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Opening Bell 24 May

Opening Bell 24 May
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First Published: Tue, May 24 2011. 09 23 AM IST
Updated: Tue, May 24 2011. 09 23 AM IST
New Delhi: Concerns about the deepening debt crisis in Europe and its possible impact on the global economy are driving stock and commodity markets lower. Here is a list of things to know before trading starts:
Overnight, stock markets in the US tumbled on concerns about the sustainability of global economic growth. The S&P 500 index fell by 1.19% to 1,317. According to Bloomberg, it’s the biggest single day drop in two months.
The debt crisis in Europe stoked speculation that fuel demand will decrease if economic growth decelerates. This has sent oil prices lower. Brent for July settlement fell 0.2% to $109.93 a barrel.
Stock markets in Asia also opened lower. Even though they are trading with losses, the sell-off has abated a bit. The Nikkei at 9,448 is down marginally by 0.13%.
Back home, the government is looking at the ways to decrease growing fiscal pressures. The finance secretary has asked the telecom ministry to ‘expeditiously’ identify surplus spectrum that can be auctioned in the current financial year.
JB Chemicals & Pharmaceuticals is selling its OTC brands in Russia for about $260 million. The deal is expected to be closed by the middle of this year. The company’s board also approved the sale of worldwide rights and registrations of three OTC brands-Doktor Mom, Rinza and Fitovit.
To reduce its debt, Mawana Sugars is looking to sell its chemical business. According to reports, the company has appointed SBI Capital as an advisor and fixed the reserve price at Rs 151 crore.
The promoters of National Glass and Industries are looking to sell around 7.5% of the company’s shares to invest in an ‘unrelated business’. Based on current market prices, the proposed share sale may raise around Rs 135 crore. Read more...-
Expect some action to continue in Bhel stock. The stock tanked on Monday after the company’s board approved the government’s proposal to divest a 5% stake in the company. The government currently holds 67.7% equity in Bhel.
Meanwhile, the approval gives fresh impetus to the government’s disinvestment program. The board of SAIL also cleared the sale of government’s 5% stake along with issuance of new shares. SAIL and Bhel alone are expected fetch the government around Rs 7,500 crore.
To raise equity funding for expansion plans, Gammon Infrastructure is looking to sell stakes in two infrastructure projects. The company aims to raise around Rs 300 crore through the sale. Read more...
Exporters sit tight. The commerce and industry minister Anand Sharma will be meeting finance minister Pranab Mukherjee to make a case for extending the Duty Entitlement Passbook Scheme (DEPB). DEPB is slated for expiry on 30 June. Read more...
Trouble is brewing at Coal India. Unions are demanding higher pay and are threatening to go on a three-day strike if Coal India does not raise salaries next month. Coal India employs around 3.7 lakh workers.
KKR and International Finance Corporation invested Rs 440 crore in Magma Fincorp. Magma Fincorp is a non-deposit taking NBFC. The company is aiming to increase its disbursements by 50% in 2011-12. Read Mint’s story
Another senior executive of Reliance Communications has put in his papers. Reliance Infratel CEO SP Shukla has quit the company. According to reports, Shukla is the third top executive to leave the Reliance Communications. Read more...
Aurobindo Pharma received a warning letter from the US health regulator about its antibiotics manufacturing unit in Hyderabad. The USFDA has asked Aurobindo Pharma to submit a detailed action plan on rectifying the situation. Read more...
Tata Chemicals is expecting its subsidiary, Brunner Mond Group Ltd, to start making profits by the end of this financial year. Tata Chemicals acquired Brunner Mond in December 2005.
Finally, a former neighbour kidnapped a banker’s dog as a revenge for refusing a loan. The person held the dog for a ransom of £500 before leaving it in a frozen pond. Read more...
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First Published: Tue, May 24 2011. 09 23 AM IST
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