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Business News/ Opinion / Online-views/  Opening bell 15 June
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Opening bell 15 June

Opening bell 15 June

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Mumbai: The rate hike is imminent. However, the positive closing in Indian stocks on Tuesday makes it clear that markets are expecting inflation to remain at elevated levels for some time and have discounted a 25 basis points hike in policy rates. Here’s a list of things to watch out for before trading starts:

Overnight, stock markets in the US posted their biggest gain in nearly two months after retail sales data allayed fears over the economy. US retail sales declined for the first time in 11 months in May, but the fall was less than forecast. The S&P 500 closed up 1.26%.

The gains led to a positive opening in Asian markets. The better-than-forecast retail sales in the US is leading to buying in stocks of export companies.

The positive economic data also lifted crude prices. Traders sent crude prices to its highest level in more than five weeks on expectations that the recovery in the global economy is not faltering. Brent crude for July delivery rose $1.06 to $120.16 a barrel.

Back home, the Reserve Bank of India has warned about a possibility of a foreign currency convertible bond crisis. The central bank expects several companies which have raised money through FCCBs to face severe funding problems in the next two years due to lacklustre equity markets.

Reliance Industries may have to spend more money to launch wireless broadband services. According to analysts at BNP Paribas, the company has to acquire additional spectrum at lower bands to provide uninterrupted wireless data services. Considering the controversy surrounding the spectrum allocation process, it will be tough for Reliance Industries to find the scarce resource in the current market.

Dr Reddy’s Laboratories received a warning letter from the US Food and Drug Administration for its chemicals manufacturing facility in Mexico. The FDA letter cites four discrepancies pertaining to the manufacturing process at the facility. Read more...

The stalemate at Maruti Suzuki’s Manesar plant continued after the workers went back on their earlier decision to sign a MoU to call the strike off. The management is worried that outside elements are at work to thwart the peace process.

NTPC has formed a JV company to set up a new power exchange. The exchange, which will be a third power exchange, is expected to be operational in a year.

In line with its counterparts, HPCL is planning to create a separate subsidiary to hold exploration and production assets.

Cement demand has fallen for a second month in a row. According to reports, despatches in May have fallen 0.9% from the same period in the previous year. With weak demand outlook, prices are also estimated to remain subdued in coming months.

Finally, an elderly woman used AIDS threat to rob a bank in Colorado. According to police, the woman threatened to infect the teller with AIDS if the clerk did not handover the money. Read more...

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Published: 15 Jun 2011, 09:04 AM IST
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