Mumbai: Cues from the global markets are encouraging. Overnight US markets advanced to the highest level since early April on strong building permits data and robust earnings by Cisco. According to Bloomberg, building permits, a proxy for future construction, rose the most since August 2008 in July. The S&P 500 gained 0.71% to 1,415.
Also helping the sentiment are comments from German Chancellor Angela Merkel. The German Chancellor voiced support for the European Central Bank (ECB) efforts to contain the Euro zone debt crisis. According to reports Merkel is backing the ECB’s conditions for assisting indebted countries.
The comments from the German Chancellor and positive building permits data from the US are lending support to the Asian stock markets as well. Japan’s Nikkei rose 0.17% to 9,108 in morning deals.
Back home, Sebi is likely to allow new routes for stake divestment. According to Sebi chairman U.K. Sinha, Indian companies will be allowed to achieve the minimum 25% public shareholding rule through the allocation of bonus or rights shares. Read more.
ONGC is close to selling 26% stake in its Krishna Godavari basin block to Japan’s Inpex Corporation, reports the Business Standard. According to the report, the company is looking at selling stakes in other blocks as well.
Maruti Suzuki India will resume production at its Manesar plant on 21 August. The company wants to resume production in phases. To begin with, the company will have 300 workers at Manesar who will produce 150 cars a day. Read the Mint report.
Videocon Industries has valued its 10% stake in gas reserves in Mozambique at $2.26 billion (Rs 12,656 crore). The company based its calculation on Cove Energy Plc.’s recent 8.5% stake sale in the block for $1.92 billion. Read the Mint report.
Wipro Furniture, a unit of Wipro, may be considering at least two acquisition targets to strengthen its presence in the office furniture market, reports Mint. According to the report Wipro is keen on expanding its non-IT businesses.
Cairn India has acquired 60% stake from PetroSA in an oil and gas exploration block on the west coast of South Africa. The block comprises of one gas discovery. Read more.
Saregama India is restructuring its business. According to the Business Standard, the company wants to focus on digital space, television soap operas and exit the film production business.
Wockhardt has received final approval to market clopidogrel bisulfate tablets, used for reducing risk of heart attack, in the US market. The company said it is launching the product in the US immediately.
TCS has acquired Computational Research Laboratories, a wholly owned subsidiary of Tata Sons, for Rs 188 crore. The acquisition is expected to help TCS offer high performance computing applications to its clients.
Finally, here is The Telegraph’s list of the 10 best cities to live in. Topping the list are Melbourne, Vienna and Vancouver.