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Opening bell: Asian markets open lower; Tata group, Orient Cement, RCom in news

LiveMint logoLiveMint 01-06-2017 R. Sree Ram

US markets close with moderate losses

US markets closed with moderate losses. S&P 500 at 2,411 is down 0.05% on selling in shares of financial services companies. Tracking the cues Asian markets opened lower.

Demonetisation pulls down India GDP growth rate to 6.1% in Q4

India’s economic growth slowed for the fourth consecutive quarter in the three months ended March, mirroring the impact of demonetisation. Gross domestic product (GDP) growth slowed to 6.1% in the fiscal fourth quarter from 7% in the third quarter.

Tata group begins recast group companies

The Tata group is reviewing its diverse portfolio to streamline operations and allocate capital more efficiently, reports The Times of India. According to the report, chairman N Chandrasekaran is looking to unlock value in businesses that are non-core and face growth headwinds.

Orient Cement to acquire two units from Jaypee for Rs1,946 crore

Orient Cement Ltd said it would acquire two entities, Bhilai Jaypee Cement and Nigrie Cement Grinding Unit, from Jaypee group firms for a total consideration of Rs1,946 crore, reports PTI.

Banks invoke RBI’s SDR norms to take control of Ballarpur Industries

Lenders of Ballarpur Industries Ltd will take management control of the cash-strapped company as part of strategic debt restructuring (SDR), reports PTI. The company has also sought approval of shareholders to re-classify its authorised share capital.

Hindalco plans to set up high-end aluminium plant for defence sector

Hindalco Industries Ltd hopes to set up a high-end alloy plate manufacturing unit for the country’s defence sector, reports Mint. The project would need an overall investment of Rs2,000 crore and Hindalco is in talks with the government to evaluate if it can start it as a public-private partnership.

Bharat Electronics aims Rs10,000 crore revenues in 2017-18

Bharat Electronics Ltd, which reported a revenue of Rs8,825 crore for the year ending March, says it is confident of breaching the Rs10,000 crore revenue mark in the current financial year, reports Business Standard.

Banks to discuss Reliance Communications debt problems

Reliance Communications Ltd’s (RCom) lenders have sought more information on its plan to reduce debt, in the wake of a slowing in cash flow and its bonds being hit by of rating downgrades, reports Business Standard.

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