Opening bell: Asia opens higher; Maruti, Infosys, Videocon in news
In other news, India decides to build a 3 million tonne stockpile of sugar to soak up excess supply, and grant soft loans worth Rs4,440 crore to help millers expand ethanol output capacity
US stocks end higher; Asian markets follow suit
RBI hasn’t kicked off a rate hike cycle as yet
The Reserve Bank of India (RBI) raised its repo rate by a quarter percentage point to 6.25%—the first rate hike since January 2014.
Maruti Suzuki charges ahead with ambitious electric car plan
Suzuki Motor Corp., the parent of India’s largest carmaker, aims to produce as many as 35,000 electric cars annually in India starting 2020-21, when it rolls out the first of these cars in the country, reports Mint.
Govt unveils sugar bailout package, MSP fixed at Rs29/kg
India has decided to build a 3 million tonne stockpile of sugar to soak up excess supply from the domestic market, and grant soft loans worth Rs4,440 crore to help millers expand ethanol output capacity, the food minister said.
NNCLT admits insolvency petition against Videocon
The National Company Law Tribunal (NCLT) admitted the insolvency plea filed by the State Bank of India (SBI) against Videocon Industries Ltd, controlled by Venugopal Dhoot.
Infosys says strict work visa norms will not constrain business growth
Infosys Ltd said stricter work visa norms across various markets like the US and Australia will not “constrain” its business growth as the IT firm is focussing on hiring locals and training workforce in these geographies.
McLeod Russel India to sell 8 tea estates for Rs331 crore
In the biggest sale of tea plantations in India in decades, McLeod Russel India Ltd announced it has reached an agreement to sell eight tea estates to M.K. Shah Exports Ltd, another tea producer, for Rs331 crore.