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

Opening Bell 24 October

Opening Bell 24 October
Comment E-mail Print Share
First Published: Mon, Oct 24 2011. 08 20 AM IST

Updated: Mon, Oct 24 2011. 08 20 AM IST
Mumbai: It will be a short, but eventful trading week. Post RBI’s policy review meet tomorrow, food inflation numbers will be released. There is also the futures & options settlement. So expect heightened volatility.
Meanwhile in Europe, political leaders made some progress on the strategy to fight the debt crisis. They are close to agreeing on the bank recapitalization program and on how to leverage the rescue fund to stop the bond market contagion.
While final decisions were deferred till Wednesday, differences remain over the size of haircuts for Greek government bondholders. Read more...
The developments have led to positive opening in Asian stocks. Stock markets in Japan rose as gains in commodities are leading to buying in stocks of raw material producers. The Nikkei at 8,792 is up 1.30%.
Back home, pressed to improve its finances, the government is reportedly considering the option of selling part of its holding in companies such as ITC, L&T and Axis Bank. The government holds stakes in these companies through the Specified Undertaking of the United Trust of India, the entity that took over the erstwhile UTI’s assured return schemes.
Jaguar, a unit of Tata Motors, is recalling around 18,000 cars due to a cruise control problem in a certain type of model. It is not yet clear how much the company will have to spend on the recalls.
Keep an eye on stocks of airline companies. They are planning to raise fares by Rs 400-700 ahead of Diwali to encash on increased demand.
In another report, the Department of Industrial Policy and Promotion has floated a draft cabinet note for inter-ministerial discussions on FDI in aviation. It has reportedly received the civil aviation ministry’s nod to go ahead with the proposal.
Rising defaults on payments by power utilities are threatening to hurt Coal India’s revenues. As on 30 September, defaults at the company stood at around Rs 2,500 crore. Read more...
To bring down promoters’ holding to 75%, Godrej Properties is looking to raise upto Rs 750 crore by issuing new shares. While the timing is not yet decided, the funds will help the company finance its future projects.
JSW Steel is planning to increase its product prices by 2-3%. With cost of steel production increasing, the company is in talks with its customers for a price hike.
The weak rupee is expected to help companies that earn a significant portion of revenues in US Dollars. According to a report, ONGC, which prices its domestic gas in US dollars, is expected to gain over Rs 1,300 crore on an annualised basis due to higher exchange rate. For Reliance Industries, the gains are pegged at Rs 1,240 crore (from the gas it sells from KG-D6 fields). Read more...
Dunlop India is making last ditch efforts to revive its Sahaganj plant. The company has reportedly decided to withdraw suspension of work notice at its Sahaganj plant in phases and bring back the plant on track.
Sterlite Industries, Titan, GAIL, ITC, Pfizer, Union Bank of India and M&M Finance will declare their September quarter earnings today.
Finally, a school in Silicon Valley does not use computers or any form of screens. The Waldorf School of the Peninsula has taken a contrarian view and focuses on physical activity and learning through creative, hands-on tasks. Read more...
Comment E-mail Print Share
First Published: Mon, Oct 24 2011. 08 20 AM IST
More Topics: Markets update | Sensex | BSE | NSE | Nifty |