Mumbai: US markets plunged for the second straight session on back of concerns over the looming fiscal cliff and tensions in the Middle East after Israeli air strikes on the Gaza strip, reports MarketWatch. Budget negotiations to avert more than $600 billion in automatic spending cuts and tax hikes from January will have repercussions for the economy, said analysts. The Dow Jones Industrial Average, Nasdaq and S&P 500 fell over 1% each.
Asian indices were trading lower on Thursday morning following weak cues from Wall Street. Hong Kong’s Hang Seng plunged over 1% on back of losses in banks and resource shares. The Shanghai Composite declined 0.6%, while Japan’s Nikkei Stock Average was up 0.8% on back of upbeat earnings.
In India, the 2G spectrum auction has turned out to be a damp squib as the government was could raise less than one-third of the Rs 30,000 crore it had been expected to garner. There were no takers for spectrum in Delhi and Mumbai because of the high base price.
DLF may see some action following reports that the largest property developer expects to sell Rs 5,000 crore of non-core assets by March. DLF is in advanced talks to sell its Aman Resorts project and wind energy business. The real estate major posted a 63% drop in net profit, to Rs 139 crore while revenue declined 19.5% to Rs 2039 crore in the September quarter.
The Government seems to be confident of garnering enough support to face the opposition over the issue of foreign direct investment in multi-brand retail during the winter session of Parliament, starting next week, reports The Hindu BusinessLine.
Kingfisher Airlines may be under pressure following reports that employees have not received their May salary despite an assurance from the airline management that the third tranche of the dues would be paid by Diwali.
The private equity arm of Piramal Enterprises is set to raise a Rs 1,000-crore health care-focused fund and first closure of Rs 250-300 crore is expected by March 2013, reports Business Standard.
NTPC is eyeing the state-owned Tungabhadra Steel Product 204 megawatts hydel power project in order to expand its hydro power business.
Lastly, tea drinkers may have to shell out extra for the morning cuppa during winter because bad weather has hit tea output and driven up prices, reports the Wall Street Journal India. A drought followed by torrential rains between April to August damaged crops in the north east region.