Greece worries continue to haunt the market

Asian markets were trading marginally higher on hopes that Greece will strike a deal with creditors to avoid a bailout. Hong Kong’s Hang Seng gained 0.3%, Japan’s Nikkei Stock Average advanced 0.5%. China’s Shanghai Composite gained 0.4% after manufacturing activity improved slightly in June. HSBC’s ‘flash’ manufacturing PMI for June came in at 49.6 compared with 49.2 in May.

Nasdaq sets record

Overnight, Nasdaq Composite touched a record as bullish sentiment appeared to be tied to hopes that Greece and its lenders will reach a deal to avert a default. Nasdaq Composite, Dow Jones Industrial Average and S&P 500 were up over 0.6% each.

Narayan Murthy heaps praise on Sikka

Infosys Ltd shares will be in focus as N.R. Narayana Murthy heaped praise on Vishal Sikka for his stewardship of Infosys as its first non-founder CEO. Murthy ruled out another encore by returning to a company he founded with six others. Infosys will return to industry level growth rate by FY17, said Sikka.

Videocon will turn into an oil and gas company in 3 years

Videocon Industries Ltd plans to transform itself into a global oil and gas exploration and production company from a largely consumer durables-driven company in the next three years, said Videocon head Venugopal Dhoot. Oil revenue from Brazil and Indonesia will start coming in from 2018, he added.

Hero Group enters electronic space

Hero Group will enter the electronics sector by acquiring a majority stake in Mybox Technologies Pvt. Ltd, which makes set-top boxes in India. Mybox is a leading supplier to direct-to-home and cable operators across India, read more.

NTPC is restructuring its division

NTPC Ltd is restructuring some of its divisions such as power generation, equipment sourcing and consultancy, the first such remodeling since its inception. It is merging existing units and creating new ones, reports Business Standard.

Cairn-Vedanta merger hits a roadblock

Life Insurance Corp. of India, which owns a minor 9.06% stake in Cairn India, has raised its concern over the valuation of the Cairn-Vedanta merger and the debt of the merged entity, reports Business Standard. For the merger to go through, at least 50% of the minority shareholders have to vote in favour of the deal, making a nod from LIC and Cairn Energy, which own 9.82% and is the largest minority shareholder, crucial.

L&T to list IT arm by December

Larsen and Toubro Ltd is planning to list its IT arm L&T Infotech by December. L&T is planning to raise 1,600 crore-1,800 crore from investors by diluting around 10-12% stake, eyeing a valuation of as much as $3 billion, reports The Economic Times.

Softbank to invest $20 billion in solar projects

Japanese company SoftBank Corp said it was partnering with Bharti Enterprises Ltd and China’s Foxconn Technology to invest at least $20 billion in solar energy projects in the country, reports Mint. The solar energy joint venture, SBG Cleantech Ltd, plans to develop at least 20 gigawatts (GW) of solar energy generating capacity.

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