Opening bell: Asian markets open lower; JSW Steel, Tata Steel in news
Asian stocks drop on US Fed, China
Asian markets opened lower. According to Reuters, stocks fell as investors weighed the prospect of the US Federal Reserve interest rate hike and slower growth in China this year. Over the weekend, the US markets closed slightly higher. S&P 500 at 2,383 points is up 0.05%.
Expedited H1B visa suspension to affect IT firms
India’s software industry body Nasscom said on Sunday that US’s decision to temporarily suspend the expedited premium processing of H1B visas will lead to process delays for Indian IT firms too, reports PTI.
Cement production on course for first decline in 15 years
Cement production in 2016-17 is likely to see a year-on-year (y-o-y) decline for the first time since 2001 as the 8 November demonetisation hit the building sector, reports Mint.
Consumer goods firms on recovery path
Demonetisation may have hit the industry hard, but packaged consumer goods companies say they are now on the road to recovery, reports Mint.
Tata Steel may scrap merger plans with Thyssenkrupp
Tata Steel Ltd may be considering breaking off talks over a planned merger of its European business with German conglomerate Thyssenkrupp, a UK media report claimed. Read more
JSW Steel in race to buy steel plant in Italy
A consortium led by JSW Steel Ltd are vying to take control of the struggling Ilva steel plant in southern Italy. JSW has submitted a bid along with Cassa Deposit e Prestiti, Italy’s sovereign fund, and Italian steel company Arvedi. Read more
Cipla inks pact to divest animal health business in South Africa
Cipla Ltd has agreed to sell its animal health business in South Africa to Ascendis Health Ltd for 375 million rand (about Rs192 crore).
Music Broadcast, Avenue Supermarts IPOs this week
Radio City FM channel operator Music Broadcast Ltd and Avenue Supermarts that runs supermarket retail chain D-Mart will come out with their initial public offerings this week to raise about Rs2,300 crore, reports PTI.