BackOpening bell: Asian markets open lower; Motherson Sumi, steel companies in news
Tata Steel offers upfront payment of Rs35,200 crore to Bhushan Steel, while JSW Steel ties up with Numetal in bid to buy Essar Steel
Premium
Asia tracks US market losses
US stocks closed sharply lower hit by uncertainty surrounding trade policy and weakness in shares of technology and internet companies. S&P 500 at 2,581 points is down 2.2%. Tracking the cues, Asian markets opened lower.
Core sector growth up 5.3% in February
An increase in production of petroleum refinery items, steel, cement and fertilisers pushed up the overall growth of the eight core infrastructure industries to 5.3% in February compared to the same month last year, reports The Hindu Business Line.
Car sales in March rise 12% on strong rural demand
India’s top car makers reported an 11.72% growth in sales in March, boosted by strong semi-urban and rural demand. Read more
Motherson Sumi buys Reydel Automotive for $201 million
Motherson Sumi Systems Ltd, the flagship company of the Samvardhana Motherson Group, said it has agreed to acquire Reydel Automotive Group for $201 million.
Tata Steel offers upfront payment of Rs35,200 crore to Bhushan Steel
The insolvency resolution professional for Bhushan Steel Ltd told the National Company Law Tribunal that Tata Steel Ltd has offered an upfront payment of Rs35,200 crore to lenders, along with a 12.27% stake in the debt-laden steel maker.
JSW Steel ties up with Numetal in bid to buy Essar Steel
The battle for Essar Steel Ltd saw the surprise entry of JSW Steel Ltd, which has formed a tie-up with Numetal Mauritius, which is already in fray.
Goldman Sachs files suit to recover Rs36 crore from Videocon
Goldman Sachs has approached the bankruptcy court in Mumbai to recover around $5.6 million (Rs36 crore) from Videocon Industries Ltd. The bank has approached the National Company Law Tribunal as a financial creditor of the company.
Bharat Electronics turnover tops Rs10,000 crore
Bharat Electronics Ltd has achieved a landmark turnover of more than Rs10,000 crore during financial year 2017-18, sustaining double-digit growth over the previous year’s turnover of Rs8,825 crore, reports The Hindu Business Line.
PNB fraud probe: CBI questions other banks’ executives
Widening the scope of its probe into the Punjab National Bank (PNB) fraud, the Central Bureau of Investigation (CBI) has started questioning senior executives of other Indian banks, the overseas branches of which were issued letters of undertaking by PNB.
Highway construction hits record 10,000 km in FY18
Construction of national highways in India hit a record 10,000km in the year ended 31 March after the government stepped up the pace of implementation and awarding contracts, reports The Economic Times.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
