Mumbai: Cues from the global markets are mixed. While better than expected corporate earnings have given fillip to investor sentiment, concerns about the global economic outlook and US fiscal problems are capping the gains.
Asian markets opened on a positive note. Japan’s Nikkei gained 0.69% to 10,673 as the drop in the yen sparked buying in export-dependent companies.
Overnight, US markets closed flat. The S&P 500 registered a marginal gain of 0.02% to 1,472 as concerns about global economic growth in 2013 weighed on investor sentiment. Read the Reuters report.
Back home, the argument against giving bank licences to industrial houses is gaining strength. An International Monetary Fund note on India’s financial system has cautioned the Reserve Bank of India against giving bank licences to industrial houses, reported Business Standard.
The workers’ union at Hero MotoCorp Ltd has warned the management it will resort to strikes if a wage negotiation isn’t settled in two weeks, reported Mint. The two-wheeler maker has held at least 55 meetings in the past year with the union but hasn’t taken a decision yet.
Keep an eye on DLF Ltd stock. According to The Economic Times, the company is close to selling its wind energy business for around Rs.900 crore. If the deal materializes, the company can use the funds to pare its sizeable debt.
Political parties have opposed Tata Power’s proposal to convert its 500 megawatt (MW) unit at Trombay from gas to coal, reported Business Standard. Citing health reasons all political parties opposed the conversion plan.
The airports regulator has cleared the Mumbai International Airport Pvt. Ltd proposal to increase airport charges by 154% across the board from February, reported Mint. The GVK Power and Infrastructure Ltd-led consortium runs the Mumbai International Airport.
Apart from oil companies, a few aircraft leasing firms have also given no objection certificate to Kingfisher Airlines Ltd, to restart operations, reported Business Standard. The regulator, however, remained unconvinced about the airline’s plan to fly again.
Shriram Transport Finance Ltd is planning to raise Rs.1,000 crore through debt issuance, reported Business Standard. The company wants to use the funds to expand its loan portfolio and enter new businesses.
Essar Ports Ltd, Exide Industries, Federal Bank Ltd, HCL Technologies Ltd, Hero MotoCorp Ltd, Infotech Enterprises Ltd and Tata Metaliks Ltd are some of the notable companies that will release their earnings for the December quarter on Thursday.
Finally, the remains of Australia’s most famous outlaw, Ned Kelly, are set to be laid to rest 132 years after he was hanged for murder. Kelly’s descendants received the bushranger’s remains after they were exhumed from a mass prison grave. Read the Reuters report.