 "Stock market: A roller coaster ride for Indian equities")
A lacklustre opening is expected mirroring overnight decline in US equities on rekindled fears over the global economy slowdown along with slide in crude prices on a sudden surge in Iraqi oil exports.
GLOBAL MARKET
Asian equities posted losses to hit three-week lows today after banking stocks logged sharp plunge across the globe. Meanwhile, Japan’s Nikkei is down 0.6% after the yen rose to a 17-month high against the dollar. Following the tandem, Hong Kong’s Hang Seng and China’s Shanghai Composite lost between 0.5%-1%. In the US markets, S&P 500 Index 1.2% and Nasdaq dropped 1.5%.
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CORPORATE NEWS
Leading lenders State Bank of India (SBI) and ICICI Bank on Thursday cut their home loan rates by 0.10 percentage points to 9.4 per cent following implementation of a new interest rate calculation regime mandated by the Reserve Bank of India (RBI).
British oil explorer Cairn Energy Plc has told its shareholders it faces a penalty up to Rs 10,200 crore over and above the Rs 29,000 crore in tax and interest demand slapped by the Indian income tax authorities, involving a case of retrospective legislation.
Bajaj Auto is hoping to export 10,000 units of the Qute, its indigenously developed quadricycle, in the current financial year.
ITC, the cigarettes to hospitality major, said on Thursday it had renewed a 40-year partnership with Starwood Hotels & Resorts for 11 luxury hotels and another under the Sheraton brand, while agreements had been signed to extend the collaboration for three other upcoming luxury hotels.
Mukesh Ambani's Reliance Industries (RIL) is set to tie up with the Switzerland-based ABB group for a partnership in telecommunications.
GlaxoSmithKline Pharmaceuticals is launching a program which will provide up to 40 preventive healthcare services for free to its 20,000 employees and their dependent in India.
Unitech has plans to raise about Rs 500 crore from private equity firms for the development of housing project in Noida and repay LIC's debt.
Religare Enterprises Limited (Religare) has completed its exit from its asset management joint venture, Religare Invesco Asset Management Company Private Limited and Religare Invesco Trustee Company Private Limited.
UK's Serious Fraud Office has initiated a criminal investigation into Tata Steel's operations, the Telegraph reported on Thursday.
HUL has informed BSE on Thursday its completion of formalities required, for the agreement dated December 17, 2015, to acquire Masons Group's flagship brand, Indulekha, according to media reports.
International rating agency Fitch has assigned 'BB+' rating with a stable outlook to Tata Chemicals Ltd (TCL). The company's rating reflects its high financial leverage.
