Opening bell: Asian markets recover; RCom, Unitech in news
In other news, foreign banks stop selling gold to Punjab National Bank after the Nirav Modi scam
Asian markets gain in morning trade
Asian stocks rose in morning trade, tracking gains in US equities, as concerns eased on US President Donald Trump’s proposed tariffs. Overnight, US stocks closed higher. S&P 500 at 2,720 points is up 1.1%.
Arbitration court bars RCom from selling assets
An arbitration court has “restrained” Reliance Communications (RCom) from selling or transferring assets without its permission, reports The Economic Times. The order comes amid an arbitration battle between Ericsson and RCom over dues, the report adds.
RIL’s non-core spending seen diluting return on capital
Reliance Industries Ltd (RIL) has committed Rs1.3 trillion worth of investments across five states in its non-energy businesses over the past two months, stoking fears the return on capital employed may be diluted, reports Mint.
SC asks Unitech to submit details of unencumbered assets
The Supreme Court has asked realtor Unitech Ltd to submit an affidavit giving details of all its unencumbered properties in India and abroad. The development comes amid proceedings about unfinished projects and refunds to buyers.
Pipavav founders get arbitration notice by Reliance Infra
Reliance Infrastructure Ltd said the company and its wholly-owned subsidiary issued a Rs5,440 crore arbitration notice to founder-promoters of erstwhile Pipavav Defence and Engineering Ltd, citing a breach of warranties. Read more
Foreign banks stop selling gold to PNB
Punjab National Bank’s (PNB) gold import business has taken a hit after the Nirav Modi scam, reports Business Standard. According to the report, foreign banks are not willing to sell gold to the bank.