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Opening bell: Asian markets open mixed, oil companies in news

LiveMint logoLiveMint 29-05-2017 R. Sree Ram

Asian markets open mixed; US stocks end slightly higher

Asian markets opened mixed. According to Bloomberg trading is likely to be subdued as many of the world’s largest markets are shut for holiday. Over the weekend US markets closed slightly higher. S&P 500 at 2,415 is up 0.03%.

ICAI to check if bad loans are being misreported by banks

The Institute of Chartered Accountants of India (ICAI) has written to the Reserve Bank of India, seeking information on the divergence in bad-loan estimates by some lenders and the central bank, reports Mint. ICAI’s financial reporting review board will also review the 2015-16 financial statements of Axis Bank Ltd and Yes Bank Ltd.

Next wave of liberalisation in FDI on the cards

After abolishing the Foreign Investment Promotion Board, the government is preparing to further liberalise in foreign direct investment (FDI) norms, reports Business Standard.

EPFO to invest Rs20,000 crore in equities in 2017-18

Retirement fund body EPFO will invest Rs20,000 crore in exchange traded funds this fiscal as it has decided to raise the investment limit in ETFs, reports PTI.

Reliance Industries eyes 10% market share in fuel retail

Reliance Industries Ltd is targeting doubling its market share in fuel retail in the next two-three years as it expands the business, reports Mint. The company currently has a 5% share of India’s fuel retail market.

ONGC looking to expand acreage under exploration

ONGC Ltd has decided to aggressively expand its acreage under exploration and production from July once the government starts accepting bids for 26 unexplored sedimentary basins, reports Mint.

Indian Oil becomes most profitable PSU

Indian Oil Corp. Ltd (IOC) has overtaken ONGC Ltd to become India’s most profitable state-owned company, reports PTI. The company posted a 70% jump in net profit to Rs9,106.40 crore in the financial year ended 31 March 2017.

Brookfield in talks to buy Idea, Vodafone tower assets

Brookfield Asset Management is in talks with Idea Cellular Ltd and Vodafone India to buy the standalone telecom towers business of both the companies, reports The Economic Times.

Coal India, BHEL, NTPC earnings today

It will be a results heavy day. Aurobindo Pharma Ltd, Coal India Ltd, BHEL Ltd, BPCL Ltd, Escorts Ltd, Power Finance Corp. Ltd, Power Grid Corp of India Ltd, and NTPC Ltd are some of the companies that will release their earnings for the March quarter today.

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