Opening bell: Asia opens lower; RIL, Future Retail, Bajaj Auto in news
In other news, RIL wants its consumer businesses—Reliance Jio and Reliance Retail—to contribute on par with its energy and materials businesses
US markets end on a mixed note Asian markets open weak
In the US, the Dow Jones industrial average rose on Thursday, led by gains in McDonald’s. Meanwhile, the Nasdaq composite index snapped a four-day winning streak as declines in Facebook and other major tech names pushed the sector lower.
Asian stocks drifted lower early on Friday, with major markets in the region recording slight declines after the mixed close on Wall Street.
RIL aims to bring Reliance Jio, Reliance Retail on par with energy
Reliance Industries Ltd (RIL) wants its consumer businesses—Reliance Jio Infocomm Ltd and Reliance Retail Ltd—to contribute on par with its energy and materials businesses over the next decade, RIL chairman and managing director Mukesh Ambani said in his letter to shareholders.
PremjiInvest buys 6% stake in Future Retail for Rs1,700 crore
PremjiInvest, the family office of Wipro chairman Azim Premji, has picked up 6% stake in Future Retail Ltd, the company said. PremjiInvest bought the stake in a bulk deal from Cedar Support Services Ltd, a subsidiary of Bharti Ventures Ltd.
IIFL Holdings follows Embassy, Blackstone, registers REIT with Sebi
Financial services firm IIFL Holdings Ltd said that it has registered a real estate investment trust (REIT) with the markets regulator Securities and Exchange Board of India (Sebi).
India likely to meet fiscal deficit target of 3.3%: Moody’s
The government is likely to meet its fiscal deficit target of 3.3% of gross domestic product (GDP) for fiscal year 2018-19, according to rating agency Moody’s Investor Services. For FY18, the government had initially set the fiscal deficit target at 3.2% of GDP, but had later revised it to 3.5% of GDP.
RBI eases bad loan classification norms for MSMEs
In a move aimed at formalizing the economy further and creating more jobs, the Reserve Bank of India (RBI) has eased bad loan classification norms for micro, small and medium enterprises (MSMEs).
Bajaj cuts prices of some models to grow market
India’s third largest motorcycle maker, Bajaj Auto Ltd, has been slashing prices of its CT100 range of entry-level models since the beginning of the year, the most recent being an average reduction of about Rs3,000 in April.
FDI into India declined in 2017, outflows more than doubled: UN report
Foreign direct investment (FDI) to India in 2017 declined in line with global trend, while outflows from India, the main source of investment in South Asia, more than doubled, according to a new trade report by the UN.