Opening bell: Asian stocks open mixed; Fortis in news; HUL earnings today
Fortis Healthcare investors East Bridge Capital and Jupiter Asset Management reportedly favour the offer made by Malaysia’s IHH Healthcare
Muted start for Asian stocks
Asian markets opened mixed. While equities in Japan were little changed, markets in South Korea edged higher, reports Bloomberg. Over the weekend, US markets closed slightly higher. S&P 500 at 2,727 was up 0.17%.
New direct tax code to benefit corporates, income tax payers
Businesses and low-income earners will stand to gain the most from the new direct tax code that the government is working on, reports Mint. The draft of the proposed direct tax code will be ready by July.
More public sector banks may be told to stop fresh lending
The Reserve Bank of India may hand out diktats similar to the one given to Dena Bank to more banks under its prompt corrective action (PCA) framework, reports Business Standard. The credit and financial profiles of Bank of Maharashtra, Oriental Bank of Commerce, Allahabad Bank and UCO Bank are in bad shape, the report adds.
Fortis saga not over yet as shareholders plan counter move
Hedge fund East Bridge Capital and Jupiter India Funds’ move to replace four Fortis Healthcare Ltd directors has drawn support from large shareholders, reports Mint. The disgruntled investors are expected to the move in the special meeting on 22 May.
According to The Hindu Business Line private equity funds East Bridge Capital and Jupiter Asset Management favour the offer made by Malaysia’s IHH Healthcare.
Maruti Suzuki gets lion’s share of Suzuki R&D budget
Most of the $1.5 billion allocated by Suzuki Motor Corp. for its research and development (R&D) activities will be spent on Maruti Suzuki and help the Indian firm maintain its market share, reports Mint.
Tata Power plans to boost renewable capacity
Tata Power Co. is planning to invest as much as $5 billion to ramp up its renewable capacity fourfold, reports Bloomberg. According to the report, the company plans to increase its clean-energy capacity to 12,000 megawatts by 2028.
Hindustan Unilever earnings today
Dr Lal Path Labs Ltd, KEC International Ltd, Hindustan Unilever Ltd (HUL), Godrej Agrovet Ltd, and Blue Star Ltd are some of the companies that will release their earnings for the March quarter today.
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