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Opening bell: Asian markets open lower; Hindalco, M&M in news

LiveMint logoLiveMint 03-03-2017 Harsha Jethmalani

US stocks end lower; Asian markets follow suit

US equities closed lower on Thursday as financials lagged. Following an overnight decline in US stocks, Asian markets traded lower Friday.

Indian pharma companies lobby to win Trump over on generic imports

India’s largest pharmaceutical firms are looking to convince US President Donald Trump that his promise to lower drug costs should take priority over his vow to make sure the medicines are made in America.

GST Bill may make peak tax rate 40%, slabs intact for now

The goods and services tax (GST) levy may go up to 40% after the GST Council proposed raising the peak rate in the Bill to 20%, from the current 14%, to obviate the need for approaching Parliament for any change in rates in future.

Hindalco looking to raise Rs3,300 crore through QIP

Hindalco Industries Ltd, India’s biggest aluminum producer, has embarked on a fundraising process to raise around approximately Rs3,300 crore through a qualified institutional placement (QIP), reports Mint.

Mahindra to set up another base outside India: MD Pawan Goenka

Auto maker Mahindra and Mahindra (M&M) Ltd is looking to set up another base outside the country, which could be a full-fledged presence, similar to its operation in India, in a bid to reduce its dependence on the local market, managing director Pawan Goenka said.

Taj Mansingh Hotel to be auctioned, Le Meridien licence cancelled: Kejriwal

Two years after the Centre cleared the decks for its auction, Taj Mansingh Hotel will finally go under the hammer, the New Delhi Municipal Council decided, as it also cancelled Le Meridien Hotel’s licence over dues of Rs523 crore.

Hero MotoCorp’s pile of BS-III vehicles, high input costs set to eat into profits

Hero MotoCorp Ltd is set for a bumpy ride as unsold older models, rising raw material prices and weak demand take their toll on profit in the coming quarters at India’s No.1 maker of motorcycles and scooters.

Tata Motors Sanand plant may see more trouble

Workers have alleged that they have been demanding a hike in salaries since a year and a half, but Tata Motors keeps coming up with misleading tactics such as the suspension of 26 workers last year, which ultimately resulted in the month-long strike, reports the Financial Express.

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