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Opening Bell 25 May

Opening Bell 25 May
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First Published: Wed, May 25 2011. 10 27 AM IST
Updated: Wed, May 25 2011. 10 27 AM IST
New Delhi: The selling has abated. Even though commodities continue to trade volatile, stock markets across the globe seem to have stabilised. Here is a list of things to know before trading starts:
Overnight, stock markets in the US closed flat. The S&P 500 at 1,316 is marginally down by 0.08%. While shares of consumer discretionary and technology companies fell, a government report showed that sales of new homes rose to the highest level in this year.
Asian markets are trading mixed. Asian stocks are swinging between gains and losses after commodity prices advanced. After opening in gains, stock markets in Japan and Hong Kong slipped into losses. The Nikkei at 9,439 is down 0.40%.
Meanwhile, crude oil also dropped after a report showed that the gasoline stockpiles in the US surged the most since the week ending 4 February. Brent crude for June settlement fell 0.4% to $112.08 a barrel.
Back home, Spicejet is planning to start its regional airline subsidiary from 14 July. The company is looking to operate Bombardier planes in short-haul routes. The proposed subsidiary will be based out of Hyderabad.
NMDC signed an agreement to acquire up to 50% stake in an Australian mineral exploration company Legacy Iron Ore. The management is yet to determine the cost of share acquisition. NMDC wants to use Legacy as a platform to acquire bulk commodity projects in Australia.Read more...-
Punjab National Bank is in talks to buy a 33% stake in MetLife India. Read more...
The coal minister ruled out scrapping the e-auction of coal. E-auction is a major revenue earner for Coal India. The company intends to sell around 45 million tonnes of coal this year through e-auction.
The vigilance commission is yet to clear the two shortlisted candidates for Coal India’s top job. Coal India is yet to get a full-time chairman and MD, after Partha S Bhattacharyya stepped down on 28 February.
Bharti Airtel will be investing around Rs 4,500 crore in Africa for expanding its network. The company, which has already invested $11 billion in Africa, is looking to consolidate operations and improve its cellular network. Read Mint’s story...
Lakshmi Machine Works is expecting its Chinese subsidiary to turn profitable in the current financial year. China-based LMW Textile Machinery (Suzhou) Co, the wholly owned subsidiary of Lakshmi Machine Works started operations last year. Read more...
Jindal Steel & Power is aiming to make its new plate mill operational by August this year. The company is setting up a six million tonne per annum greenfield steel plant at Angul. Read more...
Tyre manufacturers are facing transporters ire. Transporters have decided to boycott Apollo Tyres from 2 June for increasing tyre prices. The association said it would not carry raw material supplies to the company.
DLF reported a 19.2% fall in consolidated net profit to Rs 344.5 crore for the March quarter. The company posted a net profit of Rs 426.4 crore in the same period last year.
A district attorney in Texas asked Infosys to clarify on allegations of visa misuse by one of its employees Jack Palmer. Earlier this year, Palmer filed a complaint saying Infosys was illegally sending employees on B1 visas to work full time in the US. Read more...
Finally, four software engineers, former employees of Wipro, quit their jobs to set up a milk dairy in Kodihalli village of Hassan district. The milk dairy will be set up at a cost of Rs 15 crore on 24 acres. About 300 marginal farmers will be selected within a 15-sq km radius of Kodihalli village to supply milk to the dairy. Read more...
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First Published: Wed, May 25 2011. 10 27 AM IST
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