Mumbai: It’s a new beginning not only for the former finance minister Pranab Mukherjee but also for the Prime Minister Manmohan Singh as he gets another chance to head the finance ministry. With the economy yearning for the much needed course correction; the Prime Minister will get the opportunity to retune the finance ministry and its policies to the current realities.
Cues from the global markets are mixed. Overnight, stock markets in the US recovered after reports said that home prices picked up in April. According to a Reuters report, this is the third month in row that home prices have gone up.
While data pointed to continuing recovery in the US housing market, consumer confidence dropped to a five month low in June. Read the Bloomberg report. The mixed data led to subdued trading in the US equity markets. S&P 500 rose 0.48% to 1,319 on light volumes.
Asian markets have opened on a weak note. Concerns about the Europe debt crisis have offset the positive US housing data.
With the German Chancellor Angela Merkel declining to support the common euro zone bonds, investors are steadily lowering their expectations from the forthcoming Euro zone summit. Japan’s Nikkei at 8,653 is trading lower by 0.13%.
Back home, SEBI relaxed rules to help companies raise capital and comply with public shareholding norms. Listed firms have been allowed to auction shares on the stock exchanges more frequently. Read the Mint report.
Crisil has warned that the revenue growth of Indian companies in the June quarter will decelerate to 14%, the slowest pace in six quarters. Read more.
Keep an eye on stocks of Pantaloon Retail (India) and Shoppers Stop. With retailers worrying about the economic slowdown, end of season sales have made their appearance earlier than usual this year, reports Mint. By the first week of July, most big brands and department store chains are expected to kick off their bi-annual sales.
Reliance Industries is asking the government to triple gas prices from 1 April, 2014. The company currently gets $4.205 per million British thermal unit. Read more.
Delay in commissioning of a pipeline could hit capacity utilisation levels of the Petronet LNG’s Kochi terminal. According to Business Standard, the company will operate its Kochi terminal at 20% of its capacity for a year.
Keep an eye on the Manappuram Finance stock. Baring India Private Equity has increased its stake in the company to 5.94%, reports The Times of India. The private equity firm has reportedly bought 0.95% of additional shares at Monday’s close price.
The turbulence at Kingfisher Airlines continues. With the airline not clearing the dues, the lessors have reportedly taken back 34 aircraft. Read more.
Bata India is back to focusing on volumes for growth, reports the Business Standard. The company is planning to invest Rs 115 crore in store expansion and plant modernisation.
Finally, here is The Telegraph’s list of the world’s most remote places. The list includes places from Alaska, Australia, Tibetan plateau and Yemen.