1 min read.Updated: 05 Jan 2016, 07:51 AM ISTR. Sree Ram
New investment proposals fall sharply exacerbating economic worries
Asian markets open lower
Asian markets opened lower. Japan’s Nikkei is down 0.5% to 18,367 in morning trade. According to Reuters, investors are anxious to see if Beijing can head off the latest sell-off in Chinese stocks. Overnight US markets closed lower. S&P 500 lost 1.5% to 2,012.
New investment proposals fall sharply
Investment proposals to set up new capacities declined substantially in the quarter ended December 2015, according to CMIE, reports Business Standard. According to the report, investments worth ₹ 1.05 lakh crore were announced in the December 2015 quarter, which is 74% lower than the third quarter of 2014-15.
Global funds circle distressed assets in India
Global funds specializing in stressed assets have started to look at India for investment opportunities as banks and corporate houses try to pare debt with offers of equity and asset sales, reports Mint.
States with most indebted discoms ready for rescue
Four states accounting for one-fifth of the ₹ 4.3 trillion accumulated debt of state power distribution companies (discoms)—Uttar Pradesh, Bihar, Odisha and Maharashtra—agreed to sign up to the government’s turnaround scheme, reports Mint.
Wipro appoints Abid Ali Neemuchwala as chief executive
Wipro Ltd has named chief operating officer Abid Ali Neemuchwala as chief executive with effect from 1 February. He will succeed T.K. Kurien who will become executive vice-chairman. Read more.
Welspun Corp. gets ₹ 100-crore tax notice
Welspun Corp. Ltd received a tax demand notice of ₹ 100 crore in respect of a manufacturing unit in Anjar, Gujarat, reports PTI. The demand notice pertains to the period from 1 February 2014 to 30 September 2015.
CRISIL downgrades Mangalore Chemicals
CRISIL downgraded ratings on bank facilities for Mangalore Chemicals and Fertilizers Ltd to “BB" from “BBB," reports Business Standard. The rating action reflects the CRISIL’s view that Mangalore Chemicals operating performance and debt protection metrics will remain weak over the medium term, the report adds.
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