BackOpening Bell 11 August | Real estate stocks in focus
Stocks gained on easing of tensions in Ukraine, though concerns over Middle East continue
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Mumbai: Asian markets are trading higher. Stocks gained on easing of tensions in Ukraine, though concerns over Middle East continue. Read the Reuters report.
Over the weekend US markets closed in the green. S&P 500 gained 1.15% to 1,931 on news that Russia was ending military drills near the Ukrainian border. Read more.
Finance minister Arun Jaitley has said that government finances will improve in the coming quarters, dismissing worries that it will miss the fiscal deficit target for the year to 31 March. Read the Mint report.
Keep an eye on real estate stocks. The capital market regulator approved a long-pending proposal to introduce real estate investment trusts, reports Mint. The move will give cash-strapped developers easier access to funds.
Capital goods companies, including Larsen and Toubro Ltd (L&T), are expecting a rebound in local demand this year, reports Mint. Recent measures by the government to revive stalled projects, build smart cities and increase spending on infrastructure are expected to boost orders for capital goods companies.
The Central Electricity Regulatory Commission (CERC) has said that the first 660 MW unit of Reliance Power Ltd’s 3,960 MW Sasan project could not achieve its “full load" in March 2013, reports PTI. According to the report, CERC rejected the company’s plea to appoint an independent committee to look into the readiness of the unit.
IDBI Bank Ltd may see some action. The Central Bureau of Investigation registered a preliminary enquiry against IDBI Bank Ltd and Kingfisher Airlines Ltd, with an intention to look into the bank’s decision to sanction ₹ 950 crore to the airline at a time when it had a negative net worth and negative credit rating. Read more.
Adani Group and Gujarat State Petroleum Corp will set up a ₹ 4,500 crore liquefied natural gas (LNG) import terminal at Mundra special economic zone in Gujarat, reports PTI. GSPC LNG Ltd won approval to become a co-developer of the multi- product SEZ being developed by Adani Ports at Mundra, the report adds.
Meanwhile, the promoters of Adani Group are planning to sell their Abbot Point coal terminal in Australia at close to the acquisition price of $2 billion, reports Business Standard. They had bought the terminal in May 2011.
Jet Airways (India) Ltd is aiming to save $100 million by renegotiating contracts with its vendors and suppliers with help from its strategic partner Etihad Airways P.J.S.C, reports The Economic Times. Cost rationalisation can help Jet reduce losses.
Rashtriya Chemicals and Fertilizers Ltd has proposed setting up a subsidiary called RCF Videsh to buy assets and form joint ventures abroad, reports Mint. The Union fertilizer ministry suggested that RCF instead consider taking over Urvarak Videsh Ltd, an overseas joint venture of RCF.
Bosch Ltd, Divis Laboratories Ltd, Eicher Motors Ltd, Gail India Ltd, HPCL Ltd and Tata Motors Ltd are some of the companies that will release their earnings for the March quarter today.
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