Opening bell: Asian markets open higher; M&M, RCom, Hexaware in news
Asia tracks US market gains
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.