Market Today

Global equities mixed

US markets closed marginally lower. S&P 500 lost 0.2% to 1,938 on selling in commodity shares. Tracking the cues Asian markets opened mixed.

India consumer confidence slips in September

Consumer confidence in India waned in September on reduced optimism about personal finances, according to the ANZ-Roy Morgan India Consumer Confidence index. This is the second month in a row the index has fallen. 

RBI proposes easier ECB norms

The Reserve Bank of India (RBI) came out with a draft paper that allows Indian companies to raise funds from a wider class of lenders, reports Business Standard. According to the proposals companies can take the external commercial borrowings route for raising 10-year funds which is capped at five years now, the report says.

L&T to sell assets, dilute stake in non-core subsidiaries

Larsen and Toubro Ltd (L&T) is looking to sell some assets including roads and infrastructure projects and dilute its stake in non-core subsidiaries to revive performance, reports Reuters. In another report, the company is seeing little sign of economic recovery, with some of its factories running below capacity.

Coal India may revise capital expenditure plan

Coal India Ltd (CIL) may revise its five-year capital expenditure due to land acquisition issues, reports Business Standard. The company has to acquire an additional 20,000 acres to meet its annual production target.

NTPC’s aversion to fresh equity may stall Dabhol spin-off

A proposal to split Ratnagiri Gas and Power Pvt. Ltd (RGPPL) into two companies, one running the Dabhol Power plant and the other the liquefied natural gas terminal, has run into trouble with one of the shareholders, NTPC Ltd, expressing its reluctance to put in more equity, reports Mint.

R-Com close to selling telecom tower business

Reliance Communications Ltd (R-Com) is moving towards complete exit from the telecom tower business, reports The Economic Times. According to the report, the tower business is valued at Rs.20,000-24,000 crore.

Bajaj Auto to begin exports of RE60

Bajaj Auto Ltd is set to begin exports of its quadricycle RE60, after the company got approvals from a European certification agency, reports Mint.

Aban Offshore aims to reduces debt by 10%

Aban Offshore Ltd is planning to reduce its debt by 10% this year, reports Business Standard. The company moved an enabling resolution to get shareholders’ approval to raise funds through depository receipts and qualified institutional placements.

Blackstone to rise holding in Gateway Rail Freight

Private equity firm Blackstone is set to increase its shareholding in Gateway Rail Freight Ltd, a unit of Gateway Distriparks Ltd, by converting its preference shares into equity.

Rating on GMR’s road project cut to default

CARE has cut the long-term loans ratings on the GMR Hyderabad-Vijayawada Expressways to default grade, reports Business Standard. GMR Infrastructure holds 90% stake in the expressways.

Lenders take over Visa Steel

Lenders to the Visa Steel Ltd has decided to convert debt into equity by invoking strategic debt restructuring (SDR) rules.