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Opening Bell 22 Jan | Eye on HUL earnings

Asian markets turn lower, with Japanese shares in the focus ahead of the conclusion of Bank of Japan meeting
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First Published: Tue, Jan 22 2013. 08 09 AM IST
A file photo of BSE building in Mumbai. Photo: Hemant Mishra/Mint
A file photo of BSE building in Mumbai. Photo: Hemant Mishra/Mint
Mumbai: India raised the import duty on gold to 6% from 4%, the second hike in 10 months to cut demand which would help reign in the ballooning current account deficit. The government also proposed to link gold exchange-traded funds (ETFs) and the gold deposit schemes of banks to encourage investors to use existing gold stock in the domestic market.
On Tuesday, US markets were shut because of Martin Luther King Holiday. Asian markets were trading mostly lower, with Japanese stocks meandering ahead of the conclusion of two-day meeting at the Bank of Japan. Japan’s Nikkei Stock Average was trading flat, China’s Shanghai Composite was down 0.5%, and Hong Kong’s Hang Seng was off 0.1%, reported MarketWatch.
Slowing growth, high interest rates and project delays have dented Indian companies’ ability to repay loans. The total loans restructured by Indian banks under the corporate debt restructuring route crossed Rs.2 trillion market in December quarter, reported Mint.
Reliance Industries Ltd (RIL) will be in the limelight after the oil minister said that the government wants to have direct negotiations with RIL over the cost of developing the controversial KG-D6 block, reported Economic Times.
RIL is also jointly assessing investments worth $2 billion in four oilfields in Venezuela with the state-run Petroleos de Venezuela SA.
Videocon Industries may see some action after Bharat Business Channel Ltd, the satellite broadcasting arm of Videocon Group said it is likely to raise Rs.700 crore through an initial public offering in mid-February, reported Mint.
Hero MotoCorp Ltd may be under pressure following a Business Standard report that wage hike negotiations may hit production at the Gurgaon facility. Employees at the Gurgaon factory are considering sterner measures to press for better wages.
Housing Development Finance Corp. Ltd reported a 16.2% rise in its third quarter net profit, at Rs.1,140 crore, with the total loan book growing 22%. Gross non-performing loans narrowed to 0.75% compared with 0.82% during the same period last year.
SpiceJet Ltd may continue to see some action after it swung to a profit of Rs.102 crore in the September quarter from a loss of Rs.39 crore in the year-ago period, helped by lower competition and cost controls.
Shares of Hindustan Unilever Ltd (HUL), Dish TV, Indiabulls Real Estate and Kotak Mahindra Bank Ltd will be in focus as they announce their December quarter results.
Lastly, martial arts trainers say that the gruesome gang-rape of a young woman in Delhi has prompted a nationwide outcry over the safety of women. This has led to a surge in women signing up for self-defence courses in New Delhi, reported Wall Street Journal, India .
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First Published: Tue, Jan 22 2013. 08 09 AM IST
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