Equities fall on commodities, global economy

Asian markets opened lower. Stocks fell in the morning trade as commodities retreated on concerns about global economy. Overnight US markets also closed lower. S&P 500 lost 1.12% to 1,979.

HDFC looks to buy L&T general insurance

HDFC Ltd began talks to purchase L&T General Insurance, reports The Economic Times. According to the report, HDFC vice chairman Keki Mistry and L&T chairman A.M. Naik have held discussions on the matter.

Govt to divest 5% stake in Container Corp.

The government has decided to sell almost 5% of its stake in Container Corp. of India Ltd through an offer for sale over Thursday and Friday. Floor price for the share sale has been set at 1,195 per share, a discount to Tuesday’s closing price of 1,226.

Syndicate Bank locations searched by CBI

India’s federal police are investigating alleged fraud at Syndicate Bank Ltd that involves more than 1, 000 crore, reports Reuters. The Central Bureau of Investigation (CBI) is searching 10 locations that include bank branches and homes of bank employees.

Nalco share buyback delayed to 2016-17

National Aluminum Co Ltd’s (Nalco) plan to buy back up to 3,250 crore of government shares will be delayed to the next financial year because of procedural delays, reports Reuters.

Lenders to Jindal Steel and Power explore loan recall option

A group of foreign lenders to Jindal Steel and Power Ltd are exploring the option of recalling loans adding up to $550 million from the company, reports The Economic Times.

Jaiprakash Associates misses interest payment on bonds

Debt-laden infrastructure company Jaiprakash Associates Ltd has missed interest payment due on 7 March on its bonds worth $150 million. The interest will be paid later from proceeds of its sale of cement assets, the company reportedly said.

Lenders may sell majority stake in ABG Shipyard

Lenders to ABG Shipyard Ltd are in talks with an investor to sell a majority stake in the company as part of the strategic debt restructuring (SDR) invoked by them in December, reports Mint. The SDR was invoked after the firm did not find strategic investor.

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