Mumbai: It is a new week and a new beginning for debt ridden Greece. Even as thousands of people protested in Athens, its parliament approved an unpopular package of austerity measures to qualify for bailout which includes spending and wage cuts, reports Wall Street Journal. Last week Euro-zone finance ministers approved a aid package of $171.5 billion from euro-zone governments and the International Monetary Fund to help Greece avert an impending debt default.
On Friday, US Markets posted their biggest decline in the year, snapping five sessions of gains on concerns of uncertainty surrounding Greece, reports
MarketWatch. The Dow Jones Industrial fell 0.7%, to 12,801.23, taking the loss to 0.5% for the week. The S&P 500 index fell 0.7% to 1,342.64 and the Nasdaq Composite declined 0.8%, to 2,903.88. The preliminary consumer sentiment index which gives a direction of consumers spending declined to 72.5 in February from 75 in January.
Asian markets were trading on a mixed note on Monday morning after Greece lawmakers passed an austerity bill, reports MarketWatch. Japan’s Nikkei Stock Average edged higher by 0.2%, Hong Kong’s Hang Seng and China’s Shanghai Composite were trading in the red, down 0.02% and 0.8% as real estate shares slipped on disappointment over dashed hopes of loosening curbs in the property market.
In India, small cars have lost appeal with their market share falling below 50%, while the sale of SUVs has risen, reports Economic Times. The share of small or compact car segment like the Tata Nano, Maruti Alto, Ford Figo, Maruti WagonR, Hyundai’s Santro - i10 and Eon slid to 47% on the back of 0.07% decline in sales.
PoweGrid Corporation of India will be in the limelight today after the company said that it would raise Rs 3,000 crore through private placement of bonds before end of March for funding the transmission project, reports Business Standard. The company is mobilizing funds from the domestic market to invest Rs 1 lakh crore to build inter-regional power transfer capacity of an additional 38,000 MW according to the 12th 5 year plan.
There may be joint bids by suitors to acquire BG’s 65.12 per cent stake in Gujarat Gas and raise Rs 3,150 crore, reports Business Standard. Some companies are exploring partnership opportunities to reduce competition. Indian firms - BPCL, Gujarat State Petroleum Corporation and ONGC have formed a consortium.
DLF will be in the focus today after net profit for the December quarter fell 45% to Rs 258 crore from a year ago due to lower sales growth as demand remained subdued and interest costs remained high, reports Wall Street Journal India. Interest cost spiked 45% to Rs 620 crore and other income climbed more than three times to Rs 362 crore. DLF is selling its non-core assets aggressively and has booked Rs 1,200 crore as realization from divestment of non-core assets.
Lastly, Jet Airways may be under the spotlight after reports that it has flouted safety norms. The aviation regulator has asked Jet Airways to explain why it has allowed trainee pilots to land packed flight in Mumbai in October. The regulator has the authority to terminate its approval for safety officials of Jet Airways in violation of safety norms. Read the Mint report.