BackOpening bell 28 April
Opening bell 28 April
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Mumbai: Forget rate hikes here, the easy money regime in the US is going to continue. Some of it is likely to find its way here as well. Here’s a list of things to watch out before trading starts.
Overnight, the US Federal Reserve said it was in no rush to scale back its support for the economy and will continue to maintain overnight interest rates at extraordinarily low levels for extended period. This led to a rally in the US stock markets. The S&P 500 rose 0.62% to 1,355. The positive sentiment also percolated into the Asian markets. The Nikkei at 9,780 is up 0.91%.
The accommodative monetary policy also lifted oil prices. Brent crude oil rose by $0.66 to $125.79 a barrel on expectations that low interest rates will fuel commodity prices.
Back home, the government wants to meet the management of Reliance Industries. The government wants to find out the reasons for the drop in gas output in the KG D6 block and why the company is not able to meet its drilling commitments.
The Group of Ministers on Cairn-Vedanta deal is scheduled to meet on Monday. The GoM headed by the Finance Minister will deliberate on various options of conditional clearance or absolute clearance, leaving legal recourse open to both Cairn India and ONGC.
FMCG companies such as Dabur, Godrej, and Wipro Consumer Care are looking to hike prices to cushion themselves from increasing raw material costs. Most of the companies had increased prices in the last six months.
The Public Accounts Committee has asked the government to quantify the loss due to the 2G spectrum scam and recover that from the companies that benefited from the irregularities. While the culprits are yet to be decided by the court, the price for involving in unlawful activities is going to be hefty.
Meanwhile, the Enforcement Directorate has told Supreme Court that it plans to attach properties of two telecom companies – Unitech Wireless and Swan Telecom allegedly involved in the 2G spectrum scam.
Coal India has set an internal target of 11% growth in coal production in 2011-12. The company aims to produce 477 million tonnes of coal in the current financial year. In 2010-11 the company’s production stood at 430 million tonnes.
Tata Power is looking to invest ₹ 1,300 crore in wind and solar energy in the current financial year. The company plans to add 185 MW of generation capacity in the wind and solar energy division.
Cox & Kings is planning to raise up to Rs1,500 crore through issuance of fresh shares or other instruments. The company’s board has also approved to split the shares from face value of Rs10 to Rs5.
Lancor Holding is looking to invest ₹ 100 crore in residential projects. The company previously known as DBS Properties, is aiming to develop six million square feet of residential projects by 2015.
United Breweries posted a 53% jump in fourth quarter net profit to ₹ 40 crore. Along with steady growth in sales, the jump in profit is attributed to a one-time income of ₹ 20.9 crore during the quarter.
Dabur India reported an 8.5% increase in its consolidated net profit to ₹ 147.04 crore in the fourth quarter. Net sales during the quarter rose 30.6% to ₹ 1,108.22 crore.
American pharmaceutical company, Purdue Pharma has sued Ranbaxy Laboratories to prevent it from selling a generic version of pain reliever Oxycontin in the US.
ICICI Bank, LIC Housing Finance, Bank of Baroda, Vijaya Bank, Biocon, Hexaware and JSW Energy will announce their January-March quarter results on Thursday.
Advances in technology helped mankind in several ways. Among other things, it has increased the longevity and greatly improved living conditions. However, there is one side effect. Human beings are super sizing with advancement in technology. Research conducted by Robert W. Fogel and team found that human beings are growing in size (both in height and weight) as technology is advancing. Read more...
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