BackOpening bell: Asian markets open lower; HDFC, Tata Steel, Airtel, Amara Raja in news
HDFC to raise up to Rs13,000 crore, to invest Rs8,500 crore in HDFC Bank, while Reliance Jio is among 5 telecom firms that under-reported revenue, says CAG report
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Asian stocks slip in morning trade
Asian markets opened lower taking cues from the Wall Street, as investor enthusiasm about the US tax changes ebbed, reports Reuters. Overnight, the US stocks closed mixed. S&P 500 at 2,681 points is down 0.3%.
HDFC to raise up to Rs13,000 crore, to invest Rs8,500 crore in HDFC Bank
Housing Development Finance Corp. Ltd (HDFC) is planning to raise up to Rs13,000 crore via a qualified institutional placement (QIP) as it seeks to maintain its shareholding in its subsidiary HDFC Bank Ltd and bolster its capital base. The lender will infuse Rs8,500 crore in HDFC Bank, which is launching a preferential sales of shares.
Tata Steel board approves rights issue to raise Rs12,800 crore
Tata Steel Ltd said its board had approved a Rs23,500-crore capital expenditure plan to expand the capacity of its Kalinganagar facility. The board also approved a rights issue of Rs12,800 crore, parts of which would fund this expansion.
Airtel’s Rwanda unit to buy Millicom subsidiary Tigo Rwanda
Bharti Airtel Ltd said its subsidiary in Rwanda will buy Tigo Rwanda Ltd, making Airtel the second largest telecom firm in the African nation.
Dr Reddy’s arm settles case with US govt for $5 million
Dr Reddy’s Laboratories Ltd’s US subsidiary has reached a settlement with the US government for $5 million—nearly Rs32 crore—in relation to a six-year-old case involving prescription product packaging.
Amara Raja invests Rs700 crore in new battery facility
Amara Raja Batteries Ltd will strengthen its two-wheeler battery plant with an estimated investment of Rs700 crore, reports Business Standard.
Hike in petcoke duty to raise cement prices
Despite Supreme Court relaxation on the use of petcoke by cement companies, the prices of cement are likely to go up by Rs3-4 a bag by mid-January, as the government has decided to hike the import duty on petcoke, reports Business Standard.
NDTV to cut workforce by up to 25%
NDTV Ltd said it is considering reduction in the workforce by up to 25% as part of an internal restructuring exercise to focus on the core business, reports PTI.
Reliance Jio among 5 telecom firms that under-reported revenue: CAG
The Comptroller and Auditor General of India (CAG) has said in a report that non-compliance with licence conditions by five telecom operators, including Tata Teleservices Ltd, Tata Teleservices (Maharashtra) Ltd and Reliance Jio Infocomm Ltd, led to a shortfall in payment of revenue share to the government to the tune of Rs2,578.83 crore. Read more
IBC resolution of steel firms pushed to FY19
Lastly, Indian lenders are likely to wrap up the resolution process of Bhushan Power & Steel, Essar Steel, Monnet Ispat & Energy and Electrosteel Steels only in the first quarter of the next financial year (FY19) and miss the initial deadline of December-end set under the Insolvency and Bankruptcy Code (IBC), reports Business Standard.
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