Opening bell: Asian markets mixed; LIC, Bank of Baroda, McLeod Russel in news
In other news, Airtel, Vodafone are looking to buy RCom’s airwaves, while HDFC, Standard Life to dilute stake in AMC unit through IPO
Asian markets little changed in opening trade
GDP growth rebounds to 6.3% in September quarter
India’s GDP growth quickened to 6.3% in the September quarter, up from a three-year low of 5.7% in the June quarter.
Union budget 2018 to focus on infra, rural sector
The big focus of next year’s Union budget will be spending on infrastructure and the rural sector, finance minister Arun Jaitley said, reports Mint.
LIC pares stake in Bank of Baroda
Life Insurance Corporation of India (LIC) has offloaded over 2% stake in Bank of Baroda in an open market sale in the last two months.
Nomura buys 9% in McLeod Russel for Rs205 crore
A trust controlled by the Williamson Magor Group sold 9.1% stake in McLeod Russel India to investment arms of Nomura for about Rs205 crore, reports The Times of India. According to the report, the move was aimed at reducing the debt burden of the company.
Airtel, Vodafone looking to buy RCom’s airwaves
Bharti Airtel and Vodafone India are keen to acquire some spectrum from Reliance Communications to add to their airwave holdings in key markets, reports The Economic Times.
Dr Reddy’s gets nod to restart exports to EU from Vizag plant
Dr Reddy’s Laboratories has said a German regulatory authority has allowed the company’s Visakhapatnam-plant to restart production for the European Union market, reports PTI. However, the regulator will re-inspect the facility, the report adds.
HDFC, Standard Life to dilute stake in AMC unit through IPO
The board of HDFC Asset Management Co. Ltd (HDFC AMC) has approved its proposed initial public offering (IPO). Both the shareholders of the AMC—HDFC Ltd and Standard Life Investments Ltd—will sell parts of their stakes to the public in the share sale.
Moody’s expects India’s air traffic growth to moderate in two years
Lastly, India’s blistering pace of air traffic growth will moderate to a healthy 8-10% in the next two years, credit rating agency Moody’s Investors Service said, reports Mint. The figure 8-10% applies to combined domestic and international traffic growth.