Stemcor Holdings Ltd., a U.K. steel trader restructuring $1.25 billion of debt, reached an agreement with ICICI Bank Ltd. that will pave the way for the sale of its Indian iron and manganese ore units, said five people familiar with the situation.
Satyam Computer Services Ltd. , the software developer embroiled in India’s biggest corporate fraud probe, fell the most in almost two years in Mumbai trading on concerns the company is failing to win profitable contracts.
Reliance Communications Ltd. , India’s second-largest wireless carrier, rose to a five-month high in Mumbai trading after saying it will sell stakes in its mobile-phone tower unit and use the proceeds to pay debt.
Tata Steel Ltd. , Steel Authority of India Ltd. and JSW Steel Ltd. gained after RBS Equities (India) Ltd. said the nation’s top producers may raise prices as much as 4 percent next month because of lower imports from China and a surge in rural demand.
Hindalco Industries Ltd., the world’s biggest supplier of aluminum for cans, is counting on next year’s soccer World Cup and the 2016 summer Olympics in Brazil to buoy demand amid sagging sales at home in India.
Jindal Steel & Power Ltd., India’s third-largest steelmaker by value, is in talks to acquire an iron ore mine in Liberia as environmental hurdles at home prompt it to look overseas, said two people familiar with the matter.
Reliance Communications Ltd. , India’s second-largest wireless carrier, said it may sell a 26 percent stake to help pay debt and upgrade networks. AT&T Inc. is in early talks about investing in the company, the Wall Street Journal reported today, citing people familiar with the plans.
Indian stocks climbed, boosting the benchmark index by the most among the world’s 20 largest markets in the second quarter, as a government official said the lifting of fuel-price caps will halve oil company losses.