New Delhi: So, finally petrol prices have been hiked. Will the government show the same zeal in taking other harsh decisions? Here is a list of things to know before markets open on Monday.
Inflation numbers for April will come out on Monday. The pace of price rise is estimated to decelerate slightly due to high base effect.
An economists’ survey conducted by Bloomberg pegs the April WPI inflation at around 8.40%. WPI in March rose at 8.98%. Lower rise in prices might provide much needed comfort for policy makers. Any spike in prices, on the other hand, will re-ignite concerns about inflationary pressures.
Stock markets in Asia fell on concerns that Greece’s debt crisis may worsen. US President Barack Obama’s warning that failing to raise the debt limit could lead to a worse financial crisis also weighed on sentiment.
That also stoked speculation that fuel demand might fall. It sent fuel prices lower. Brent crude for June settlement fell by $0.73 to $113.10 a barrel on ICE Futures Europe exchange.
Stock markets in the US also closed with losses on Friday. The S&P 500 fell by 0.81% to 1,337 on concern of Europe’s debt crisis and rising inflationary pressures in the global economy.
Back home, Cummins India is in talks with Beiqi Foton Motor to supply engines for its commercial vehicles in India. Beiqi Foton Motor is China’s largest commercial vehicle maker. It is close to finalizing 250 acres of land near Pune for setting up its manufacturing base in India.
Expect some action in Suzlon Energy. The company reported profits for the first time since December 2009.The wind turbine maker is aiming to increase increase its total revenues by around 44% to up to Rs 26,000 crore in 2011-12. The company has an order book of Rs 30,100 crore. Read more...-
Read Mint’s review of Suzlon Energy’s March quarter results.
Stocks of oil marketing companies might also be limelight. After the petrol price hike, the Group of Ministers on fuel price hikes will be meeting in a week’s time to consider diesel and LPG price hikes. The oil ministry is asking for a minimum of Rs 4 a litre hike in diesel price and Rs 25 per cylinder increase in LPG rates.
Meanwhile, the Prime Minister’s economic advisory panel is batting for an early decision on freeing of diesel prices. The panel wants to de-regulate diesel prices due to huge losses being incurred by oil marketing companies. Read more...
Indian Oil Corporation is planning to revive its upstream business. According to the management, the company is actively looking to scale up its exploration business. It plans to build a dedicated cadre of exploration and production experts.
The telecom ministry has issued a show-cause notice to Idea Cellular (for Karnataka circle) and Spice (for Andhra Pradesh circle) for cancellation of licences on account of a delay in network roll-out. The companies have been given 60 days to respond.
CESC raised its tariffs by 10% for April. As part of monthly variable cost adjustment concept, the tariff would be adjusted on a monthly basis based on changes in cost factors (mostly coal prices). Read more...
Dr Reddy’s Laboratories reported better than expected March quarter results. Its consolidated profit doubled on strong generic drug sales in the US.The company reported a net profit of Rs 335 crore for the March quarter. It reported Rs 170 crore in the same period last year. Read Mint’s review of the results.
Hotel Leelaventure’s board will be meeting next week to consider plans to raise funds. The hotel chain plans to pare debt and keep ITC at bay. Read more...
The 28 coal-fired power plants across the country are in a critical state with coal stock of less than seven days. Among the power plants that are facing coal shortage are NTPC’s Kaniha plant and Sterlite’s IPP in Orissa. Read more...
Amar Raja Batteries and JSW Steel will announce their March quarter results on Monday.
Finally, it is cheaper to fuel planes than the cars. After the latest hike in petrol prices, fuel has become more expensive than aircraft turbine fuel, used to run planes. ATF costs Rs 60.56 a litre in New Delhi. Petrol, on the other hand, costs Rs 63.37 a litre. Read more...