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Opening bell: Asian markets open higher; ONCG, HPCL, RIL, Wipro in news

LiveMint logoLiveMint 20-07-2017 Harsha Jethmalani

US stocks end higher; Asian markets follow suit

US stocks closed at record highs on Wednesday as investors digested key quarterly earnings.

Asian indices were slightly higher in early Thursday trade as investors awaited decisions from the Bank of Japan, Bank of Indonesia and the European Central Bank.

Nod for ONGC’s HPCL acquisition sets in motion merger of govt oil companies

The government on Wednesday kicked off its ambitious plan to merge state-owned oil companies. The Union cabinet approved Oil and Natural Gas Corp.’s (ONGC’s) proposal to acquire a majority stake in public sector refiner Hindustan Petroleum Corp. Ltd (HPCL), creating an integrated energy giant.

Tata group said to have sought details of Air India disinvestment

The Tata group has informally sought details on the planned privatization of Air India, a government official said, reflecting the group’s interest in the airline it founded in 1932.

GSK said to consider sale of UK Horlicks business, hold on to India unit

GlaxoSmithKline Plc is planning to sell its small Horlicks business in Britain but will retain the much larger operation in India, where the nutritional brand is growing strongly, a person familiar with the situation said.

Finance ministry working on capital infusion for PSU banks

The finance ministry is working on the capital infusion strategy for public sector banks and an announcement to this effect will come soon, a senior finance ministry official said. Read more.

Indraprastha Gas gets licence to retail CNG, PNG in Gurugram

Indraprastha Gas Ltd said it has got a licence to retail CNG to automobiles and piped natural gas to households in parts of Gurugram in Haryana.

JSW Group keen on acquiring troubled steel firms: Parth Jindal

JSW Group is looking for acquisition opportunities among troubled steel companies. The group will submit a revised proposal to acquire Monnet Ispat and Energy Ltd, said Parth Jindal, son of group chairman Sajjan Jindal. The group may also consider Bhushan Steel and Essar Steel if offered at the “right price”, he said.

Glenmark partners Cyndea to develop soft-gelatin capsule

Drug major Glenmark Pharmaceuticals on Wednesday said it has entered into an agreement with Cyndea Pharma for developing generic soft-gelatin capsule formulations of certain pharmaceutical products.

Bankruptcy proceedings against Monnet Ispat, Alok Industries get NCLT nod

Bankruptcy proceedings against Monnet Ispat and Energy Ltd and Alok Industries Ltd were approved by different benches of the National Company Law Tribunal (NCLT). Read more.

Earnings corner

ABB, Bajaj Auto, Hindustan Zinc, Kansai Nerolac, Kotak Mahindra Bank, Reliance Industries and Wipro are among the companies that will be announcing their June quarter earnings on Thursday.

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