Opening bell: Asian stocks stabilize; Tata Steel, telecom sector in news
In other news, Oberoi Realty expects to generate rental revenue of Rs1,000 crore in the next three years from its existing and upcoming commercial portfolio
Asian stocks in green as trade war fears ease
Asian markets steadied in the morning trade as worries surrounding trade war eased. The US President Donald Trump’s import tariff plan may spare select countries from much of the impact, reports Bloomberg. Overnight US markets closed mixed. S&P 500 at 2,726 is down 0.05%.
NCLT halts Reliance Infratel’s asset sale
The Mumbai bench of the National Company Law Tribunal (NCLT) directed Reliance Infratel Ltd, a subsidiary of Reliance Communications Ltd (RCom), to stay the sale of its assets until 13 March. Read more.
Tata Steel emerges top bidder for Bhushan Steel
Tata Steel Ltd has emerged as the highest bidder to buy a controlling stake in Bhushan Steel Ltd, which is currently undergoing bankruptcy proceedings.
CCI penalises Jet Airways, IndiGo, SpiceJet
The Competition Commission of India (CCI) has imposed a penalty of over Rs54 crore on Jet Airways, SpiceJet and IndiGo for fixing fuel surcharge, reports Business Standard.
Heineken moves to gain control of United Breweries
Heineken has proposed to buy from the enforcement directorate Vijay Mallya’s unpledged shares in United Breweries as the world’s second largest beer marker moves to secure complete control of the company, reports The Economic Times.
Oberoi Realty eyes Rs1,000 crore rental revenue
Oberoi Realty Ltd expects to generate rental revenue of around Rs1,000 crore in the next three years from its existing and upcoming commercial portfolio, reports Mint. The company plans to list these assets on a Real Estate Investment Trust as well.
CCI approves Binani Cement acquisition by Dalmia Bharat
The Competition Commission of India (CCI) approved the proposed acquisition of Binani Cement Ltd by Rajputana Properties, subsidiary of Dalmia Bharat Cement Ltd.
Govt approves relief package for telecom sector
The government approved a relief package for the stressed telecom sector, easing spectrum-holding caps and extending the payment period for spectrum acquired in auctions to 16 years from 10 years, reports Mint.
GST Council to weigh proposal to further delay e-way bill rollout
The GST Council meeting will on Saturday consider proposals to further delay rolling out the e-way bill system by about 5-6 months and levy GST on a concentrated form of alcohol, reports Mint.