Asia tracks US market gains

Asian markets gained in the morning trade, tracking the markets in the US. Overnight, stocks in the US closed higher on earnings. S&P 500 at 2,585 points is up 0.8%.

Cash holding by mutual funds in equity portfolio drops to lowest level since June

Mutual funds’ cash holding as a percentage of their total equity portfolio fell to the lowest in four months in October, as fund managers pumped money into a spate of public offerings, reports Mint.

Hong Kong’s SSG Cap buys 34% in Cox & Kings UK unit

SSG Capital bought a 34.4% stake in Cox & Kings’ overseas unit Holidaybreak at an enterprise value of $800 million (Rs5,225 crore), reports The Times of India.

Four companies bid for stake in GTL Infrastructure

Lenders to GTL Infrastructure have received bids from four companies for buying up to 58% stake in the telecom tower company, reports The Economic Times.

IRPs initiate fresh forensic audit of Essar Steel, Bhushan Steel accounts

Insolvency professionals of Essar Steel Ltd and Bhushan Steel Ltd have initiated fresh forensic audits of these companies’ accounts following the recent changes in rules introduced by the bankruptcy regulator, reports Mint.

Raymond focuses on Park Avenue, Premium to revive consumer goods business

Apparel and textile maker Raymond Ltd is focusing on its Park Avenue brand of male grooming products and home care brand Premium to revive its consumer packaged goods business, reports Mint.

Idea Cellular to take Rs300 crore hit due to reduction in IUC

The 57% cut in interconnect usage charges (IUC) can hit Idea Cellular’s operating income by around Rs300 crore over the next six months, reports The Economic Times.

CARE downgrades Aircel loans to ‘default’ grade

CARE Ratings downgraded Aircel’s long-term loans to “D", default grade, from “BB+" on account of the delays in servicing debt obligations, reports Business Standard.

Ready-made garment exports drop 41% in October

After rising around 25% in September, exports of ready-made garments dropped nearly 41% in October, primarily due to ambiguities in the goods and services tax (GST), reports Business Standard.

Finance minister hints future fiscal deficit targets may be recalibrated

Finance minister Arun Jaitley has hinted that while there was no immediate threat of missing the fiscal deficit target for the fiscal year ending 31 March, future targets may be recalibrated, reports Mint.