US stocks closed lower in light volume trade Monday, with energy stocks lagging as oil prices briefly hit their lowest in nearly three months. Oil prices dropped more than 2% on Monday on renewed oversupply concerns.
The Dow Jones Industrial Average closed down 0.42% at 18,493.06 points. The S&P 500 index finished down 0.3% at 2,168.48 points, while the Nasdaq Composite ended 0.05%, lower at 5,097.63 points. Meanwhile, the Federal Reserve Open Committee is set to begin its two-day monetary policy meeting on Tuesday.
Japanese stocks led early losses in Asia markets. The benchmark Nikkei 225 was down 1.17%, while the Topix dropped 1.28%.
Telecom Commission recommends at least 3% spectrum usage charge
The Telecom Commission upheld its earlier recommendation of calculating spectrum usage charge (SUC) as per a weighted-average formula and added that the minimum SUC payable shall not be less than 3%. The move will impact Reliance Jio Infocomm and Aircel Ltd the most if approved by the cabinet, reports Mint .
Essar expands capacity at Hazira Port with Rs.800 crore investment
Essar Bulk Terminal Ltd (EBTL) will expand its bulk cargo handling capacity at Hazira Port to 50 million metric tonne per annum from the existing 30 MMTPA by December at an investment of Rs.800 crore. EBTL is a special purpose vehicle of Essar Ports Ltd. Read more .
Sanjiv Puri front-runner to lead ITC after Deveshwar exit
It’s transition time at ITC Ltd, the Kolkata-based company with interests in cigarettes, packaged food, personal care, apparel, hotels and information technology. The appointment of Sanjiv Puri, 53, as chief operating officer comes within days of outgoing chairman Yogi Deveshwar’s speech at the company’s annual general meeting (AGM) clearly outlining an upscaling of its non-cigarettes businesses.
RBI imposes Rs.5 crore penalty on BoB, Rs.2 crore on HDFC Bank
The Reserve Bank of India (RBI) has imposed a monetary penalty on HDFC Bank of Rs.2 crore and on state-run lender Bank of Baroda (BoB) of Rs.5 crore, in the alleged Rs.6,000 crore forex-related irregularities that came to light in October last year. The regulator also fined Punjab National Bank for Rs.3 crore for violation of the Banking Regulation Act, reports The Economic Times .
SUUTI to pare Axis Bank, ITC, L&T stakes in first phase
The Specified Undertaking of the Unit Trust of India (SUUTI) will pare holdings in ITC Ltd, Larsen and Toubro Ltd (L&T) and Axis Bank Ltd in the first phase of divesting minority stakes it owns in 51 companies. The government also eased a conflict-of-interest clause for investment bankers to attract more bankers to the proposed sale.
Dilip Buildcon IPO to open on 1 August
Bhopal-based Dilip Buildcon, a private sector road-focused EPC contractor, will be launching its initial public offering on 1 August. It has fixed the price band at Rs.214-219 per share. The IPO, which will close on 3 August, comprises of fresh issue equity shares, aggregating up to Rs.430 crore and an offer for sale of up to 11,36,364 shares by Dilip Suryavanshi, up to 1,136,364 shares by Devendra Jain and up to 7,954,545 shares by the BanyanTree Growth Capital, LLC. Read more .
5-year inflation target to be notified soon
The government is likely to notify the five-year retail inflation target for the Monetary Policy Committee (MPC) this week, having reviewed the matter with the RBI. The Centre could stick to the originally proposed target of 4%, with a band of plus or minus two percentage points, reports Business Standard .
Ultratech Cement plans to raise Rs.300 cr via NCDs
Ultratech Cement plans to raise Rs.300 crore through secured redeemable non-convertible debentures (NCDs) on private placement basis. “The Company is proposing to issue 7.57%, 3,000 Secured Redeemable NCDs on a private placement basis,” it said in a regulatory filing. The issue’s tenure is three years and 17 days with an allotment date of 27 July 2016. It will mature on 13 August 2019, it added.
ACC, Ajanta Pharma, Ambuja Cements, Bajaj Finance, Coromandel, IDFC Bank, Dr Reddy’s Laboratories, Karur Vysya Bank, Maruti Suzuki India, TVS Motors and Zee Entertainment Enterprises are among the companies that will be announcing their June quarter earnings today.