Maruti Suzuki India Ltd will continue to be in focus. The company announced that it will expand capacity in Gujarat through its parent subsidiary. Photo: Hindustan Times
Mumbai: Global equity markets rebounded with stocks gaining after the Turkey's central bank hiked all of its key interest rates to defend the country's crumbling lira currency.
The rate hike is providing some stability to global equities which are otherwise roiled by the impending stimulus tapering by the US Federal Reserve. Japan's Nikkei at 15,229 is up 1.6% in morning trade.
Overnight US markets closed in the green. S&P 500 gained 0.6% to 1,792 on upbeat results from Pfizer. Read the Reuters report.
Back home, the road ministry is set to modify its exit policy and make it easier for new investors to enter and replace existing ones, reports Mint. If the proposal kick-starts the road projects, it would resume cash flows to these projects and also unlock bad loans owed to financial institutions.
The telecom regulator has recommended allowing transfer of spectrum by telecom companies to other operators, but has suggested a bar on its leasing for now, reports PTI. Trading can lead to efficient use of radio waves by enabling telecom companies, who have a lower subscriber base or unutilized spectrum, to trade in it.
The government has ordered Oil and Natural Gas Corp. Ltd (ONGC) to pay Rs.13,764 crore as fuel subsidy for the December quarter, similar to the amount it paid in the second quarter, reports PTI. Oil India Ltd will bear Rs.2,173 crore. GAIL (India) Ltd will not pay any subsidy in Q3.
Bharti Enterprises Ltd has announced new structures for both its listed and non-listed companies, reports Mint. Manoj Kohli, managing director of Bharti Airtel Ltd, has been named managing director of Bharti Enterprises. Gopal Vittal, joint managing director and chief executive (India) at Bharti Airtel will assume the managing director and chief executive (India and South Asia) role.
Maruti Suzuki India Ltd will continue to be in focus. The company announced that it will expand capacity in Gujarat through its parent subsidiary. The announcement doused hopes of the parent raising its stake in Maruti by buying shares at a premium, which had led to a spurt in the stock price a few months ago. Read more.
Keep an eye on NTPC Ltd. The company announced an interim dividend of Rs.4 per equity share for the current fiscal year. The government, which holds 75% stake in the company will get nearly Rs.2,500 crore by way of dividend. Read more.
Meanwhile, NTPC has been blocked from starting its coal mine by villagers demanding higher compensation for their land. Violent protests have halted work at the Pakri Barwadih mine in Jharkhand, reports Bloomberg.
Reliance Power Ltd has informed BSE that commercial operation has commenced at the second unit of the 3,960 megawatt Sasan ultra mega power plant. Read more.
Troubles for Ranbaxy Laboratories Ltd are far from over. According to The Economic Times, drug regulators in two major countries are scrutinising the inspection details of the Punjab plant, which has recently been issued import alert by the US Food and Drug Administration (FDA).
Arun Kumar Gupta, currently director looking after the technical and offshore services division at Shipping Corporation of India Ltd (SCI), has been named the chairman and managing director of the company. SCI has been running without a full-time chief after the earlier incumbent superannuated on 31 December 2012.
It will be a results-heavy day. Aditya Birla Money Ltd, Bharti Airtel Ltd, Crompton Greaves Ltd, Gail India Ltd, Godrej Properties Ltd, ICICI Bank Ltd, Nalco Ltd, Shriram Transport Finance Co. Ltd, Titan Ltd, TVS Motor Co. Ltd and VIP Industries Ltd are some of the companies that will release their earnings for December quarter on Wednesday.
Lastly, in an image makeover Google Inc. unveiled a set of fashionable prescription frames and shades for its internet-connected eyewear, reports Reuters. The stamp-sized electronic screen mounted on the side of the eyeglass frames, Google Glass can record video and provide turn-by-turn driving directions to users.
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