Mumbai: November is here but it looks like there won’t be any respite from the bears this month. After the euphoria over the debt crisis solution, markets are finding holes in the crisis plan.
Overnight, stock markets in the US slumped on concerns about European leaders’ ability to raise funds to contain the debt crisis in the region. The S&P 500 lost 2.47% to 1,253.
Meanwhile, MF Global Holdings filed for bankruptcy protection in the US Bankruptcy Court following bad bets on the Euro zone debt. According to reports, MF Global’s meltdown has made it the biggest US casualty of Europe’s debt crisis. So far, anyway.
Asian markets too opened on a weak note. Concerns about the viability of the Euro zone deal are making investors wary of taking fresh positions. Japan’s Nikkei is down 0.76% at 8,920.
Back home, the worsening liquidity crisis at state electricity boards is hurting NTPC. The distribution utilities of eight states have stopped making immediate payments to NTPC despite being offered discounts.
Keep an eye on Hexaware Technologies stock. The promoters are looking to sell their stake in the information technology services provider. The founders have given the mandate to Citigroup Capital Markets Pvt. Ltd to find a buyer.
Sterlite Industries is reportedly considering converting all its loans in Vedanta Aluminum into equity. Sterlite owns 29.5% in Vedanta Aluminum and plans to increase that stake by converting Rs 8,900 crore of its loans into equity.
A combination of natural disasters and civic unrest forced NHPC scale back its expansion plans. According to reports, the company will add only 515 megawatts of power generation capacity by March 2012. This against its earlier target of 1,080 megawatts. Read more...
ACC, Ambuja Cements, East India Hotels, Divis Laboratories, McLeod Russel, Aditya Birla Nuvo and HPCL will announce their September quarter earnings today.
Finally, here is the link to the eulogy to Steve Jobs by his sister Mona Simpson.