Here's what happened to the stock market on Thursday

Ramakrishnan is MD of South Indian Bank

Private sector lender South Indian Bank on Thursday said the Reserve Bank of India (RBI) has approved appointment of Murali Ramakrishnan as its MD and CEO with effect from October 1.

Mr. Ramakrishnan had retired from ICICI Bank as senior general manager on May 30 and joined South Indian Bank as adviser on July 1. RBI’s approval is for three years, the Kerala-based bank said in a regulatory filing. In his last assignment at ICICI Bank, Mr. Ramakrishnan headed a business transformation project for SMEs.

EESL to procure 250 Tata, Hyundai electric vehicles

To utilise $5 mn ADB grant for purchase

Energy Efficiency Services Limited, which comes under the Ministry of Power, said on Thursday it will procure 250 electric vehicles from Tata Motors and Hyundai Motor India.

While Tata Motors won the bid to supply 150 Nexon EVs, Hyundai Motor India will supply 100 Kona electric vehicles for government use. “The companies were selected through an international competitive bidding process, which was aimed at increased participation. The letter of award for the procurement was presented to the two companies,” EESL said in a statement.

This procurement will utilise $5 million from the recent grant provided by the Asian Development Bank towards financing high priority areas like demand side energy efficiency sector projects.

EESL will procure the Nexon EV for ₹14.86 lakh each, which is cheaper by ₹13,000 than the ex-showroom price of ₹14.99 lakh, whereas Kona Electric, which offers a higher range, will be procured at an 11% lower price band of ₹21.36 lakh. “These EVs will replace the existing fleet of petrol and diesel vehicles of the Central and State Governments,” it added.

“A shift to EVs, facilitated by our e-mobility programme will reduce dependence on oil imports and promote power capacity addition in India,” Saurabh Kumar, Executive VC, EESL, said.

GM and Honda announce new partnership in North America

General Motors and Honda are teaming up in North America.

The auto titans, which have collaborated before, intend to share common vehicle platforms on the continent, including electrified and internal combustion propulsion systems. The partnership comes as carmakers are feeling the heat as they try to meet demands for cleaner vehicles.

The team-up will see the companies collaborate on new cars, as well as sharing costs. Their respective engineering teams will begin working together as soon as next year, the companies said.

GM stock was up 0.6 percent, or 18 cents, on the announcement, while Honda stock was up 0.8 percent.

GM and Honda in April had revealed that they would create two new electric cars for Honda, and had previously worked together on the design of a self-driving car called Cruise Origin for GM’s Cruise Automation arm.

In a statement, GM president Mark Reuss said its partnership with Honda would give it economies of scale it cannot achieve on its own.

“Overall, we believe this alliance would help both companies realize significant cost savings in the development of our vehicle portfolios,” he said. “Specifically for GM, the substantial amount of money we would save as a result of the proposed alliance would help us fund our vision of an all-electric future.”

With Post wires 

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Libya’s GNA: Haftar allies disrupting municipal elections in east

City elections in Misrata and those planned across western and southern Libya could help pave the way for nationwide elections.

Voters in the western Libyan city of Misrata are going to the polls on Thursday to elect city leaders.

Other towns in the region are also planning municipal elections.

But they will not be happening nationwide.

Allies of renegade military commander Khalifa Haftar have prevented voting in other areas.

Al Jazeera’s Malik Traina reports from Misrata.

Korean Peninsula battered by its second typhoon in a week

Typhoon Maysak hits the peninsula, much of it already soaked by a season of extreme weather.

Powerful Typhoon Maysak has swept along the Korean Peninsula, leaving at least one person dead.

It hit the southeastern city of Busan early on Thursday and swept north where people living further up are now dealing with its torrential rains.

Al Jazeera’s Rob McBride reports from Busan, South Korea.

The Cooper Companies, Inc. Q3 adjusted earnings Beat Estimates

The Cooper Companies, Inc. (COO) reported a profit for third quarter that decreased from the same period last year.

The company’s profit totaled $55.2 million, or $1.12 per share. This compares with $120.1 million, or $2.40 per share, in last year’s third quarter.

Analysts had expected the company to earn $1.52 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 14.9% to $578.2 million from $679.4 million last year.

The Cooper Companies, Inc. earnings at a glance:

-EPS (Q3): $2.28 vs. $3.23 last year.
-Analysts Estimate: $1.52
-Revenue (Q3): $578.2 Mln vs. $679.4 Mln last year.

Next quarter EPS guidance: $3.00 – $3.20
Next quarter revenue guidance: $665 – $693 Mln

Here's what happened to the stock market on Thursday

The Dow closed 807.77 points lower, or 2.8%, at 28,292.73. The S&P 500 slid 3.5% to 3,455.06. The Nasdaq Composite dropped 5% to 11,458.10. A massive sell-off in tech dragged down the broader market from record levels.

Tech snaps 10-day winning streak

The S&P 500 tech sector dropped 5.83% for its first losing session in 11. "Someone hit the 'sell tech, buy dreck' button and this is creating a bid beneath beleaguered groups, while [tech] gets pummeled," said one trader. Apple slid 8% to lead tech lower. Facebook, Amazon, Alphabet, Netflix and Microsoft also fell sharply.

Reopening names bounce

To be sure, shares of companies that would benefit from the economy reopening rose broadly. Cruise operator Carnival rose 5.2% and Macy's popped 8%. United Airlines advanced 1.4%.

What happens next?

Traders are bracing for the Friday release of the U.S. jobs for August. Economists polled by Dow Jones expect more than 1 million jobs were added last month.

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