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Opening bell 23 August

Opening bell 23 August
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First Published: Tue, Aug 23 2011. 08 34 AM IST
Updated: Tue, Aug 23 2011. 08 34 AM IST
Mumbai: Prospects of low crude prices and a rebound in global markets helped Indian stocks gain on Monday. However, cues from global markets remain mixed.
Stock markets in Asia rose on speculation that the US Federal Reserve will announce additional measures to shore up the economic recovery. The Nikkei at 8,688 is up 0.70%.
US stocks, on the other hand, closed almost flat as last minute selling in financial services stocks wiped out the gains made by the benchmark indices. The S&P 500 at 1,123 is marginally up by 0.03%.
Positive Asian markets are also driving crude prices higher. Brent crude at $108.59 a barrel is up 0.21%.
China’s Sinohydro Corp. has rejected Bhel’s request to be included as a supplier for the 120 megawatts Itezhi Tezhi hydropower project in Zambia. The company was expecting to be included as a supplier of equipment as Indian government has offered $50 million credit line for part funding of the project.
GVK Power and Infrastructure said it will raise its stake in Bangalore International Airport to 43% by buying Siemen’s 14% holding. The company is acquiring the shares at Rs 114 a piece, valuing the transaction at Rs 613.8 crore.
Aditya Birla Group is looking to offload stake in BPO-IT business, Aditya Birla Minacs. The group is exploring the possibility of selling a minority stake to private equity investors.
Trouble is brewing at Coal India. The company’s unions are demanding a 100% jump in their salaries. While the management is still in talks with the Unions, a sharp rise in salary expense can hit Coal India finances.
Expect action to continue in Reliance Communications and GTL Infrastructure stocks. A couple of private equity firms are looking at the option of merging two or three telecom tower companies and running them as an independent entity. The talks are reportedly centred on Reliance Infratel, a subsidiary of Reliance Communications and GTL Infrastructure. Read more...
Muthoot Finance is open to selling an additional 5% stake in the company to raise funds. With interest expenses rising, the company is looking at various options to mitigate the impact.
The Airports Economic Regulatory Authority is likely to approve the cost escalation in building Delhi airport’s Terminal-3. The approval, if happens, will allow Delhi International Airport impose an airport development fee for another three and a half years. Delhi International Airport is run by GMR Infrastructure. Read more...
Turbulent global markets have hit Essar Oil’s plans to raise $1.5 billion in foreign currency loans. The company is planning to raise the money to finance its expansion plans. With global markets not conducive for fund raising, the company is hoping to take a decision by end of this year.
DLF is aiming to reduce its debt by Rs 2,500-3,000 crore by the end of current financial year. The company is looking to cut its debt through the divestment of non-core assets.
JSW Steel has reportedly refinanced Rs 6,000 crore Ispat Industries’ debt. The refinancing is expected to help the company significantly save on interest costs. JSW Steel bought Ispat Industries in December.
Finally, the insatiable appetite for gold and iron ore is leading to a brothel boom in the mining towns of Australia. With tight schedules and isolated work places taking toll on relationships, workers are increasingly taking solace in ‘Love Hotspots’. Read more...
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First Published: Tue, Aug 23 2011. 08 34 AM IST
More Topics: Markets update | Asia | Oil | US stocks | Crude |