Home >Market >Stock-market-news >Opening bell: Asian markets open higher; M&M, RCom, Hexaware in news

Asia tracks US market gains

US markets bounced back to record highs on rebound in technology stocks. Tracking the cues, Asian markets opened with gains. US Federal Reserve policy which is due later in the day is eyed.

RBI identifies bad loan accounts for bankruptcy proceedings

The Reserve Bank of India (RBI) said 12 accounts representing about 25% of the gross bad loans in the banking system would be eligible for immediate reference for bankruptcy proceedings. Bhushan Steel Ltd, Essar Steel Ltd, and Alok Industries Ltd can be likely targets. Read more.

M&M in talks to buy tractor company in Turkey

Mahindra & Mahindra Ltd (M&M) is currently in talks to buy a second company in Turkey, reports The Times of India. According to the report, M&M plans to double its global revenue from farm equipment sector.

RCom reaching out to potential acquirers of undersea cable unit

Reliance Communications Ltd (RCom) has approached Citic Telecom International Holdings Ltd as it makes a fresh attempt to attract a buyer for its undersea cable unit, reports Bloomberg.

Berger Paints seeks investors’ nod to expand product range

Berger Paints India Ltd said it is seeking shareholders’ approval to expand its product range, reports Mint. According to the report, the company is looking to expand in “related" areas.

Wipro acquires 26% stake in US-based Drivestream

Wipro Ltd has invested $809,690 (about Rs5.12 crore) in management and IT consulting firm Drivestream. The company has a workforce of around 73 employees in the US. Its revenue stood at $20.5 million in 2016.

Hexaware facing a revenue headwind from large client

Hexaware Technologies Ltd is facing a revenue headwind from one of its top clients, Ernst & Young (EY), reports The Times of India. According to the report, revenue from EY fell after a review by EY of its IT strategy.

GST to increase cost of tractor production

Tractor prices may go up by around Rs25,000 after the implementation of the goods and services tax (GST) because of the wide gap between input and output taxes, reports Business Standard.

Consumer goods costs may fall with GST introduction

Lastly, packaged consumer goods prices can fall by up to 20% with the advent of the goods and services tax, reports Mint. According to the report, retailers are coordinating with packaged consumer goods makers to protect their margins.

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