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Opening bell: Asian markets open mixed; HPCL, automobile stocks in news

LiveMint logoLiveMint 27-06-2017 R. Sree Ram

US markets edge higher, Asian markets open mixed

US markets closed mostly higher. S&P 500 rose 0.03% to 2,439 points on buying in shares of high dividend paying companies. In Asia, Japanese markets gained in morning trade. According to Bloomberg, markets elsewhere in Asia are trading mixed.

GST: Car firms brace for short-term losses

Passenger vehicle makers are adopting diverse strategies ahead of the roll-out of goods and services tax (GST), reports Mint. Some, such as Mahindra and Mahindra Ltd have chosen to offer discounts to ensure buyers do not postpone purchases. Others, such as Maruti Suzuki India Ltd have cut shipments to enable dealers liquidate stock.

Scooters capture one-third of two-wheeler market

Scooters have captured more than one-third of the domestic two-wheeler market for the first time in over a decade, reports Business Standard. According to the report, a sustained double-digit growth in scooter sales has raised its share.

HPCL keen to pick up stake in Russian oil fields

PSU fuel retailer HPCL Ltd is looking to buy stake in Russian oil fields, reports The Hindu Business Line. According to the report, several PSUs, including HPCL, are looking to buy stake in oil fields in the country.

Adhunik Metaliks to plead insolvency

Adhunik Metaliks Ltd which has Rs6,000 crore of loan dues is planning to file for insolvency, reports Business Standard. According to the report, the company plans to restructure by filing for insolvency.

Banks may move NCLT against four of 12 major defaulters this week

Monnet Ispat Ltd, Alok Industries Ltd, Amtek Auto Ltd and Essar Steel Ltd will likely be the first companies where bankruptcy proceedings are initiated this week, reports Mint. Last week, the joint lenders’ forum met to approve referral of these bad loan cases to the National Company Law Tribunal (NCLT).

Banks may have to take 60% haircut on 12 largest NPAs: Crisil

The strong steps taken by Reserve Bank of India to resolve NPAs are likely to raise provisioning by a whopping 25% this year as lenders will take up to 60% hair cut while resolving these accounts, reports PTI.

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