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Opening Bell 13 July

Opening Bell 13 July
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First Published: Wed, Jul 13 2011. 09 09 AM IST
Updated: Wed, Jul 13 2011. 09 09 AM IST
New Delhi: With Infosys setting the tone for first quarter results, markets will lower their expectations from other companies. Here’s a list of things to watch out for before trading starts.
Cues from global markets are not encouraging. Moody’s has cut Ireland credit rating to junk status. The ratings agency warned that the debt-laden country would likely need another bailout package. The move comes a week after Moody’s slashed Portugal to junk status with a similar warning.
The latest warning added to the woes of the European Union which is struggling to stave-off a debt crisis in the region. These concerns led to selling in US stocks. The S&P 500 closed down 0.44%.
Stock markets in Asia are swinging between gains and losses. Buying in stocks of trading houses is helping Japanese markets hold up gains.
Back home, the HCL group is reportedly in talks with DLF to acquire stake in DLF Pramerica Life Insurance Company. According to reports, the company might pay around Rs 450 crore for the stake in the insurance venture. Read more...-
The West Bengal government has reportedly decided to take a stake in the proposed Rs 10,000-crore coal mining and coal-to-oil project in Bengal. The coal-to-oil project was proposed near the Deocha Panchmi block which holds reserves of some 19 billion tonnes of coal at a depth of some 150-200 metres. The project was originally planned to be developed in a JV between Coal India and NMDC. Read more...
In another report, Coal India expressed confidence that it would be able to meet the deadline set by the Mozambique government to develop two blocks in the northern part of that country. The company will invite fresh bids for exploration within a month.
US-based Gilead Sciences has given Ranbaxy, Hetero Drugs, Matrix Laboratories and Strides Arcolab rights to manufacture and market generic equivalents of three new HIV/AIDS drugs. The licensees are expected to pay royalty on the sale of finished products. Read more...
Bhel is planning to enter Burkina Faso, Niger and Sierra Leone markets by supplying power generation equipment worth Rs 3,200 crore. The company is aiming to win orders in the coal and hydropower segments.
Sintex Industries will be adding two new plants to its prefabricated business by September this year. The company is spending Rs 100 crore on these units.
Vedanta bought 10% stake in Cairn India from its parent company Cairn Energy and now its holding stands at 28.5%.
Royal Enfield, a division of Eicher Motors, is setting up a new facility near Chennai with an installed capacity of 1.5 lakh units per annum. The new plant is estimated to come on stream by the first quarter of 2013.
Mundra Port and SEZ is planning to set up a 200-acre plastic processing park in Mundra. The park will house injection moulding, blow moulding, extrusion and other units. Read Mint’s story
Finally, Japan’s appeal to curb electricity usage is leading to heatstroke deaths. Deaths from heatstroke in Japan quadrupled in the early part of summer as temperatures rose and air conditioners were switched off. Read more...
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First Published: Wed, Jul 13 2011. 09 09 AM IST
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