US markets closed marginally higher. S&P 500 gained 0.2% to 2,100 after the Federal Reserve said the US economy is likely strong enough to withstand an interest rate hike, reports Reuters. Still, many believe just one hike would be enough considering the fragile nature of the economic recovery. Tracking the cues, Asian markets opened mixed.

Monsoon above normal so far

Monsoon rainfall across the country has been above normal so far and is expected to remain so through June, according to the India Meteorological Department (IMD).

Govt lays groundwork for 24X7 power for all

The government is preparing a blueprint for the supply of 24x7 electricity that will include customized plans for each state and lays special emphasis on green power and energy efficiency, reports Mint.

Solar power capacity target ramped up

India’s target of solar power capacity has been scaled up five times. The country will aim to generate 100,000 megawatt from solar power by 2022. Earlier, the target was 20,000 megawatt.

Duty on select steel products hiked

To protect the domestic steel industry from cheap imports, the government increased the customs duty on certain steel products by 2.5%, reports The Indian Express.

Product recall can diminish Maggi brand value

Maggi, the noodles brand of Nestle India Ltd, may lose $200 million in brand value after the company was ordered to recall the noodles, reports Business Standard.

Cipla to sharpen focus on emerging markets

Cipla Ltd is planning to enter Latin America and Eastern Europe to tap into growing demand for generic drugs in emerging markets, reports Reuters.

Airtel’s towers sale deal in Chad and Tanzania terminated

The deal for the sale of Bharti Airtel Ltd’s towers in Chad and Tanzania to Helios Towers Africa has been terminated, reports Mint. The termination, however, does not extend to the sale of towers in the Democratic Republic of Congo and the Republic of Congo.

Orchid Chemicals drug gets US FDA approval

Orchid Chemicals & Pharmaceuticals Ltd received approval from the US health regulator US FDA for generic anti-bacterial Gemifloxacin Mesylate tablets, reports PTI. The approval is with 180 days of generic drug exclusivity.

Torrent Pharma gets nod to raise FII limit

Torrent Pharmaceuticals Ltd got approval from the government to raise the limit of the investment by foreign institutional investors (FII) from 13.09% to 35%, reports Business Standard.

IFC invests in PTC India Financial Services

International Finance Corp. (IFC) bought $35 million (about 220 crore) worth of 10-year, non-convertible debentures sold by PTC India Financial Services Ltd (PFS). The company plans to use the funds to boost long-term financing for renewable energy.

Court allows Kapur family to nominate Yes Bank directors

Lastly, the Bombay high court recognized Madhu Kapur and her children Shagun Kapur Gogia and Gaurav Kapur as successors of late co-founder Ashok Kapur, giving them the right to nominate directors to the board of Yes Bank Ltd.

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