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Opening Bell 23 June

Opening Bell 23 June
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First Published: Thu, Jun 23 2011. 09 29 AM IST
Updated: Thu, Jun 23 2011. 09 29 AM IST
New delhi: It is official now. The US Federal Reserve has lowered its growth forecast for the world’s largest economy. According to new estimates, the Fed is projecting the US economy to expand at 2.7-2.9% this year. In April, the estimates stood at 3.1-3.3%. Here’s a list of other things to watch out for before trading starts.
Expressing its uneasiness about the slow pace of recovery, Federal Reserve raised its forecast range for the US unemployment rate. The cautious tone of the Federal Reserve took the sheen out of US stocks, which snapped their four-day gains. The S&P 500 fell 0.65%.
The lower growth forecast led to a weak opening in Asian markets. Stock markets in Japan fell on selling in commodities and electronic goods makers. The Nikkei is down 0.36%.
Meanwhile, European leaders will be meeting today and tomorrow to prepare a workable plan to help Greece avoid a debt default. The leaders are expected to release a new aid package. Read more...-
Back home, food inflation numbers will be released on Thursday. With the weather department forecasting below normal monsoons, these numbers will be closely tracked.
An acute liquidity crunch at state-owned oil refiners is building pressure on the government to increase the prices of diesel, cooking gas and kerosene. The empowered group of ministers, which is authorised to raise fuel prices, is expected to meet early next month.
Reliance Industries has reportedly made another natural gas discovery in the D-9 block of Krishna Godavari basin. The resource potential of the block is estimated at 5.2 trillion cubic feet by RIL’s minority partner Hardy Oil.
Amara Raja Batteries is increasing its automotive battery capacity by 67% to 10 million units in the current financial year.
Pressure is building on Coal India to stop selling coal through e-auctioning. This is making analysts worried as the business through e-auctioning accounts for 17% of the company’s revenues. In the last financial year, the company sold 40-45 million tonnes of thermal coal through e-auctioning.
Buyers are queuing up for Actis’ stake in Sterling Hospitals. Kolkata-based Emami Group and Fidelity International are among a growing list of suitors that are vying for Actis Advisors’ majority stake in Sterling Hospitals. Actis is looking to sell its 80% stake in Sterling Hospitals in the next three months. Read more...
Blackstone and Standard Chartered Private Equity are vying to acquire a stake in Redington India Ltd. Singapore-based NRI conglomerate Kewalram Chanrai Group is looking to dilute around 15% stake for Rs 500 crore. Read more...
In a letter to the DGH and oil ministry, Cairn India has accused ONGC of overstating gas reserves in the KG basin block. Cairn India is a minority partner in the block. The block has been recently in the news as ONGC is planning to make huge investments to develop it commercially.
Tata Steel, JSW and Jindal Steel have joined hands with SAIL, NMDC and Rashtriya Ispat Nigam to bid for the Hajigak iron ore deposits in Afghanistan. The public sector undertakings will own 60% with the three private steelmakers sharing the remaining equity. Read more...
Finally, a start-up company, Lytro, is preparing a new camera that will allow users to adjust focus after the picture is taken. While viewing a picture taken with a Lytro camera on a computer screen, users can change focus and make picture alternations. Read more...
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First Published: Thu, Jun 23 2011. 09 29 AM IST
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