BackNews roundup | Global equities gain as US Fed revives rate hike talk
US Federal Reserve is on track to raise interest rates this year, says Janet Yellen
Premium
Asian shares gain on US Fed comments
Asian markets gained in the morning trade. Stocks rose after the Federal Reserve Chair Janet Yellen said the US central bank is on track to raise interest rates this year. US markets closed marginally lower. S&P 500 lost 0.3% to 1,932.
Govt lays MAT controversy to rest
Foreign companies without a permanent establishment in India will be exempt from minimum alternative tax (MAT), the government said, a move that will assuage concerns of overseas investors, reports Mint.
L&T IDPL seeks government help
L&T Infrastructure Development Projects Ltd (IDPL), a subsidiary of Larsen and Toubro Ltd (L&T), is seeking help from the central and state governments to prevent further financial deterioration in two of its projects, reports Mint.
Adani set to sign deal to manage Kattupalli port
Adani Ports and Special Economic Zone Ltd is set to sign an agreement with Larsen and Toubro Ltd in the next few days to take over operation and management of the Kattupalli port at Ennore near Chennai, reports Mint.
Lupin increases diabetes drug price by 200% in US
Lupin Ltd raised the price of its anti-diabetes drug in the US market by 200%, reports Business Standard. The move could increase its product revenue to around $100 million, the report says.
Videocon to convert debt to equity
Videocon Industries Ltd has called an extraordinary general meeting to obtain shareholders’ approval to convert part of its ₹ 75,000 crore of debt into equity by way of an enabling resolution, reports The Times of India.
Bilt to sell its stake in Sabah Forest Industries
Ballarpur Industries Ltd (Bilt) will sell its stake in Sabah Forest Industries Sdn Bhd of Malaysia to Pandawa Sakti (Sabah) Sdn Bhd for an enterprise value of $500 million.
IDFC Bank eyes ₹ 15,000 cr rural banking portfolio
IDFC Bank, soon to become scheduled commercial bank, will scale up its rural banking portfolio to a size of ₹ 10,000-15,000 crore in five years. Read more.
JSW Steel to set up cement plant in Bengal
JSW Steel Ltd plans to set up an ₹ 700-crore cement plant at Salboni in West Bengal, reports Business Standard. The company also plans to build a captive power plant.
Renault Kwid takes the fight to Maruti Alto
Lastly, Renault SA introduced its entry-level car Kwid priced at ₹ 2.57 lakh (ex-showroom Delhi) that will take on India’s largest selling car Alto, manufactured by Maruti Suzuki India Ltd. Alto starts selling at ₹ 2.52 lakh and goes up to ₹ 3.72 lakh for the top variant. Kwid’s top variant will cost ₹ 3.53 lakh. Read more.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
