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Opening bell: Asian markets open lower; IL&FS, steel firms in news

LiveMint logoLiveMint 22-03-2017 R. Sree Ram

Asian stocks track US market losses

Overnight, the US markets suffered the worst drop in five months on concerns about US president Donald Trump’s ability to push through major reforms. Tracking the cues, Asian markets opened lower.

Steel producers preparing for another price hike

Steel producers, who raised prices by Rs1,000 per tonne from 15 March, are gearing up for a similar price hike from April, reports Business Standard.

Local brands gaining market share in detergents

According to The Economic Times, home-grown brands, smaller private labels and other regional firms gained market share in detergents last year.

Pharma stocks take a beating on renewed USFDA scrutiny

The latest regulatory troubles of Divi’s Laboratories Ltd and Dr. Reddy’s Laboratories Ltd indicate Indian drug makers face a long and uphill struggle to meet quality standards set by the Food and Drug Administration (FDA) of the US, reports Mint.

Idea-Vodafone merger faces major hurdles

The success of Vodafone India Ltd and Idea Cellular Ltd’s merger will depend on how they handle a host of issues, including regulatory and cultural differences, reports Mint.

Srei to approach other lenders for Deccan Chronicle debt rejig

Srei Infrastructure Finance plans to approach Deccan Chronicle Holdings Ltd lenders for debt restructuring after it gets approval for appointment of directors on Deccan Chronicle’s board, reports Business Standard.

IL&FS to exit China JV with Chongqing Expressway

IL&FS is selling its 49% stake in its joint venture with China’s Chongqing Expressway Group, reports The Economic Times. According to the report, the stake was bought by IL&FS Transportation Networks Ltd and will help reduce the group’s debt.

CL Educate IPO subscribed 77%

CL Educate, which owns brand Career Launcher, saw its IPO subscribed 77% on the second day of the issue on Tuesday.

Farmers switch crops as lentil prices plunge

Lastly, farmers are looking to switch crops from growing pulses and oilseeds after a government campaign to boost output became a victim of its own success by flooding markets with the lentil produce, reports Reuters.

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