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Opening bell: Asian markets open mixed; Infosys, Tata Steel, DLF in news

LiveMint logoLiveMint 24-08-2017 R. Sree Ram

Asian markets tentative in morning trade

Asian markets opened mixed. Equities in Japan fell in the morning trade. But MSCI’s broadest index of Asia-Pacific shares edged higher, reports Reuters. Overnight, the US markets closed lower. S&P 500 at 2,444 points is down 0.35%.

Monsoon rain deficit widens to 6%, raises crop yield concerns

India’s rainfall deficit for the June-September monsoon season has widened to 6% as of Wednesday, the highest since the season’s start on 1 June, data compiled by India Meteorological Department showed, reports Reuters.

Sebi to conduct fresh probe into Infosys-Panaya deal

The Securities and Exchange Board of India (Sebi) will conduct a fresh probe into corporate governance complaints against Infosys in connection with the Panaya acquisition, reports Business Standard.

Meanwhile, Infosys Ltd chairman R. Seshasayee may be on his way out even as a chorus calling for the return of co-founder Nandan Nilekani grows louder, five days after CEO Vishal Sikka abruptly resigned and the board blamed founder and promoter N.R. Narayana Murthy, reports Mint.

Tata Steel shows interest to bid for Essar Steel

Tata Steel Ltd has expressed interest in bidding for debt-ridden Essar Steel, whose lenders have filed for revival of the company under the Insolvency and Bankruptcy Code, reports The Economic Times.

DLF may decide on rental arm’s stake sale tomorrow

DLF Ltd is likely to announce its 40% stake sale in DLF Cyber City Developers for Rs13,000 crore to an affiliate of Singapore’s GIC in its board meeting on 25 August, reports Business Standard.

Reliance Industries eyes $300 million benefit from switch to ethane

The ongoing switch to ethane as feedstock at Reliance Industries Ltd’s petrochemical units in Dahej, Hazira and Nagothane will drive up operating profit by $300 million, reports Mint.

Schneider, Eaton frontrunners to buy L&T’s electrical business

Schneider Electric SE and Eaton Corp have emerged as the top contenders to acquire L&T Ltd’s electric and automation division for Rs15,000-17,000 crore, reports The Economic Times.

Britannia to invest Rs100 crore to boost premium biscuit market share

Britannia Industries Ltd is investing Rs100 crore to revamp its premium biscuits products portfolio to boost market share in the category to 50% in two years from 35% now, reports Mint.

Adani Transmission plans to raise Rs3,000 crore through QIP

Adani Transmission Ltd is gearing up to raise fresh equity capital of up to Rs3,000 crore through a qualified institutional placement (QIP). Read more

TVS Motor to set up 2-wheeler plant in Mysuru

Karnataka has received an investment proposal from TVS Motor Co Ltd to set up a Rs 1,100-crore two-wheeler plant in the state, reports The Hindu Business Line.

PSU bank mergers get the go-ahead from Union Cabinet

The government decided to take consolidation in the banking sector to the next level by setting up a ministerial panel led by finance minister Arun Jaitley to consider and oversee mergers among the country’s 21 state-run banks.

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