Mumbai: Oil is again on the boil and central banks are looking to hike rates. Here’s a list of things to watch out for before trading starts.
Overnight, US stocks closed on concerns that the Federal Reserve will begin steps to withdraw the stimulus. The S&P 500 closed 0.02% down. However, Asian markets opened positively. Japanese stocks rose as a weakening yen helps exporters.
However, Brent crude prices continue to trade weak but above $120 a barrel. The Chinese tightening also weighed on sentiments.
Meanwhile in India, it’s deal day for Cairn India. There are expectations that the cabinet committee on economic affairs might clear Vedanta’s proposal to buy Cairn India. It has to be seen what pre-conditions the government will set for clearing the deal. Also, Sebi has given its nod to Vedanta for Cairn India open offer. According to the company, the offer might open next week.
Miners in Karnataka are rejoicing. The Supreme Court has given the Karnataka government two weeks to put in place new rules for exporting iron ore from the state. Karnataka banned iron ore exports in July last year. Iron ore producers are expected to benefit from the latest move. Read Mint’s views...
The elections in Tamil Nadu and Kerala are reviving spot energy market markets. Spot electricity prices in the South have gone up substantially over the last three months. Governments are buying electricity in the open market to avoid power cuts on election eve. Read more...
Sticking with electricity, the power minister is expecting 28,000 MW of power projects to become operational in the current financial year.
RBI is confirming the worst fears of investors. The central bank is worried that inflation might get out of control and starts hurting investments. The latest comments from the Deputy Governor also indicate the central bank’s resolve to retain its hawkish stance on interest rates.
Lupin filed a lawsuit against Ranbaxy Laboratories in the US. The company wants to prevent Ranbaxy from launching a generic version of a cholesterol lowering drug in the US.
Mahindra Satyam and its erstwhile auditor PwC agreed to pay $17.5 million to settle the accounting fraud. Out of this Satyam’s liability is pegged at $10 million.
CESC which has put in its bid for Nigerian power distribution companies is looking for partners. The company is reportedly in talks with several companies to form as a consortium.
Genesis Asset Managers is increasing stake in SKS Microfinance. Before this, the UK-based company increased its stake in the micro finance firm to over 5%.
Suzlon Energy priced its latest FCCB at a premium of just 17% to the floor price. That is the lowest premium since the last down turn. Read why...
And finally, interest from collectors and researchers is leading to thriving black market for stones from the space. As more meteorites are discovered, prices of asteroids that have fallen from the sky are going through the roof. Read more...