal extraction and sale by Maoists is impacting coal output to the tune of 3 million tonnes.
The closure of Sarada Mines can adversely impact Jindal Steel &Power Ltd (JSPL), reports Business Standard. JSPL procures iron ore fines from the mine for its pellet plant. The mine was issued closure notice due to lack of environmental clearance.
India’s capital market regulator has begun an investigation into allegations of front-running in the recent sale of Axis Bank Ltd, reports The Economic Times. According to the report, a significant number of shares in the sale process have found their way to certain investors privy to the offer price.
The Rajasthan government’s power distribution companies have moved the appellate tribunal challenging the power regulator’s decision to allow compensatory tariff to Tata Power Co Ltd, reports Business Standard. The power distribution companies have reportedly sought quashing of the order.
Dhanuka Agritech Ltd plans to set up a manufacturing unit in Rajasthan with an investment of ₹ 50 crore, reports The Hindu Business Line. The company plans to fund the investment through internal accruals.
Creditors owed around ₹ 7,000 crore by the UB Group -promoted Kingfisher Airlines Ltd have started the process of selling the Kingfisher brand, reports Mint. The airline has been grounded since October 2012. Meanwhile, three Kingfisher Airlines directors have stepped down from the board of directors, leaving Vijay Mallya as the sole member, reports Business Standard.
Lastly, Tata SIA Airlines Ltd., the joint venture between Tata Sons Ltd and Singapore Airlines Ltd, expects to start flights in India in October, reports Mint. The airline was granted a no-objection certificate by the aviation ministry last week.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
