Asian stocks tentative in morning trade
Asian markets slipped into the red on Monday as caution gripped investors in a week in which the US Federal Reserve is likely to hike interest rates and perhaps signal that as many as three more lie in store for the rest of the year. Over the weekend, US stocks closed mostly in green. S&P 500 at 2,752 points is up 0.17%.
IOC, BPCL may buy 26% stake each in GAIL
State-owned Indian Oil Corp. (IOC) and BPCL Ltd may buy 26% stake each in gas utility GAIL India Ltd, paying the government over Rs200 billion each to become integrated energy firms, reports PTI.
IndiGo grounds another plane
Less than a week after the aviation regulator grounded eleven A320neos aircraft of InterGlobe Aviation Ltd-run IndiGo airline over safety concerns, IndiGo withdrew another A320neo due to an engine problem, reports The Times of India.
Activist investor eyes Fortis Healthcare
Activist investor Elliott Management is circling scandal-hit Fortis Healthcare, reports The Times of India. According to the report, the hedge fund is buying Fortis shares.
M&M, Ford India may sign pact to work together
Mahindra & Mahindra (M&M) and Ford India are likely to formalize a memorandum of understanding that they signed six months ago and establish a partnership in the week to 10 days, reports The Economic Times.
RIL, Essar Oil, ONGC, Torrent in race for CNG retailing permit
Reliance Industries Ltd (RIL), Essar Oil Ltd, ONGC Ltd and Torrent Power Ltd are among companies planning to bid for city gas distribution permits, reports Mint. The regulator will offer compressed natural gas (CNG) retailing licences in 100 cities shortly.
Zydus gets USFDA nod to market drug for stomach ailments
Zydus Cadila said it has got a final nod from the US Food and Drug Administration (US FDA) for marketing capsules used for treating stomach and oesophagus problems such as ulcers, reports PTI.
UltraTech Cement challenges Binani Cement sale to Dalmia Bharat
UltraTech Cement Ltd, the Aditya Birla group company that has lost a bid to acquire Binani Cement Ltd, has challenged the sale of the cement maker to rival Dalmia Bharat Ltd, alleging lack of transparency in the bidding process, reports Mint.
Airfares may remain high in April-May
Lastly, airfares which jumped after low-fare airlines IndiGo and GoAir grounded a total of 14 flights since February due to engine problems have since come down, but are expected to remain high in the holiday months of April and May. Read more