Opening bell: Asian markets open higher; direct taxes rise, PNB seeks provision relief
In other news, Adani, Essar, Jaypee, Lanco power plants in list of stressed projects, while HDFC revises CAMS stake sale deal with Warburg Pincus
Asian markets open higher
Donald Trump signs sweeping tariff order
US President Donald Trump followed through on his pledge to impose stiff tariffs on imported steel and aluminium, while excluding Canada and Mexico and leaving the door open to sparing other countries on the basis of national security, reports Bloomberg.
Direct tax collections surge 19.5% in April-February
Net direct tax collection in the April-February period of 2017-18 showed a robust 19.5% growth from the year-ago period to Rs7.44 trillion as a result of the government’s push to widen the tax base and boost revenue, reports Mint.
PNB seeks provisioning relief from Reserve Bank
Punjab National Bank (PNB) has requested the Reserve Bank of India to allow it to provide for losses in the Nirav Modi-Gitanjali Gems scam over four quarters instead of at one go as it expects to recover portion of the loaned funds, reports The Economic Times.
Cotton seed companies threaten supply halt over price cut
Indian seed companies have threatened to halt supplies to cotton farmers in protest against a potential government plan to cut prices, the producers body warned, reports Reuters.
HDFC revises CAMS stake sale deal with Warburg Pincus
HDFC Ltd has revised its stake sale plan in Computer Age Management Services Pvt. Ltd (CAMS) to Warburg Pincus and will now sell only 5.1% of holdings to the latter, HDFC said in a stock exchange filing.
Aircel insolvency can hit operations, warns GTL Infrastructure
Telecom tower firm GTL Infrastructure has warned that its operations will be hit with the shutdown of multiple telecom players and filing of bankruptcy petition by Aircel, reports Business Standard.
Adani, Essar, Jaypee, Lanco power plants in list of stressed projects
Thermal power projects promoted by Adani, Essar, Jaypee, and Lanco figure in the list of 34 stressed electricity projects with total capacity of over 40 gigawatt mentioned in a Parliamentary panel report, reports PTI.
Bandhan Bank IPO price band set at Rs370-375
Bandhan Bank Ltd said it will launch its Rs4,470 crore initial public offering (IPO) on 15 March. Price band is set at Rs370-375 per share.