Asian markets tentative
Asian markets had a volatile start. Stocks advanced in morning trade as early results from the UK referendum on European Union membership (Brexit) trickled in, reportsBloomberg . According to Reuters , early results show a lead for supporters of leaving the EU, contradicting opinion polls.
Overnight, the US markets closed higher on vote optimism. In India, shares of companies that derive substantial part of their revenues from the UK, Europe can come under scanner, reports The Times of India .
Tata ordered to pay damages to NTT Docomo
Tata Sons Ltd has been ordered by an arbitration panel to pay $1.17 billion in damages to NTT Docomo Inc. for “breach of agreement,” reports Bloomberg . According to the report, Docomo filed the arbitration request, saying the Indian conglomerate failed to fulfil its obligation to find a buyer for Docomo’s stake in Tata Teleservices Ltd.
Drought may reduce sugar output in Maharashtra
Maharashtra may see a 50% drop in its sugar output in the 2016-17 crushing season, reports Business Standard . The fall is attributed to drought in cane growing districts.
Vodafone, Idea Cellular may bid aggressively for spectrum
Vodafone India and Idea Cellular Ltd may bid aggressively in the upcoming spectrum auction, reports The Economic Times. According to the report, together the companies are estimated to put in nearly $4.5 billion (Rs30,600 crore) of bids to corner 4G airwaves.
TPG Capital to buy ICICI home finance arm
ICICI Bank Ltd has agreed to sell its mortgage lending unit to American private equity firm TPG Capital for Rs.2,100 crore, reports Mint . The deal is expected to be closed in the next 3-4 weeks.
Sun Pharma board approves buyback of shares
Sun Pharmaceutical Industries Ltd said it will buy back 7.5 million shares from the public at a price of Rs.900 each, reportsMint . The buyback price is almost 20% above the company’s last traded price of Rs.751.70 on the BSE.
JSW Energy reopens talks to buy Jaypee power assets
JSW Energy Ltd has reopened talks with the Jaypee Group to acquire three power assets, reports The Economic Times . The companies are in talks for a deal involving two power generation units and a stake in transmission joint venture, the report says.
ONGC in talks to sell 25% stake in OPaL
ONGC Petro additions Ltd (OPaL) is in talks with local and overseas petrochemical companies to sell as much as 25% in the company, reports Mint . The company is jointly owned by ONGC, GAIL (India) Ltd and Gujarat State Petroleum Corp. Ltd.
Indian firms looking to buy stake in Rosneft
Indian oil companies are exploring the possibility of buying a stake in Russian energy giant Rosneft OJSC, reports Mint . Indian companies are already in the process of buying stakes in two oilfields operated by Rosneft.
JLR recalling 11,000 vehicles in China
Tata Motors Ltd-owned Jaguar Land Rover (JLR) has begun recalling more than 11,000 vehicles in China due to faulty crankshaft sensors, reports PTI .
HDFC invokes 35,000 United Spirits shares
HDFC Ltd has invoked 35,000 shares of United Spirits Ltd pledged by Kingfisher Finvest India, a firm promoted by Vijay Mallya, reports PTI . The remaining shares of USL pledged by Kingfisher Finvest India now stand at 10.15 lakh.