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Opening Bell 8 August | Corporate results to guide markets

Globally policy optimism continues to drive equity markets though a hiring slowdown in the US causes worry
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First Published: Wed, Aug 08 2012. 07 46 AM IST
A file photo of BSE building in Mumbai.
A file photo of BSE building in Mumbai.
Mumbai: Speculation that central banks across the globe will take steps to boost economic growth is driving gains in the equity markets.
photoJapan’s Nikkei surged as much as 1.72% to 8,954 in morning deals as investors bet that policymakers will take co-ordinated action to address the Euro zone fiscal crisis and declining global growth.
Overnight US markets also closed firm. S&P 500 gained 0.51% to 1,401 on better than expected corporate earnings and policy optimism.
Job openings in the US rose to a four year high in June. But uncertain economic conditions are leading to a slowdown in hiring. Companies are hesitant to hire new workers on worries of government spending cuts, higher taxes from 2013 and the debt crisis in Europe. Read the Reuters report.
Back home, keep an eye on NTPC, Coal India and NMDC. According to The Economic Times, the finance ministry is planning to sell shares in these companies to improve government finances and revive investor sentiment.
Reliance Industries stock could witness some action. The management committee for the KG D6 block conditionally approved the budget and work programmes for the field that have been pending for the last three years. Read the Mint report.
Coal India has finalised a range of penalties it will pay under the fuel supply agreements. For supplying coal between 80% and 65% of the required amount, the company will have to pay a penalty of 1.5% of the coal price to the purchaser with which it has a pact. Read the Mint report.
DLF is planning to reduce its debt by Rs 5,000 crore by the end of the current fiscal. The company expects to sell two properties - Aman Resorts and a prime plot in Mumbai - as well as its wind energy business. Read more.
Questions are being raised over the multi-year compensation being offered to Prathap C. Reddy, executive chairman of Apollo Hospitals Enterprise. The company is proposing to pay Reddy 5% of its annual net profit as compensation for the next five years. Read the Mint report.
A unit of ABG Infralogistics has won the rights to develop and operate a new container loading facility in Tamil Nadu. The company will invest Rs 312.23 crore to develop the facility. Read more.
EIH has decided to stop building properties, reports Mint. The company now wants to focus on managing the hotels. In another report, the promoters are steadily increasing their stake in the company. Last fiscal, the promoters increased their stake by 1.36%.
It will be a results heavy day. Aban Offshore, ABB, Bharti Airtel, Chambal Fertilisers, GVK Power and Infrastructure, Indian Hotels, Maharashtra Seamless, Mahindra & Mahindra, Oil India, Pantaloon Retail, Power Finance Corporation and Tata Power are some of the notable companies that will release their earnings today.
Finally, a growing number of wealthy Britons are actively considering moving abroad. Crime, increasing anti-social behaviour and even bad weather are the major factors influencing the decision making process. Read The Telegraph report.
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First Published: Wed, Aug 08 2012. 07 46 AM IST
More Topics: Markets update | Sensex | BSE | NSE | Nifty |
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