BackOpening bell: Asian markets rise, all eyes on Union Budget 2018, ICICI, L&T, Ashok Leyland in news
In other news, Manyavar owner Vedant Fashions planning IPO in second half of FY19
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US stocks end higher; Asian markets follow suit
US stocks rose on Wednesday, capping off a strong start to 2018. The Dow Jones industrial average and S&P 500 notched their best monthly performances since March 2016.
Asian indices climbed early on Thursday, tracking gains seen on Wall Street, following the US Federal Reserve’s decision to keep rates unchanged.
Budget to test investors’ faith in Narendra Modi’s government
To keep investors’ confidence, Prime Minister Narendra Modi’s government will need to be seen containing the fiscal deficit, while also increasing spending in key areas of the slowing economy. Read more
Larsen & Toubro Q3 profit rises 53% to Rs1,490 crore
Larsen & Toubro Ltd (L&T) said its net profit for the December quarter rose 53% from a year ago due to higher revenues.
ICICI Bank’s Q3 net profit dives 32% to Rs1,650 crore on higher provisions
ICICI Bank Ltd reported a 32.42% fall in fiscal third-quarter profit as the bank set aside more money to cover the risk of default on bad loans.
TV18 to increase Viacom18 stake to 51%
TV18 Broadcast Ltd said it will take operational control of Viacom18 Media Pvt. Ltd, an equal joint venture between TV18 and US-based media company Viacom Inc.
Manyavar owner Vedant Fashions planning IPO in second half of FY19
The management of Vedant Fashions Pvt. Ltd, the owner of ethnic wear brand Manyavar, is evaluating an initial public offering (IPO) and is expected to soon initiate a formal process for the same, three people aware of the development said.
Trai weighs regulations for online video streaming platforms like Netflix, Hotstar
The Telecom Regulatory Authority of India (Trai) is evaluating a consultation process to regulate online video streaming platforms like Netflix, Amazon Prime and Hotstar.
Delhi HC allows Daiichi Sankyo to recover Rs3,500 crore from Singh brothers
The Delhi high court allowed Daiichi Sankyo Co. Ltd to enforce a foreign arbitral award ordering former Ranbaxy Laboratories Ltd owners Malvinder and Shivinder Singh and 13 others to pay about Rs3,500 crore to the Japanese drugmaker.
Earnings corner
Ashok Leyland, Ceat Ltd, MRF and Titan are among companies that will be announcing their December quarter earnings on Thursday.
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