New Delhi: The sharp fall in State Bank of India’s fourth quarter profits took markets by surprise. News that ONGC might have to contribute more to fuel subdidies didn’t help either. Here’s a list of things to watch out for before trading starts.
US stocks closed weak. A reduced sales forecast at Hewlett-Packard and an unexpected decline in housing starts sent US stocks lower. The S&P 500 declined 0.04% to close at 1,328.
Stock markets in Asia, on the other hand, opened higher. Investor interest revived after Tokyo Electric Power presented a detailed plan to stabilize its stricken nuclear-power plant. The Nikkei at 9,625 is up 0.61%.
Crude oil also rebounded after an industry-funded report showed gasoline stockpiles dropped. Brent crude at $110.61 is trading up by $0.62 a barrel.
Back home, investor confidence in India has hit an all-time low, the JP Morgan–ValueNotes Investment Confidence Index showed. Should one view it as a contrarian indicator?-
Lavasa might benefit from the environment ministry’s decision to give priority to projects with green building ratings.
Expect action to continue in the State Bank of India stock. Higher provisions for sticky assets and retirement benefits almost wiped out the bank’s profits in the fourth quarter. While the bank conveniently calls it as a clean-up act, markets are surprised by the sharp deterioration of all round performance. Read Mint’s review of the results.
Bajaj Finserv doubled its net profit to Rs 872 crore in fourth quarter. The sharp rise in profits is attributed to the life insurance business. The company is planning to invest Rs 50-75 crore in the asset management business over the next 2-3 years.
High under-recoveries might force Indian Oil Corporation to go slow on expansion plans. According to the company, lack of clarity on fuel prices and subsidies might push projects back by a year or two. Read more...
At least 10 companies have shown interest in NTPC Ltd’s first direct coal import tender. The tender is to procure 4 million tonnes of coal. Read more...
The oil ministry and DGH have asked Reliance Industries to drill two wells by next month and another nine by the end of the current financial year to raise gas output. Read more...
Aurobindo Pharma has received Australian health authority approval to market Risperidone and Alendronate tablets. These drugs are used in the treatment of schizophrenia and osteoporosis. Both drugs have a market size of nearly $41.5 million in Australia.
Steel Authority of India is likely to launch its share sale by 14 June. According to the company’s management, the board of directors of the SAIL will be meeting on 23 May to finalize the draft prospectus.
The days of robbing cash registers are gone. In a new trend, robbers in the US are increasingly breaking into saloons to steal hair extensions. A saloon in Houston has recently reported a theft of $150,000 worth of hair extensions. Once stolen, the hair is apparently being sold on the street or on the internet. Read more...