Opening Bell | Asian markets open higher; SBI, Tata Communications in news
ITC to invest Rs4,000 crore to set up to 9 plants; Tata Communications sells Neotel to Africa's Liquid Telecom
US market closes higher; Asia tracks gains
US stocks closed more than 1.5% higher Tuesday, lifted by gains in oil prices, as investors looked for bargains after the Brexit sell-off. The Dow Jones Industrial Average closed up 1.57% at 17,409.72 points, the S&P 500 closed up 1.78% at 2,036.09 points and the Nasdaq Composite closed up 2.12% at 4,691.87 points.
Asian markets opened higher on Wednesday, following gains across the US and Europe. In Japan, the Nikkei 225 added 1.06%, while across the Korean Strait, the Kospi was up 0.4%.
Risks to banking sector’s stability up sharply: RBI report
Six months after it flagged concerns over weak corporate balance sheets and conducted its first asset quality review (AQR) of banks, the Reserve Bank of India (RBI) has warned that risks to the banking industry’s stability have increased sharply, indicating more pain ahead, reports Mint.
Tata Communications sells Neotel to Africa’s Liquid Telecom
Tata Communications Ltd has finally reached a deal to sell its South African unit Neotel Pty Ltd to Liquid Telecom Group for 6.55 billion rand (around $430 million), after striving for more than two years to dispose of the unit.
ITC to invest ₹ 4,000 crore to set up to 9 plants
FMCG major ITC will invest ₹ 4,000 crore over the next 2-3 years to set up 8-9 factories across the country for manufacturing of food products. ITC’s branded packaged foods division grew by around 11% to clock a turnover of ₹ 7,097.49 crore in 2015-16. Food is the second largest business for ITC after cigarettes. Read more.
Trent plans to raise up to ₹ 300 crore via NCDs
Tata group retail firm Trent Ltd is planning to raise up to ₹ 300 crore through issuance of non-convertible debentures (NCDs) on a private placement basis. Its board of directors has also approved the sub-division of equity shares of the company having a face value of ₹ 10 per share into equity shares having a face value of ₹ 1 each.
SBI to soon send detailed merger plan for government approval
With nine months to go to complete the merger process involving its associates, State Bank of India is working on details of the amalgamation proposal, which will be submitted to the government soon for approval. The Cabinet earlier this month gave in-principle approval to the merger of the five associate banks and Bharatiya Mahila Bank with SBI.
Also, faced with rising bad assets, SBI will sell non-core investments of around Rs3,000 crore to shore up its capital. Despite the challenges that SBI faced last financial year, the bank is well capitalised to “absorb future shocks" and maintain future growth trajectory, according to the state-run lender’s annual report for 2015-16.
JSW Steel to raise $2 billion; seeks shareholders’ nod
JSW Steel is seeking shareholders’ nod for raising up to $2 billion through non-convertible foreign currency denominated bonds. The company is expected to utilize the funds to meet long-term capital expenditure plans. Read more.
Bank of Maharashtra raises ₹ 500 cr via bonds
State-owned Bank of Maharashtra has raised ₹ 500 crore by issuing bonds that are compliant with global capital adequacy norms. The bonds have been rated as ‘AA hyb’ by ICRA and ‘AA’ by CARE, it added. The bonds bear the coupon rate of 9.20% per annum.
Canara Bank to seek shareholders’ nod to raise Rs2,000 crore
Canara Bank will seek shareholders’ approval in the ensuing annual general meeting in July to raise ₹ 2,000 crore to create capital buffer. The bank seeks to raise the capital by allotting equity shares/preference shares/securities by way of follow on public issue, rights issue and/or on a private placement basis. Read more.
NHPC to invest ₹ 3,000 crore on solar, wind projects
State-run National Hydroelectric Power Corp. (NHPC) is planning to invest around ₹ 3,000 crore over the next five years to set up solar and wind projects across the country. The company is looking at opportunities in states like Maharashtra, Andhra Pradesh, Kerala, Uttar Pradesh and Tamil Nadu, among others.
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