Global News.
· The S&P 500 finished at a record high Monday as investors bought stocks amid a reinvigorated appetite for assets perceived as risky following a surprisingly strong jobs report last Friday. The Dow Jones Industrial Average climbed 80.19 points, or 0.4%, to finish at 18,226.93, within a shouting distance of its record of 18,312.39 hit on May 19, 2015. The blue-chip gauge was led by a 1.5% rise in Boeing Co. Meanwhile, the Nasdaq Composite Index advanced 31.88 points, or 0.6%, to close at 4,988.64, after moving above the key 5,000 level during the day for the first time this year. Markets were also boosted by the election in Japan over the weekend. Prime Minister Shinzo Abe's ruling coalition, led by his Liberal Democratic Party, won more seats in the upper house to now have two-thirds majority, which is seen as making it easier for policy makers to push through a bigger fiscal stimulus package this autumn to spur the economy. Japan'sNikkei 225 index closed 4% higher. European and Asian stocks posted firm gains across the board. Oil prices fell below $45 a barrel, while gold finished lower for a second straight session. The dollar rose against most other major currencies, with the ICE U.S. Dollar Index up 0.3%. (Dow Jones Business News)
· The International Monetary Fund called for action over concerns relating to the bail-in of retail investors in Italy, noting that "very high" amounts of non-performing loans and slow judicial processes were straining bank balance sheets. The IMF said "concerns related to the bail-in of retail investors should be dealt with appropriately." Talks between Italy and the European Commission to recapitalize Banca Monte dei Paschi di Siena SpA and other banks are stuck on whether creditors should face losses if taxpayer funds are used, according to people familiar with the discussions. Rules that took full effect this year require bondholders and shareholders to absorb losses in failing lenders in the event of a rescue, a process dubbed a "bail-in." (Bloomberg)
· Federal Reserve Bank of Kansas City President Esther George has resumed her advocacy for interest- rate increases, citing the June rebound in U.S. hiring as a key reason to push rates further above zero. "The economy is at or near full employment" said George, a voter this year on the policy-making Federal Open Market Committee, in a speech Monday in Lake Ozark, Missouri. "And yet short-term interest rates remain at historic lows. Keeping rates too low can also create risks."George explained to the audience that she didn't dissent at the June 14-15 FOMC meeting because a disappointing U.S. payrolls report for May, as well as Britain's looming referendum on European Union membership, had given her pause. (Bloomberg)
Corporate News
· Ashok Leyland has bagged orders for 3,600 buses from various State Transport Undertakings (STUs), helping it to improve its position in the buses market. The company is expecting to maintain growth in the domestic medium and heavy commercial vehicle (M&HCV) market during the year.(BS)
· Zydus Cadila has received the final approval from the USFDA to market Nateglinide tablets, a drug used in the management of Type 2 diabetes. The company today informed in a statement that it has received the nod from the US drug regulator to market the drug in strengths of 60 mg and 120 mg. The drug is an oral anti-diabetic agent used in the management of Type 2 diabetes mellitus and will be produced at the group's formulations manufacturing facility at the Pharma SEZ in Ahmedabad. (BS)
· Sun Pharmaceutical Industries announced rollout of Gemcitabine InfuSMART, on Monday, used in treatment of cancer, in Europe. "As part of its business strategy to build a meaningful and differentiating presence in global oncology therapy market, Sun Pharma today announced rollout of Gemcitabine InfuSMART in Europe. InfuSMART is a technology in which oncology products are developed in a ready-to-administer (RTA) bag. (BS)
· The Coal India board decided to buy back 1.72% of its shares by using Rs 3,650 crore from its reserves of more than Rs 38,000 crore. The company said its board has approved the buyback of 108,955,223 equity shares on a proportionate basis through the tender offer route at Rs 335 a piece.(BS)
· Nirma, the Ahmedabad-based detergent and soap maker, announced its acquisition of Lafarge India's 11-million-tonne (mt) cement business for $1.4 billion (about Rs 9,478 crore), including debt. The valuation is around $127 per tonne, lesser than the $151 per tonne valuation Lafarge commanded in its aborted deal with Birla Corp last year and marginally higher than what UltraTech Cement paid to acquire Jaiprakash Associates' assets last week. (BS)
· Apollo Hospitals has signed a Memorandum of Understanding (MoU) with Stanford University for the Stanford South Asian Translational Heart Initiative (SAATHI) related to South Asians and Chronic Disease. (BS)
· Inox Wind Limited has bagged an order from Atria Wind Power, a part of the Atria Group, for a 50 MW wind power project to be deployed in Gujarat. The project is scheduled to be commissioned by March 2017 and will be executed on turnkey basis. The order comprises of supply and installation of 25 units of Inox Wind's 113 meter rotor diameter turbine combined with the 120 meter hub height tower. (BS)
· GSPL India Transco Ltd (GITL), a subsidiary of Gujarat State Petronet Ltd (GSPL), has signed a Gas Transportation Agreement (GTA) with Ramagundam Fertilizers & Chemicals Ltd (RFCL) on July 8 to supply 2 million metric standard cubic metres per day (mmscmd) of natural gas for 20 years.(BL)
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