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Opening bell: Asian markets open higher; auto stocks, TCS in news

LiveMint logoLiveMint 02-03-2017 Harsha Jethmalani

US equities end higher; Asian markets follow suit

US equities surged to all-time highs on Wednesday, with major indices posting their best day of the year, on the back of President Donald Trump’s speech to Congress.

Asia markets opened notably higher on Thursday, tracking gains in the US.

Car sales gather pace in February, ride out demonetisation blues

Car makers, including Maruti Suzuki India Ltd, Ford India Pvt. Ltd, Toyota Kirloskar Motor Pvt. Ltd, Tata Motors Ltd and Honda Cars India Ltd, reported strong domestic passenger-vehicle sales growth for February as the industry continued to recover from the demonetisation impact.

Cash transactions at HDFC, ICICI, Axis banks to attract charges

Banks, including HDFC Bank, ICICI Bank and Axis Bank, have started charging a minimum amount of Rs150 per transaction for cash deposits and withdrawals beyond four free transactions in a month.

DLF promoters to sell 40% stake in rental arm to GIC

Singapore sovereign fund GIC Pte. will hold exclusive talks with the promoters of DLF Ltd, India’s largest property developer, to purchase their 40% stake in a rental unit.

Demonetisation will be credit positive for India in medium term: Moody’s

A day after the Central Statistics Office (CSO) data belied the expectation of a sharp dip in economic activity in the December quarter, Moody’s Investor Service said that the latest data supports its expectation that the economic disruption caused by demonetisation will be short term in nature. Read more

SBI sees bad loans at banks worsening on slower growth

India’s weaker economic growth will lead to more soured loans, even after an audit of lenders’ books pushed stressed assets in the South Asian nation to the highest among major economies, according to the head of the country’s largest bank.

GST final draft to retain clause on services sector

The goods and services tax (GST) council is likely to retain a clause in the law that will require service providers to register in every state where they operate, despite recent representations from various Union ministries and telcos, banks and insurance firms for a single registration system.

D-Mart IPO price band at Rs295-299 per share

Avenue Supermarts, the owner and operator of retail chain D-Mart, has set a price band of Rs295-299 for its Rs1,870 crore initial public offering (IPO) which will open for subscription on 8 March. The issue will close on 10 March.

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, said it will launch its IPO on 6 March. The company has fixed a price band of Rs324-333 per share for its initial share sale.

Promoters to participate in TCS’s Rs16,000 crore buyback offer

Tata Consultancy Services said its promoters intend to participate in its proposed Rs16,000 crore buyback offer. Read more

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