Opening Bell | Nestle, Polaris, SBI in focus
Rebound in commodity prices is leading to buying in commodity shares
US markets close higher
S&P 500 gained 1.3% to 2,104 on buying in commodity shares. Tracking the gains Asian markets also opened in green. Rebound in commodity prices is leading to buying in commodity shares.
Car sales grow 17.47% in July
Car sales in India grew for the ninth month in a row in July, indicating a recovery is under way, reports Mint. Sales of cars rose 17.5% to 162,000 units from the year-ago.
US FDA declares Maggi safe for consumption
The US Food and Drug Administration (FDA) has cleared Nestle’s popular snack Maggi instant noodles, declaring it safe for human consumption. Read more.
Meanwhile, the central government is looking to seek a compensation of around ₹ 426 crore from Nestle over the alleged damages Maggi noodles caused to Indian consumers, reports Business Standard.
Tech majors vie to buy Polaris
Several technology companies are looking to acquire a controlling stake in Polaris Consulting and Services Ltd, reports The Economic Times. According to the report, the company’s founder chairman and key investors reinitiated talks to sell the company.
Vedanta resumes iron ore mining in Goa
After a shutdown of over three years, company Vedanta Ltd resumed mining iron ore from its Goa mines. The company has been granted approval for total extraction of 5.5 million tonnes. Read more.
ABD calls off Tilaknagar Industries acquisition
Allied Blenders and Distillers (ABD) has called off talks to acquire Tilaknagar Industries Ltd due to differences over valuation, reports The Economic Times.
Lanco in talks to sell Sikkim hydro power project
Lanco Infratech Ltd confirmed that it is in talks with strategic investors to sell its 500 megawatt hydro-electric power plant in Sikkim, as part of an effort to consolidate its businesses and reduce debt.
Syngene to debut on stock market
Biocon Ltd’s research arm Syngene International Ltd, which recently concluded its initial public offer, will make its debut on the stock market on Tuesday. The company’s IPO was subscribed 32.03 times last month.
Tata Steel, SBI, Sun Pharma earnings today
It will be a results heavy day. Adani Enterprises Ltd, Bosch Ltd, Apollo Tyres Ltd, Godrej Industries Ltd, Tata Steel Ltd, State Bank of India Ltd (SBI), Sun Pharmaceuticals Industries Ltd and Reliance Power Ltd are some of the companies that will release their earnings for the June quarter today.
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