Asian markets opened mostly higher on Wednesday, with Japanese stocks seeing a rebound from Tuesday’s sell-off. The benchmark Nikkei 225 traded up 1.32%, while the Topix was up 0.88%.
US stocks closed narrowly mixed on Tuesday, amid major earnings reports and ahead of the central bank’s meetings.The Dow Jones industrial average closed 0.1% lower at 18,473.75 points, the S&P 500 index finished near flat at 2,169.18 points, while the Nasdaq Composite closed 0.24% up at 5,110.05 points.
Adani Transmission latest to tap offshore bonds as investor interest revives
The latest issuer to scout for dollars through a bond sale is Gautam Adani-controlled Adani Transmission Ltd (ATL). The firm plans to raise about $400 million through a dollar bond issue and has mandated seven banks to market it to offshore investors, reports Mint .
Tata Sons to deposit $1.17 billion in DoCoMo case
Tata Sons will deposit the $1.17 billion it was fined after arbitration in London against Japan’s NTT DoCoMo in the Delhi High Court Registrar by 2 August. The Tata group called it a “gesture of good faith… in line with its earlier offer to DoComo”. In a hearing that was held on Tuesday, the court gave both groups time till 30 August to resolve issues, reports The Economic Times .
TVS Motor reports 12% revenue growth
TVS Motor Co. has reported a revenue growth of 12% for the quarter ended June 2016. Total revenue grew to Rs.2,880.94 crore in the quarter under review from Rs.2,574.09 crore in the corresponding quarter in the previous year. Profit after tax (PAT) increased by 21% to Rs.121.25 crore. Read more .
Dr. Reddy’s Q1 profit plunges 80% to Rs.126.3 crore on US, Venezuela woes
India’s second-largest drug maker Dr. Reddy’s Laboratories Ltd said June quarter net profit fell 80% due to weak sales in North America and loss of business in Venezuela. Net profit fell to Rs.126.3 crore in the quarter ended 30 June, from Rs.625.7 crore in the year-ago period, while net sales fell 14% to Rs.3,234.5 crore.
ACC net up 80% at Rs.240 crore
ACC, part of Swiss cement giant Holcim, posted a 79% growth in its consolidated net profit for the quarter ended 30 June at Rs.239 crore compared with Rs.133 crore in the year-ago period. However, this was 3.7% lower than Bloomberg consensus estimates of Rs.247 crore.
Flipkart’s Myntra acquires Jabong in $70 million ‘discount’ deal
Flipkart Ltd has acquired Jabong through its unit Myntra in a cut-price deal that values the online fashion store at $70 million, moving to preserve its position as India’s No.1 e-commerce marketplace in the face of an onslaught by Amazon India.
Advanta to exit BSE indices from 1 August post UPL merger
Seed firm Advanta will be dropped from S&P BSE indices from Monday on account of its merger with group firm UPL Ltd. Advanta would merge with the agrochemical major as part of a strategy to provide agri-solutions through a single entity and to enhance shareholder value. Read more .
ICICI Bank to discontinue some service pacts with 3i Infotech
IT services provider 3i Infotech said that ICICI Bank intends to discontinue some of the service contracts with the company and its group firms, effective 31 July.
Claris Life gets USFDA nod for generic anesthetic injection
Drug firm Claris Lifesciences has received approval from the United States Food and Drug Administration (USFDA) for generic anesthetic Bupivacaine injection. The injection is indicated for the production of local or regional anesthesia or analgesia for surgery, diagnostic and therapeutic procedures. Read more .
Lenders recommend SDR for Jaiprakash Power Ventures
Lenders to Jaiprakash Power Ventures have recommended invocation of strategic debt restructuring (SDR) which will allow them to convert a part of their debt into equity. The company’s consolidated total liabilities stood at Rs.28,289 crore as on 31 March.
Asian Paints, Bajaj Auto, Dabur, HDFC, Bharti Airtel, JSW Steel and Yes Bank are among the companies that will be announcing their June quarter earnings today.