US stocks closed narrowly mixed, with investors looking ahead to comments from Federal Reserve chair Janet Yellen. The S&P 500 and Dow Jones industrial average closed about 2% below their 52-week intraday highs, while the Nasdaq composite was more than 6% below its 52-week intraday high. Markets in Asia started higher, largely ignoring a flat-line finish in US stocks.
Government approves over ₹ 5,530 crore for infra boost in 111 cities
The Centre has approved an investment of over ₹ 5,530 crore for providing basic infrastructure in over 111 cities across six states under AMRUT scheme for the current fiscal. The cental assistance to these states—Madhya Pradesh, Gujarat, Rajasthan, Odisha, Jharkhand and Meghalaya—will be to the tune of ₹ 2,453 crore.
Jet Airways posts first-ever annual profit
Jet Airways (India) Ltd reported a fourth straight quarter of profit, benefiting from lower fuel prices, higher traffic and lower finance costs. India’s second largest airline by passenger traffic also logged its first annual profit ever, reports Mint.
BSE to launch new interest rate futures contracts on 30 May
Leading bourse BSE will introduce new interest rate futures contracts on Monday, with the newly-launched government bonds maturing in 2030 as its underlying.
Coal India exploring export opportunity to Bangladesh
Coal India Ltd (CIL) intends to export coal and is in talks with power companies in Bangladesh for striking supply deals. This is for the first time CIL would be exporting the fossil fuel on a commercial basis, reports The Economic Times.
National Insurance gearing up for share sale
Public sector National Insurance Company (NIC) is gearing up for its maiden share sale either through strategic divestment or initial public offer (IPO). Read more.
USL writes off dues of ₹ 566 crore
Diageo-owned United Spirits said it has written off ₹ 566 crore in connection with the recovery of funds that were “diverted" from the company and its subsidiaries to Vijay Mallya-led UB Group firms, including defunct Kingfisher Airlines. Read more.
Torrent Pharma in talks to buy Glochem Industries
Ahmedabad-based Torrent Pharma is in advanced talks to buy bulk drugs supplier Glochem Industries for about ₹ 300 crore. Glochem is a medium-sized company that makes bulk drugs, or active ingredients, which are used as raw material for medicines.
UK government plans steel pensions overhaul to ease sale of Tata assets
Britain’s government has said it has started discussions on overhauling the deficit-laden British Steel Pension Scheme, a major stumbling block for potential buyers of Tata Steel’s UK assets. With serious offers now on the table for Tata Steel UK, the British government is racing against time to find a way to put the company’s British pension fund on a sound footing to help facilitate a sale.
BPCL Q4 net drops 10.6%
State-owned Bharat Petroleum Corp. Ltd (BPCL) reported a 10.6% drop in its March quarter net profit on the back of slump in oil prices. Net profit in the January-March quarter fell to ₹ 2,549.08 crore from ₹ 2,852.89 crore in the same period a year ago, the company said in a filing to the stock exchanges. Read more
NTPC raises ₹ 1,072 crore through 15-years bonds issue
State-run power generator NTPC Ltd has raised ₹ 1,072 crore through 15-years bonds issue, which were subscribed 1.74 times. The 61st series bonds has a door-to-door maturity of 15 years. Bids amounting to ₹ 1,305 crore were received against an issue size of ₹ 750 crore.
Bhel, BEML, DLF, Hindustan Petroleum, Indian Overseas Bank, IOC, Oil India, Punj Lloyd and State Bank of India are some of the companies which will be announcing their March quarter earnings today.