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Opening bell: Asian markets open higher; Airtel, ONGC, Idea in news

LiveMint logoLiveMint 28-02-2017 Harsha Jethmalani

US stocks end higher; Asian markets follow suit

US equities closed slightly higher on Monday as the Wall Street looked ahead to a key speech from President Donald Trump.

Asian markets were mostly higher in early trade on Tuesday, tracking US gains.

RIL market cap crosses Rs4 trillion

India’s biggest company by revenue, Reliance Industries Ltd (RIL), on Monday crossed Rs4 trillion in market capitalisation. Last time, the company was seen achieving this milestone on 18 January 2008.

Airtel scraps roaming charges on incoming calls, data

India’s largest telecom company Bharti Airtel Ltd dropped domestic roaming charges, matching rival Reliance Jio Infocomm Ltd, as chairman Sunil Mittal urged regulators to encourage consolidation.

Tata Sons has the power to force Mistry family to sell stake

Tata Sons Ltd’s articles of association gives it the power to ask shareholders to sell their holdings by passing a special resolution, a rule that can be potentially used to force Mistry family firms to exit the Tata group holding firm amid a bitter battle.

LIC’s total premium income grows 12.43% in nine months of FY17

Life Insurance Corp. of India (LIC) posted a robust growth of 12.43% in the total premium income at Rs1.45 trillion for the first nine months of the current fiscal year ending 31 December 2016 from Rs1.29 trillion in the corresponding period a year ago.

ONGC may acquire HPCL in deal worth around $6.6 billion

Oil and Natural Gas Corporation (ONGC) may acquire the government’s 51.11% stake in India’s third-biggest fuel retailer HPCL. This will be followed up with an open offer to acquire additional 26% from other shareholders of HPCL.

Providence to sell final 3.3% stake in Idea Cellular for Rs1,267.5 crore

Private equity firm Providence is to sell its last 3.33% stake in Idea Cellular through a block deal on 28 February as per a term sheet on the stock exchange, marking the PE firm’s complete exit from the telecom company, reports The Economic Times.

Radio City owner Music Broadcast’s IPO to be offered at Rs324-333 price band

Music Broadcast Ltd, which operates the Radio City FM station, on Monday said it will launch its initial public offering on 6 March.

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