Opening bell: Asian markets open higher; Infosys, L&T in news1 min read . Updated: 23 Aug 2017, 08:12 AM IST
In other news, Shoppers Stop Ltd expects HyperCity to turn profitable by March quarter
Asia tracks US markets gains
Asian markets opened higher tracking the gains on the Wall Street. According to Bloomberg, stocks gained as political tensions eased and investors’ focus turned to global central bankers meeting this week. S&P 500 at 2,452 points is up 0.99%.
Narayana Murthy to address Infosys investors today
Days after the board of Infosys Ltd blamed N.R. Narayana Murthy for Vishal Sikka’s decision to step down as chief executive officer (CEO), the founder and former CEO of Infosys is set to address investors and assuage concerns, reports Mint.
Reliance Industries said to mull India power storage with BP
Reliance Industries Ltd is considering entering the power-storage business with BP Plc., reports Bloomberg. According to the report, the companies are considering a plan to set up energy-storage projects near solar- and wind-energy installations.
Defence and infrastructure sectors to drive growth for L&T
A.M. Naik, who steered L&T Ltd for 18 years, said that the group would continue to look for opportunities in the defence and infrastructure sectors to drive growth, besides evaluating options to restructure and monetize some of its businesses, reports Mint.
Enforcement Directorate mulls selling Vijay Mallya’s shares
The Enforcement Directorate has approached a special court under the Prevention of Money Laundering Act to sell the stake of beleaguered businessman Vijay Mallya in United Breweries Ltd and United Spirits Ltd, reports Business Standard.
Shoppers Stop expects HyperCity to turn profitable this fiscal year
Shoppers Stop Ltd expects HyperCity to turn profitable by March quarter, reports Business Standard. HyperCity deals primarily in foods and apparel retail.
Hindustan Copper to raise production capacity
Hindustan Copper Ltd is implementing mine expansion projects to increase production capacity by as much as four times, reports Business Standard. According to the report, the company is investing Rs3,025 crore to set up a plant in Chhattisgarh.
India’s coffee output could hit 8-year low on weaker rainfall, pest attack
Lastly, India’s coffee output will likely fall to its weakest in eight years in 2017-18, with low rainfall hitting the development of crops and encouraging the spread of plant-consuming pests, reports Reuters.