Mumbai: Global equities continue to trade lower. Overnight, US markets closed lower on selling in small cap and energy shares. S&P 500 at 2,002 is down 0.89%. Tracking the losses Asian markets opened lower. Falling oil prices and concerns about the global economy are making investors wary of equities, reports Reuters. Brent crude is down to $51 a barrel. Back home, car makers raised prices in the range of 4% to 6% after the government withdrew excise duty concessions given to automobile companies, reports Mint. Telecom Regulatory Authority of India (Trai) has recommended that revenue generated by telcos from non-telecom activities such as financial investments and property rents be excluded while calculating adjusted gross revenue that is used to decide how much these companies pay the government as revenue share, reports Mint. The Coal India Ltd worker unions strike is likely to hit the power sector, reports Business Standard. According to the report, the northern and eastern parts of the country could face power outages due to shortage of coal in generating stations. State Bank of India has made a proposal to acquire UTI Mutual Fund and merge it with its asset management arm SBI Mutual Fund, reports The Economic Times. According to the report, SBI made the proposal to the department of financial services. A unit of ONGC Ltd plans to drill four wells in Russia’s Bazhenov shale formation by July, reports Bloomberg. ONGC plans to more than double its oil and gas production from overseas fields in four years, the report says. Apollo Hospitals Enterprise Ltd agreed to buy Nova Speciality Hospitals for Rs.135-145 crore. Nova aims to generate an annual business of Rs.500 crore in five years. Godrej Consumer Products Ltd entered into an agreement with Frika Hair (Pty) Ltd for acquisition of its hair extensions business, reports Mint. Frika Hair has a strong presence in the Western Cape, Eastern Cape and Gauteng regions of South Africa. Tech Mahindra Ltd formed a joint venture with global telecom technology firm Avion Systems, reports Mint. Tech Mahindra will hold minority stake in the venture. A contempt application was filed by a consortium of banks in Karnataka high court against Vijay Mallya, Kingfisher Airlines Ltd and United Breweries Holdings Ltd for alleged violation of an undertaking given to the debt recovery tribunal that they would not alienate unencumbered assets, reports PTI. Lastly, Bill Gross, the former manager of the world’s largest bond fund, believes prices for many assets may fall this year as low interest rates fail to restore sufficient economic growth.
Posted on: Wed, 07 Jan 2015 03:31:01 +0000
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