Opening bell: Asia opens mixed; Eicher Motors, Federal Bank, Union Bank in focus

US stocks closed little changed on Tuesday after President Donald Trump announced he was withdrawing the US from the Iran nuclear deal signed three years ago. Asian stocks were narrowly mixed in early Wednesday trade following Trump’s announcement.

Flipkart, Walmart all set for world’s biggest e-commerce deal

Walmart Inc. is set to announce the purchase of a majority stake in Flipkart in a deal that will value India’s largest online retailer at more than $21 billion, making it the world’s biggest ever e-commerce acquisition.

Lemon Tree to invest Rs850 crore on capex in 3 years

Lemon Tree Hotels Ltd said that it will be investing Rs850 crore in the next three years for expanding its footprint in the country.

IndoStar Capital Finance IPO: Around Rs553 crore raised from anchor investors

Non-banking financial company IndoStar Capital Finance Ltd on Tuesday said it has raised around Rs553 crore by selling shares to institutional investors as part of its anchor book allocation, a day before its initial public offering (IPO) opens.

NCLT admits Union Bank of India’s insolvency plea against Era Infra

The National Company Law Tribunal (NCLT) principal bench admitted Union Bank of India’s (UBI’s) plea seeking initiation of insolvency proceedings against Era Infra Engineering Ltd for recovery of Rs681.04 crore, along with an overdue external commercial borrowing of $11.97 million.

ICICI Bank shares surge over 8%, set for biggest gain since October 2017

Shares of ICICI Bank Ltd jumped more than 8% on Tuesday, even as it reported in-line but a 50% drop in its fourth quarter profit as it set aside cash to cover a surge in bad loans, which was a fallout of the central bank’s revised scheme on resolution of stressed assets.

Mutual funds log Rs1.4 trillion inflow in April

Investors have pumped Rs1.4 trillion into mutual funds in April, driving the industry asset base to a staggering Rs23.25 trillion, a surge of 9% from the preceding month.

Godrej Consumer Products Q4 adjusted net profit rises 12% to Rs617.19 crore

Packaged consumer goods manufacturer Godrej Consumer Products Ltd (GCPL) said its consolidated net profit stood at Rs617.19 crore in the March 2018 quarter, up 12% from a year ago, as the company reported a mixed performance with relatively softer sales growth.

Earnings corner

Eicher Motors, Federal Bank, Jindal Steel are among the companies that will be announcing their March quarter earnings today.