Mumbai: Asian markets are trading higher amid thin volumes. Japan’s Nikkei gained 0.45% to 10,125 on expectations of an aggressive monetary easing stance by the new government. Liberal Democratic Leader Shinzo Abe will be sworn in as Japan’s prime minister today.
While market participation is low due to year-end holidays, lawmakers in the US are playing a waiting game over the fiscal cliff. According to Reuters, lawmakers are hoping that someone will produce a plan to avoid budget cuts and higher taxes.
Back home, keep an eye on shares of ONGC and Reliance Industries. A committee headed by C Rangarajan has reportedly suggested linking the price of domestically produced natural gas to international prices. The proposal, if implemented, could help domestic gas producers improve realisations. Read more.
ONGC Videsh Ltd’s acquisition of ConocoPhillips’ 8.4% stake in Kazakhstan’s Kashagan field got delayed. According to Business Standard, the Kazakh state energy producer, which gets priority in asset transactions, said it will take two months to decide on buying the ConocoPhillips stake.
Tata Motors’ stock may witness some action. Jaguar Land Rover’s Chinese subsidiary is recalling 337 cars because of substandard fixings in their brakes and steering boxes, reports Reuters.
According to the report, the company may also recall some Evoque vehicles due to problems in their steering boxes.
Mahindra & Mahindra’s proposed testing facility in Tamil Nadu is delayed due to lack of clarity on land allocation, reports Business Standard.
According to the report, the delay in land allocation is impacting the carmaker’s investments in the state.
Fortis Healthcare stock could be in the limelight. The promoters of the company are planning to raise Rs 900 crore by selling about 16.5% stake in the company, reports The Economic Times.
According to the report, the stake sale could be mix of offer for sale in the public market and a private placement to private equity funds.
Care Ratings Ltd will list on the stock exchanges today. With the IPO getting over-subscribed by 41 times, analysts expect the shares to list at a premium to the issue price. The company sold shares at Rs750 apiece.
Finally, Apple is planning to launch its fifth generation iPad tablet by March next year. According to reports, the new iPad will be slimmer and lighter than the existing ones.