Opening Bell 10 July | Mixed cues from global markets

Opening Bell 10 July | Mixed cues from global markets
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First Published: Tue, Jul 10 2012. 07 56 AM IST

Updated: Tue, Jul 10 2012. 07 56 AM IST
Mumbai: Was the so called internet doomsday virus overhyped? The malware which has the potential to blackout thousands of computers has had little impact. According to reports, no major companies have experienced issues related to internet access.
Cues from the global markets are mixed. Overnight stock markets in the US closed lower as rising Spanish bond yields intensified concerns about Europe’s debt crisis. S&P 500 lost 0.16% to 1,352.
Asian markets, though, opened on a positive note. Japan’s Nikkei gained 0.54% to 8,944 on buying in stocks of mining companies. The better than expected earnings by Alcoa Inc. has revived investors’ sentiment in the metal stocks.
Back home, keep an eye on information technology stocks. Gartner has upped its estimates for global information technology (IT) spending. The research firm now expects global IT spending to rise 3% this year. Its earlier forecast was for IT spend to raise by 2.5%. Read more.
To cut costs, Jet Airways is selling and leasing back as many as five planes in the July-September quarter, reports Mint. The sale and leaseback is likely to fetch the airline at least $50 million (around Rs 275 crore).
ONGC Videsh, a unit of ONGC, is planning to raise Rs 5,000 crore through a initial public offering, reports The Economic Times. According to the report, the company wants to use the funds to make acquisitions.
Ignoring the large pile-up of unsold motorcycles, Hero MotoCorp is preparing for record production for the festival season, reports Mint. The company has reportedly asked its parts suppliers to gear up for production volumes of 600,000 units in September, its highest ever.
Shares of OnMobile Global could continue to witness some action. Arvind Rao, managing director and chief executive officer of the company resigned on Monday. Mouli Raman, co-founder and executive director, will take on the role of interim managing director.
Flat growth in heavy trucks sales has forced Shriram Transport Finance Co. to prune its plans to raise Rs 2,000 crore through non-convertible debentures. The company now plans to raise Rs 300-600 crore. Read the Mint report.
Tax woes continue to haunt Essar Oil. In an attempt to recover more than Rs 8,000 crore in sales tax from Essar Oil, the Gujarat government has sealed three bank accounts of the company, reports Mint.
Keep an eye on Graphite India stock. Citing non-compliance of pollution laws, the Karnataka State Pollution Control Board has asked Graphite India to close its Bangalore plant till further orders.
Finally, surgeons have removed a rapidly growing 51 pound (23 kg) cancerous tumor from a woman in the US. The woman has reportedly delayed the treatment for more than a month to become eligible for health insurance. Read the Reuters report.
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First Published: Tue, Jul 10 2012. 07 56 AM IST
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