Opening bell: Asian markets near record highs; Tata Steel, Bharti Infratel in focus
In other news, Sebi has given conditional approval to the merger between Idea Cellular and Vodafone India
Asian markets open higher
Asian stocks neared record high on optimism on global economy. According to Reuters, MSCI’s broadest index of Asia-Pacific shares outside Japan is up 0.2% in morning trade. Overnight, the US markets closed slightly higher.
Tata Steel swings to profit in Q1 on rising steel prices
Tata Steel Ltd swung to a profit in the June quarter, helped by rising steel prices, a production ramp-up in India and restructuring of its European steel operations.
LIC asked to reduce stakes in L&T, ITC by December 2018
The Insurance Regulatory and Development Authority has asked Life Insurance Corporation (LIC) to reduce its stakes in L&T and ITC to 15% by December 2018, reports Business Standard.
NTPC to buy out UP govt’s stake in Meja power JV
NTPC Ltd is looking to take over Uttar Pradesh government’s 50% equity in the 1,320 megawatt Meja power project, reports The Times of India. Meja Utpadan Nigam is a 50:50 joint venture between NTPC and Uttar Pradesh Rajya Vidyut Utpadan Nigam.
Idea-Vodafone deal gets conditional approval from Sebi
The Securities and Exchange Board of India (Sebi) has given conditional approval to the merger between Idea Cellular Ltd and Vodafone India, reports The Economic Times.
Airtel plans to sell 3.7% stake in Bharti Infratel
Bharti Airtel Ltd is learnt to be in the process to offload 3.7% stake in Bharti Infratel Ltd for about Rs2,500 crore, reports PTI.
According to Reuters, a subsidiary of Bharti Airtel, is selling the Infratel shares in a price range of Rs378-397.85 each. The lower end of the price range is a 5% discount to the stock’s closing price on Monday, the report adds.
Bank of India aims to raise Rs626 crore via STCI Finance stake sale
Bank of India Ltd initiated the process of selling its stake in STCI Finance Ltd, a non-banking finance company that is majority-owned by government institutions.
Britannia to build Rs1,000 crore plant in Maharashtra
Britannia Industries Ltd is coming up with its largest plant ever in Ranjangaon in Maharashtra with an investment of Rs1,000 crore, reports Business Standard.
Number of ITR filings for 2016-17 jumps 24.7%
More than 28.2 million income tax payers filed their income tax returns (ITR) for the 2016-17 financial year, a 24.7% increase over the previous year, reports Mint.
PSU banks wrote off Rs2.49 trillion of loans in 5 years
Public sector banks have “written off” nearly Rs2.5 trillion loans in the last five financial years, the finance ministry said quoting Reserve Bank of India data.
Bank of India, Tata Chemicals earnings today
Bank of India Ltd, IL&FS Transportation Networks Ltd, Kaveri Seed Co Ltd, SRF Ltd, Tata Chemicals Ltd, and Thermax Ltd are some of the companies that will release their earnings for the June quarter on Tuesday.
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