BackOpening Bell | Railway budget, GMR, GVK, Just Dial in news
Indian Railways will present its budget for 2016-17 on Thursday
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US markets close higher
US markets closed higher. S&P 500 gained 0.44% to 1,929 amid weak economic data. According to Reuters, services sector weakened and new US single family home sales fell in January. Tracking the cues, Asian markets opened mixed in morning trade.
Rail budget today
Indian Railways will present its budget for 2016-17 on Thursday. Expectations are building up for the state-run transporter to step up public investment—not only will it expand infrastructure capacity, it also has the potential to be a force multiplier to economic growth. Read more.
RBI warns banks on asset sales
The Reserve Bank of India (RBI) has warned banks to be cautious about the entities to which they sell assets acquired on account of loan defaults, reports Mint. The note was more an informal warning rather than an official guideline, the report adds.
Infosys CEO tenure extended by two years
Infosys Ltd’s board on Wednesday decided to extend Vishal Sikka’s tenure as chief executive officer (CEO) by two years to 2021, crediting him with putting India’s second largest software services firm back on the growth path. Read more.
NTPC’s ₹ 5,000 crore offering subscribed 1.53 times
The non-retail category comprising institutional investors and high net-worth individuals gave a positive response to the government’s ₹ 5,000 crore share sale in power producer NTPC Ltd. Though retail investors showed little interest, the total book was subscribed 1.53 times.
Strike continues at Tata Motors plant
Workers’ strike at Tata Motors Ltd plant at Sanand entered its second day on Wednesday as workers refused to budge from their demands, reports Business Standard.
TVS Motor targets 20% of two-wheeler market share
TVS Motor Ltd is aiming to corner a fifth of India’s two-wheeler market over the next three years, reports The Economic Times. According to the report, the company is also seeking to break into a double-digit operating margin during the same period.
Tata Steel Europe CEO Karl Koehler steps down
Karl Koehler, chief executive officer (CEO) and managing director of Tata Steel Europe, has decided to step down. Hans Fischer, currently chief technical officer of Tata Steel Europe, will be appointed as the new CEO. Tata Steel Europe is a unit of Tata Steel Ltd.
GMR awarded damages in Maldives airport arbitration
An arbitration tribunal in Singapore has ruled in favour of the GMR group of companies on its dispute with the Maldives government on the airport project in that country, reports Business Standard.
GVK looking to sell airport business
GVK Power & Infrastructure Ltd is looking to sell its controlling stakes in Mumbai and Bangalore airports and has approached JSW Group, reports The Economic Times. According to the report, the group is considering several options to reduce debt.
Just Dial’s buyback to open today
Lastly, Just Dial Ltd will launch its ₹ 165-crore share buyback programme on Thursday, reports PTI. The share re-purchase programme will close on 10 March.
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