Opening bell: Asian stocks cautious; retail inflation data today; Tata Steel in news
In other news, The board of Fortis Healthcare extends the date for submission of binding offers by a fortnight to 28 June
Asian markets cautious in morning trade
Retail inflation likely accelerated in May
India’s retail inflation jumped further in May, primarily driven by a surge in energy prices, according to a Reuters poll of economists. Poll forecasts for the data, due to be released on Tuesday, ranged from 4.1% to 5.7%, the report adds.
RBI likely to issue NRI bonds to support rupee
The Reserve Bank of India (RBI) is expected to raise $30-35 billion through NRI bonds to support the rupee and offset the slowdown in foreign portfolio investment (FPI) flows amid rising oil prices, according to Bank of America Merrill Lynch, reported PTI.
Elliott urges Thyssenkrupp to negotiate better Tata Steel deal
Elliott Capital Management urged Thyssenkrupp AG to negotiate a better steel joint venture with Tata Steel Ltd, increasing pressure on the German company’s management to deliver more favourable terms, reported Bloomberg.
Airtel’s Kenyan unit abandons plan to merge with Telkom
The Kenyan unit of Bharti Airtel has abandoned plans to merge with Telkom Kenya to take on the market leading operator, Safaricom, reported Reuters.
Fortis postpones results, extends submission of offers
The board of Fortis Healthcare has extended the date for submission of binding offers by a fortnight to 28 June as the financial accounts of last year are yet to be finalized, reports Business Standard.
Usha Martin board gives approval for sale of steel business
Usha Martin Ltd said its board has approved a proposal to explore the sale of its steel business, marking a shift in strategy to revive the company, reported Mint.
Patanjali, Adani submit revised bids to acquire Ruchi Soya
Patanjali Ayurved and Adani group submitted their revised bids to acquire to bankruptcy-hit firm Ruchi Soya as lenders of the edible oil firm have decided to hold a fresh round of resolution process, reports PTI.
NCLT admits insolvency plea against Sterling Biotech
The National Company Law Tribunal (NCLT) admitted the insolvency petition filed by Andhra Bank against Sterling Biotech Ltd, which owes around Rs4,000 crore to a consortium of lenders, reported Mint.