BackOpening Bell | Asian markets open lower; L&T, Bhel in news
NSE to file for IPO in January, plans overseas listing too; Sistema to buy out Russian govt's 17.14% stake in SSTL
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US extends losses, Asian markets follow suit
US stocks extended losses, dropping about 1.5% on the second day of trading after the Brexit vote. The Dow Jones Industrial Average closed down 1.5% at 17,140.24 points, the S&P 500 index closed down 1.81% at 2,000.54 points and the Nasdaq Composite finished down 2.41% at 4,594.44 points.
Asian markets opened lower on Tuesday, extending the global market sell-off in the wake of the UK vote to leave the European Union (EU). In Japan, the Nikkei 225 was off 1.32%, while across the Korean Strait, the Kospi dropped 0.48%.
NSE to file for IPO in January, plans overseas listing too
National Stock Exchange of India Ltd (NSE), the operator of India’s largest bourse, will file documents in January for an initial public offering (IPO) that would give an exit opportunity to its institutional investors. The exchange, which is valued at ₹ 17,500-18,000 crore (according to recent trades), will also seek an overseas listing by April 2017, reports Mint.
Starbucks extends Tata partnership beyond India
Starbucks Corp. is expanding its partnership with Tata Group beyond India by launching the latter’s single-origin coffee in the US and Himalayan mineral water in Singapore. The world’s largest coffee retailer will also launch specialty tea brand Teavana in India by year end, reports The Economic Times.
MEP Infrastructure bags ₹ 605 crore project from NHAI
MEP Infrastructure Developers has won a highways project in Gujarat. This is the second project on hybrid annuity mode in Gujarat in less than a month. “The bid project cost is ₹ 604.68 crore and the first year operation and maintenance bid is for ₹ 8.46 crore," the company said.
Bhel commissions two hydel units in Afghanistan
State-run Bharat Heavy Electricals Ltd (Bhel) has commissioned two units of 14 megawatts each at Salma Hydro Electric Project in Afghanistan. The Salma dam, or the Afghan-India Friendship dam, was inaugurated by Prime Minister Narendra Modi in the presence of Afghan president Ashraf Ghani. Read more.
HCL Technologies struggles to retain existing clients
HCL Technologies Ltd has lost at least $1.5 billion worth of contracts that came up for rebid over the past two years. That is a high number, considering the fact that an information technology (IT) firm of HCL’s scale, with $6.23 billion in revenue for the year ended March 2016, typically sees average annual business erosion of 3-5% of total revenue, reports Mint.
Sistema to buy out Russian govt’s 17.14% stake in SSTL
Russian conglomerate Sistema JSFC will acquire Russia government’s 17.14% stake in Sistema Shyam TeleServices Ltd (SSTL) for an estimated $777 million. Sistema currently holds 56.68% stake in SSTL, which offers mobile telephony services under the MTS brand across nine telecom circles in India, and 23.98% is held by its Indian partner Shyam Group.
Maruti Suzuki ramps up Brezza production
Maruti Suzuki India, the country’s largest car maker, is ramping up production of its compact SUV Brezza and will roll out 10,000 units a month from July to cater to strong demand for the vehicle. This is the second time the company has revised sales estimates for the model launched in March.
Wartsila bags order to build two vessels for Adani
Wartsila, a global solutions provider for marine and energy sectors, has won an order to build two vessels for Adani Group. “Wartsila has won an order for two new 8000m3 trailing suction hopper dredgers being built for the Adani group, India’s largest private multi-port operator," the company said. The contract was signed in February 2016.
L&T wins orders worth ₹ 2,416 crore in June
The construction arm of Larsen and Toubro (L&T) won orders amounting to ₹ 2,416 crore across three business segments—building & factories, power transmission & distribution, and smart world & communication—in June 2016. Read more.
JSW Steel gets nod to set up plant in Jharkhand
JSW Steel, one of India’s largest steel groups, has reportedly received the environmental clearance for setting up an integrated steel unit and captive power plant in Jharkhand. The green clearance has been given subject to some conditions based on the recommendations of the government’s Expert Appraisal Committee.
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