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Opening Bell 22 June

Opening Bell 22 June
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First Published: Wed, Jun 22 2011. 09 03 AM IST
Updated: Wed, Jun 22 2011. 09 03 AM IST
New Delhi: They are all up. With the Greek government surviving the confidence vote, stock markets across the world are rising on optimism that the European debt crisis will be resolved soon. Here’s a list of things to watch out for before trading starts.
The easing of Greek debt concerns has come as a good omen for global stock markets. Stock markets in Japan, South Korea and Hong Kong gained more than 1% each. Read more... -
Meanwhile, US stocks closed higher for a fourth consecutive day. The stock markets gained on expectations that Greece will now take appropriate action toward averting a sovereign-debt default. The S&P 500 surged 1.34% on buying in stocks of materials, technology and energy companies.
Back home, the weather department has lowered the monsoon forecast. According to the India Meteorological Department, monsoon rainfall over the country would be ‘below normal’, less than what it had projected to be in April. The rainfall will be 95% of long-period average, but evenly distributed across the country.
Rising prices are pinching Indians hard. To tide over the constantly high inflation, Indians are planning to cut spending and change habits. According to a Boston Consulting Group survey, pressured by rising prices, 42% of the Indian consumers are planning to cut spending. This might not be good news for companies in the consumer discretionary spending space.
The group of ministers on coal has decided to set up a new committee to suggest a way out of the no-go imbroglio. The committee, to be headed by Planning Commission member B.K. Chaturvedi, will suggest a way out of the environment-versus-development controversy. Read more...
In another development, the empowered group of ministers on food has decided to meet on 23 June to take a call on allowing more sugar exports. Agriculture minister Sharad Pawar wants the group to allow additional exports of at least one million tonnes of sugar. Read more...
TCS, Infosys and HCL Technologies have shown interest in acquiring the banking product business of UK-based Misys. Read more...
State Bank of India has lowered its credit growth estimate. The bank lowered the growth estimate by 300 basis points to 16-19% from 19-22% earlier. With interest rates rising, the bank is expecting companies to go slow on expansion plans.
Zuari Industries Ltd has built a 6.66% stake in rival Nagarjuna Fertilizers and Chemicals Ltd. In a regulatory filing, Nagarjuna said Zuari had bought 975,000 shares a day ago, raising its stake to 6.66%.
High natural gas price and the proposed presidential election in Ghana might impact the viability of the Rashtriya Chemicals and Fertilizers’ proposed $1 billion urea factory in Africa. The 1.1 million tonne urea plant is expected to come up in the Shama district in western Ghana. According to the company, gas price negotiations are key to viability of the project. Read more...
Idea Cellular is finally off the hook. The CBI found no evidence of wrongdoing and has closed its investigation. Read more...
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First Published: Wed, Jun 22 2011. 09 03 AM IST
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