Opening Bell | Adani, SBI, Tata AMC in focus
Asian markets were trading on a mixed note on Friday morning ahead of key US jobs data
Asian markets mixed
Asian markets were trading on a mixed note on Friday morning ahead of key US jobs data. Japan’s Nikkei Stock Average was down 0.3%, Hong Kong’s Hang Seng advanced 0.6% and China’s Shanghai Composite was trading flat.
US markets end higher
Overnight, Wall Street indices advanced for a third straight day, sneaking in one more gain before today’s highly-anticipated US jobs report. The S&P 500 and Dow Jones Industrial Average advanced 0.3% each and the Nasdaq Composite was up 0.1%. US economic data this week has been received well by the market, painting a more positive picture of the economy ahead of tonight’s non-farm payrolls numbers.
Adani Group may buy Jindal Power at ₹ 18,000-20,000 crore
Jindal Steel and Power Ltd shares will be in focus as it is in advanced discussions with Adani Group to sell its power generating subsidiary Jindal Power, reports Economic Times. The transaction values the business at around ₹ 18,000-20,000 crore which help retire some portion of group’s consolidated debt of ₹ 45,000 crore.
Sebi to make it difficult for wilful defaulters to raise fresh equity
Capital markets regulator Securities and Exchange Board of India will make it difficult for so-called wilful defaulters from raising fresh equity or debt from the public, in an effort to crack down on the problem of bad loans. Sebi will, however, allow such entities to raise funds through rights issues or share sales to institutional investors, read more.
Delhi HC refuses to hear Mallya’s plea against SBI
The Delhi High Court refused to hear a plea by Vijay Mallya against State Bank of India’s decision to name him a “wilful defaulter", even as the state-owned lender’s efforts to have an arrest warrant issued against him threatened to derail his sweetheart deal with Diageo Plc. The court has asked Mallya and United Breweries Holdings to approach the appropriate forum against the “wilful defaulter" tag.
Tata AMC to buy JPMorgan’s domestic mutual fund business
Tata Asset Management is in talks to buy out the assets of JP Morgan’s domestic mutual fund business. Tata is said to be negotiating to pay less than 1% of JP Morgan Mutual Fund’s assets under management (AUM) of close to ₹ 6,800 core, reports Economic Times.
It will be tough to steer bills through Rajya Sabha
Relations between the government and the Congress are likely to deteriorate further after the PM’s combative speech on Thursday, making it even more difficult to steer bills through the Rajya Sabha, where the National Democratic Alliance is in a minority. Modi invoked former Congress prime ministers Jawaharlal Nehru, Indira Gandhi and Rajiv Gandhi to amplify his concern about frequent disruptions of proceedings in Parliament.
Kumar: Want freedom from within India
Lastly, Jawaharlal Nehru University Students Union leader Kanhaiya Kumar said they are seeking freedom within the country and not from India, as he hurled barbs at Prime Minister Narendra Modi after returning to the Jawaharlal Nehru University campus on his release from jail three weeks after his arrest, read more.
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