Opening bell: Asian stocks open lower; Tata Steel, ITC, Hindalco earnings today
In other news, Allahabad Bank board divests CEO Usha Ananthasubramanian of all powers, and NCLT approves Tata Steel’s resolution plan for Bhushan Steel
Asian stocks lower in morning trade
US markets closed lower. S&P 500 lost 0.9% to 2,704 as investors weighed prospects of higher interest rates, reports Bloomberg. Tracking the cues, Asian stocks too opened lower. According to Reuters, the sentiment was hit after Pyongyang called off talks with Seoul.
Tata Steel’s resolution plan for Bhushan Steel approved
The National Company Law Tribunal (NCLT) approved a Rs32,500-crore resolution plan submitted by Tata Steel for debt-ridden Bhushan Steel, reports Mint.
NTPC to take over power projects in Bihar
NTPC Ltd on Tuesday inked a pact with Bihar and its power utilities to acquire their entire stake in two joint ventures at Nabinagar and Kanti, and to buy Barauni thermal plant, reports PTI.
Britannia Industries Q4 profit rises 25%
Britannia Industries Ltd posted a near 25% rise in quarterly net profit, in line with estimates. Total revenue from operations rose about 10% to Rs2,538 crore.
NCLT allows Ericsson’s insolvency plea against RCom
NCLT admitted an insolvency plea filed by Sweden’s Ericsson against Reliance Communications, potentially delaying the Indian firm’s plans to sell assets to lighten its debt load, reports Reuters.
PNB posts record Rs13,417 crore loss
State-run Punjab National Bank (PNB) a Rs13,417-crore loss for the January-March period reeling under a $2-billion fraud, tighter loan classification norms and losses in its bond portfolio.
Allahabad Bank divests CEO of all powers
The board of state-owned Allahabad Bank divested its MD and CEO Usha Ananthasubramanian of all powers with immediate effect, following a directive from the finance ministry after she was named in the CBI’s chargesheet in PNB fraud case.
Tata Steel, ITC, Hindalco earnings today
It will be a results heavy day. Tata Steel Ltd, TVS Motor Co Ltd, JSW Steel Ltd, ITC Ltd, and Hindalco Industries Ltd, are some of the companies that will release their earnings for the March quarter today.
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