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Opening bell: Asian stocks subdued; Unilever, Havells, Aditya Birla Fashion in news

LiveMint logoLiveMint 20-02-2017 R. Sree Ram

Asia subdued, US stocks close in green

Asian markets opened subdued, while the US markets closed with gains on Friday. S&P 500 is up 0.17% to 2,351 points.

Kraft Heinz withdraws Unilever merger offer

US food company Kraft Heinz Co. has withdrawn its proposal for a $143 billion merger with larger rival Unilever Plc, reports Reuters.

JSW Energy’s buyout plans for Bina power plant stuck

JSW Energy Ltd’s plan to buy the 500 mega watt Bina thermal power plant from Jaiprakash Power Ventures Ltd may come unstuck as the latter’s lenders have invoked strategic debt restructuring, reports Mint.

Havells buys Lloyd’s consumer durables business

Havells India Ltd said it will acquire the consumer durables business of Lloyd Electrical and Engineering Ltd for Rs1,600 crore. The company will fund the transaction with internal resources and Rs600-800 crore of debt.

Tata in early talks to join RCom-Aircel-MTS combine

According to The Economic Times, Reliance Communications Ltd (RCom) and the Tata Group have initiated talks to explore a possible union that could see Tata Teleservices join forces with the merged RCom-Aircel and MTS.

Vedanta to invest $10 billion on expanding business

Vedanta may invest $10 billion in 3-4 years on expanding business verticals, reports PTI. The company plans to complete the merger of Cairn India Ltd and Hindustan Zinc Ltd with itself in the current quarter, the report adds.

Saks in talks with Aditya Birla Fashion to open stores in India

Luxury goods retailer Saks Fifth Avenue Inc. is in advanced talks with Aditya Birla Fashion Retail Ltd to open two stores in India, reports Mint. The first store is likely to open in Aerocity, near the Indira Gandhi International Airport in Delhi.

Govt may not extend subsidy for gas-based power plants

The government is unlikely to extend the subsidy support scheme for stranded and under-utilised gas-based power plants, reports The Economic Times. According to the report, the scheme is due to end next month.

Fresh transfer pricing trouble for MNCs

A new provision for secondary adjustment in transfer pricing, announced in the budget for 2017-18, is likely to affect the cash flow of multinational corporations and the dividend distribution tax paid by their Indian subsidiaries, reports Business Standard.

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