US stocks end higher; Asian markets open mixed
US equities closed higher on Wednesday as investors cheered the Federal Reserve’s plan for scaling back its massive $4.5 trillion balance sheet. Asian markets traded sideways early on Thursday as investors look ahead to an Opec gathering widely expected to extend output cuts.
To Make in India, Modi govt approves Buy in India
To promote its flagship Make In India programme, the Narendra Modi government has cleared its own version of the US’s Buy American policy through a national government procurement policy, giving preference to locally made goods and services.
HCL Tech to buy back shares at 17% premium for Rs3,500 crore
India’s fourth largest software services firm HCL Technologies said it will buyback shares at Rs1,000 apiece, a 17% premium over current trading price.
Moody’s cuts China rating to A1, first downgrade since 1989
Moody’s Investors Service cut its rating on China’s debt for the first time since 1989, challenging the view that the nation’s leadership will be able to rein in debt while maintaining the pace of economic growth.
Lupin Q4 profit halves to Rs380 crore as US sales slump
Drug maker Lupin Ltd’s consolidated net profit in the Mach quarter fell 49% from a year ago to Rs380.21crore, missing analysts’ estimates by a wide margin.
Bharat Forge Q4 profit rises 25% at Rs207.50 crore
Auto components major Bharat Forge reported a 25.32% increase in standalone net profit at Rs207.50 crore for the fourth quarter ended 31 March 2017. Read more.
RCom shares fall nearly 22% in 10 sessions on negative rating of overseas bond
Shares of Reliance Communications Ltd (RCom) fell in nine out of 10 sessions, falling over 22% in this period to hit a record low, as its overseas bond continued to plummet after rating agencies ICRA and CARE cut their rating on the company’s debt on worries of its dollar-denominated debt.
USFDA accepts application for psoriasis drug: Sun Pharma
Drug major Sun Pharmaceutical Industries said the US health regulator has accepted biologics licence application for tildrakizumab for the treatment of psoriasis.
Earnings corner
Ashok Leyland, Cipla, Concor, IOC, Heidelberg Cement India, Mphasis and NMDC are among the companies that will be announcing their March quarter earnings on Thursday.