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Opening Bell 6 July

Opening Bell 6 July
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First Published: Wed, Jul 06 2011. 08 28 AM IST
Updated: Wed, Jul 06 2011. 08 28 AM IST
Mumbai: The rally is slowly losing its momentum. Concerns about valuations and lack of positive cues are holding back investors from taking fresh positions. Here’s a list of things to watch out for before trading starts.
Cues from global markets are not encouraging. Stock markets in the US fell after Moody’s Investors Service downgraded Portuguese debt to junk. The S&P 500 fell 0.13% on selling in financial and industrial companies stocks.
The weak US stocks led to a mixed opening in the Asian markets. Stock markets in Asia are swinging between gains and losses as investors weigh the options of strengthening commodity prices and weak export markets.
Meanwhile, crude oil climbed above $113 a barrel on speculation that oil inventories in the US might have declined for a fifth week.
Back home, ONGC is set to start natural gas production from its KG basin blocks G1 and GS15 by the month-end. According to reports, the company is awaiting a nod from the PMO for a formal inauguration. This is the first offshore block of the PSU in the Krishna-Godavari basin being put into production.
Bharti Airtel is looking to transfer part of its debt from the parent company to subsidiary. This is expected to help the company reduce currency fluctuation impact.
Idea Cellular got an interim stay on Rs 250 crore penalties the department of telecommunications imposed on it last month. DoT had imposed a penalty of Rs 50 crore each on all six overlapping licences that the Idea has from its acquisition of Spice.
Unitech is aggressively expanding its retail vertical. The company is planning to invest around Rs 2,000 crore to develop about 2 million square feet of premium and luxury shopping malls. Currently, residential projects account for 70-75% of Unitech’s portfolio and the rest is made up of commercial and retail projects.
Coromandel International entered into an agreement with Qatar Fertiliser Company (Qafco) for supply of urea. According to the company, Qafco produces around 3 million tonne of granular urea and has plans to produce 3.8 million tonne of ammonia and 5.6 million tonne urea.
Reliance Industries has agreed to drill three more wells in the KG basin. The company has been under pressure from regulators for not meeting drilling commitments for its flagship D6 block in KG basin.
Finally, researchers found no strong evidence linking low salt intake to low mortality. According to the analysis of seven studies, patients in the reduced-salt groups witnessed low blood pressure, but there was no significant difference in mortality rates. Read more...
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First Published: Wed, Jul 06 2011. 08 28 AM IST
More Topics: Markets update | Asia | Oil | US stocks | Crude |