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Opening bell: Asian stocks edge higher; Amtek Auto, Jyoti Structures, ITC in news

LiveMint logoLiveMint 29-06-2017 R. Sree Ram

Asia tracks US market gains

US markets closed higher. S&P 500 gained 0.88% to 2,440 on gains in shares of financial services companies. Tracking the cues Asian markets opened with gains.

Govt bites the bullet on Air India privatization

The Union Cabinet formally approved the privatisation of national airline Air India Ltd and five of its subsidiaries, reports Mint. Finance minister Arun Jaitley would be heading a group to work out procedures for the Air India disinvestment.

Cabinet approves hike in allowances for central govt employees

The Union Cabinet raised several allowances, including that for house rent, for a majority of the 4.7 million government employees, by more than what the seventh pay panel had suggested last year, reports Mint.

Utilities owe Rs2,000 crore for wind energy firms

Payments of over Rs2,000 crore is stuck with various state distribution utilities, reports The Hindu Business Line. Madhya Pradesh, Maharashtra and Tamil Nadu have been identified as key defaulters, with payment delays of 9-12 months, the report says.

Niti Aayog proposes higher tax on big cars

Government think tank Niti Aayog has made a case for higher tax on big cars and SUVs, and promotion of mass transport system like metro rail to improve air quality in the draft National Energy Policy, reports PTI.

Banks refer Amtek Auto, Jyoti Structures for bankruptcy proceedings

Banks initiated bankruptcy proceedings against Amtek Auto Ltd, Electrosteel Steels Ltd and Jyoti Structures Ltd, taking the total number of cases filed under the Insolvency and Bankruptcy Code to five, reports Mint.

Daiichi moves tribunal to block Fortis demerger

Daiichi Sankyo has approached the National Company Law Tribunal in Chandigarh to stop former Ranbaxy promoters Malvinder and Shivinder Singh from splitting hospital and diagnostics businesses of Fortis Healthcare Ltd, citing its ongoing legal tussle with the Singhs, reports The Economic Times.

Wipro, Infosys see decline in share of top-five clients in revenues

Wipro Ltd and Infosys Ltd have seen revenue contribution from their top five clients decline as they have not been spending enough on traditional services, reports Business Standard.

GoldenEye ransomware attack hit operations at Pipavav Port, JNPT

Operations at Jawaharlal Nehru Port Trust (JNPT) run by AP Moller-Maersk, near Mumbai, were disrupted by a global ransomware attack. Operations at the Danish firm’s terminal at Gujarat Pipavav Port were also affected.

ITC seeks shareholders nod for additional salary for Deveshwar

ITC is seeking nod from its shareholders for additional remuneration of its Non- Executive Chairman Y C Deveshwar that includes a monthly salary of Rs1 crore among others, reports PTI.

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