×
Home Companies Industry Politics Money Opinion LoungeMultimedia Science Education Sports TechnologyConsumerSpecialsMint on Sunday
×

Opening Bell 21 October

Opening Bell 21 October
Comment E-mail Print Share
First Published: Fri, Oct 21 2011. 08 15 AM IST

Updated: Fri, Oct 21 2011. 08 15 AM IST
Mumbai: The impasse continues. France and Germany are still split over the bailout fund. In a joint statement, the two countries said that European leaders would discuss a solution to the crisis on Sunday but no decisions would be adopted before a second meeting to be held by Wednesday at the latest. Read more...
The sticking point: how to scale up the European Financial Stability Facility, the fund so far used to bail out Portugal and Ireland.
Meanwhile, Standard & Poor’s have warned that France could lose its top credit rating in a stressed economic scenario. The agency raised a red flag over the possible impact of rising budget deficits and bank recapitalization costs on government borrowings.
Equity markets, on the other hand, are trending cautious. Overnight stock markets in the US edged higher as investors hoped that European leaders would soon come out with a solution to the debt crisis. The S&P 500 at 1,215 closed up by 0.46%.
Asian markets opened on a mixed note. Investors are optimistic that Europe will find ways to boost the crisis fund. Stock markets in Japan are swinging between gains and losses. The Nikkei at 8,688 is up 0.08%.
Back home, expect some action in the Maruti Suzuki stock. The strike at the company looks like it could be coming to an end with most of the suspended workers expected to be taken back.
Power Grid Corp. of India and the Aditya Birla Group are looking to independently acquire stakes in Portuguese power utilities. Power Grid Corp. of India is planning to bid for 5-10% stake in Redes Energéticas Nacionais, SGPS, SA. while the Aditya Birla Group is seeking a 20% stake in Energias de Portugal SA.
The Bombay High Court has asked the Ministry of Environment and Forests to decide on Lavasa Corp’s application within three weeks. Lavasa, a subsidiary of Hindustan Construction Co. Ltd (HCC), has applied to the ministry to reconsider its decision to withdraw environmental clearance given to the company’s lake city project.
GVK Power & Infrastructure is in talks with investors to sell upto 26% stake in its airport subsidiary. The company hopes to raise Rs 2,500-3,000 crore by selling a minority stake.
Sebi is reportedly investigating whether an associate company of DLF duped an investor while purchasing land. According to reports, the Delhi High Court has directed the Sebi to investigate the issue.
Dhanlaxmi Bank reported a 168% jump in September quarter profits to Rs 4.35 crore. Higher net interest margins and fee income helped the bank report strong bottom-line growth. The employees’ union had recently accused the bank of maintaining poor capital adequacy ratio and manipulating provisioning needs.
Cairn India’s profits halved to Rs 763 crore on higher royalty payments. The company reported a sharper than expected 52% drop in fiscal second quarter profit after accounting for royalty payments for the first time.
L&T, Idea Cellular, Asian Paints, HCC, JSW Steel, United Phosphorus, Shopper Stop, Godrej Industries, Godrej Properties and 3i Infotech will declare their earnings today.
Finally, Samsung has beaten Apple Inc in smartphone shipments. According to reports, Samsung Electronics Co. shipped more than 20 million smartphones in the quarter ending 30 September. Apple Inc., on the other hand, sold 17.1 million units in the quarter ending 24 September. Read more...
Comment E-mail Print Share
First Published: Fri, Oct 21 2011. 08 15 AM IST
More Topics: Markets update | Sensex | BSE | NSE | Nifty |