Domestic markets are likely to snap four-day losing streak and turn positive on Wednesday, as global sentiments improve on in-line US inflation report. Globally, the US markets inched higher overnight after US annual consumer inflation eased to 6 per cent in February. Dow Jones, NASDAQ Composite, and the S&P 500 indices climbed up to 2 per cent.
Asia-Pacific markets, too, cheered in tandem, with Nikkei 225, Kospi, Kosdaq, Topix, and the S&P 200 indices gained up to 2 per cent.
Cipla
The drug major inked pact with Africa Capitalworks to sell 51.1 per cent stake in Uganda-based Cipla Quality Chemical Industries (CQCIL). Following the sale, CQCIL will cease to a subsidiary of parent-company Cipla. The proposed sale is expected to be complete by end-of May.
Jammu and Kashmir Bank, LIC
The lender signed an agreement with LIC, for servicing and soliciting of the insurance major’s life insurance products through their branch network.
NBCC
The firm has been awarded with a work order for construction of a government medical college and hospital at Karaikal, Puducherry for a total consideration of Rs 500 crore.
Welspun
The board approved the amalgamation of the firm with its subsidiary, Welspun Metallics. The date of this scheme is 1 April.
PNC Infratech
The firm was the lowest bidder for the construction of 6-lane Greenfield Varanasi-Ranchi-Kolkata highway in Bihar with a length of 35.2 km for a cost of Rs 1260 crore.
HPCL
The company inked pact with Chevron Brands International LLC to manufacture, distribute, and market lubricants of the supermarket major. The management said that the collaboration comprises of licensing, production, distribution, and marketing of Chevron’s lubricant products. READ MORE
Axis Bank
Ratings agency CRISIL Ratings reaffirmed ‘stable’ rating on the debt instruments of the private-sector lender. The overall ratings reflect bank’s strong capitalisation, strong market position, and comfortable resource profile, said the ratings agency.
RailTel Corporation
The company bagged Rs 287.5 crore work order from Centre for Development of Advanced Computing (C-DAC) for supply, installation, testing, integration, and commissioning of IT infrastructure in green field data centre in New Delhi and Bengaluru.
LIC
The life-insurance firm said that it has elevated Tablesh Pandey, executive director of the company, as its managing director. Pandey will replace present managing director B C Patnaik.
Glenmark Pharma
The US health regulator granted approval to the pharma major to market a generic antibiotic drug called Clindamycin Hydrochloride Capsules in strengths of 75 mg, 150 mg, and 300 mg.
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