BackOpening bell 20 July
Opening bell 20 July
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New Delhi: Even though macro-headwinds continue to exist, better-than-expected June quarter earnings from HDFC Bank and world’s largest software services provider IBM have eased investor concerns for the time being. Here’s a list of things to watch out for before trading starts.
US President Barack Obama embraced a $3.7 trillion debt-cutting planthat would combine tax increases and spending cuts. The President is hopeful that the agreement on deficit reduction plan could offer a way out of the congressional deadlock over raising the US borrowing limit.
US shares surged on better. The S&P closed 1.63% up on buying in IBM and Coca Cola shares.
The positive momentum has also led to a strong opening in Asian shares. Stock markets in Japan and South Korea rose over a percentage each on buying in export dependent companies such as Samsung and Toyota. The Nikkei is up 1.45%.
Back home, regulators are planning to impose more stringent conditions on Indian companies issuing global depository receipts. Now, companies might need to be required to take prior regulatory approval before they issue GDRs to foreign investors. Read more...-
Expect some action in Piramal Healthcare stock. The company is in talks to buy Enam Financial’s stake in ING Life Insurance. Exide Industries and Hemendra Kothari also hold stakes in the insurance venture.
Despite a revised offer and extended deadlines, Jindal Steel and Power managed to buy only a 12.56% stake in Australian coking coal miner Rocklands Richfield. With the latest purchase, the company’s holding stands at 27.29%, lower than 50% it is aiming for.
GAIL may acquire a 50% stake in Andhra Pradesh Gas Distribution Corporation, a wholly-owned subsidiary of AP Gas Infrastructure Corporation (APGIC). APGIC was set up to create gas transportation infrastructure in the state.
Coal India is working on development of underground mines. The state-owned company has undertaken the joint development of some underground mines of one of its subsidiaries with foreign mining companies. If successful, the company wants to apply the model to other mining subsidiaries.
German firm, Continental AG has completed the acquisition of Modi Tyres, a subsidiary of Modi Rubber. According to reports, the company has been renamed as Continental Tyres India.
Expect some action in United Breweries stock. India’s beer consumption in summer months has declined for the first time in eight years. According to reports, the first quarter summer volume sales were 5% lower than the year ago period.
Wipro, Dr Reddy’s Laboratories, Dish TV, IRB Infrastructure, Mindtree, Infotech Enterprises, LIC Housing Finance, Petronet LNG and Exide Industries will declare their June quarter earnings on Wednesday. Like its peers, Wipro is estimated to report lower margins on wage hikes and currency appreciation.
Finally, a study has found that people with common allergies like hay fever, asthma and eczema have slightly lower risk of some cancers than the general population. A study conducted by Danish researchers found that people with contact skin allergies had lower rates of breast and skin cancer. Read more...
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