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Opening bell 26 August

Opening bell 26 August
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First Published: Fri, Aug 26 2011. 08 27 AM IST
Updated: Fri, Aug 26 2011. 08 27 AM IST
Mumbai: Anna Hazare is bargaining hard. With the government agreeing to discuss all versions of the Lokpal bills in the Parliament, expect a breakthrough any time soon. Read more...
Meanwhile in stocks, cues from the global markets are not encouraging. Overnight, stock markets in the US fell after an unexpected rise in jobless claims and selloff in German stocks sparked fears of another rout in global equities. Stock markets in Germany tumbled on speculation that bans on short selling would be extended.
Jobless claims in the US climbed by 5,000 to 417,000 in the week ended 20 August. Economists surveyed by Bloomberg had projected a drop in claims to 405,000. That sent US stocks lower. The S&P 500 at 1,159 is down 1.56%.
Asian stocks, on the other hand, witnessed a flat opening. Investors are cautious ahead of the speech by US Federal Reserve Chairman Ben Bernanke at a meeting of central bankers in Jackson Hole. Investors are also awaiting the US second quarter GDP data, which will be released later in the day. The Nikkei at 8,780 is up by 0.09%.
Back home, Reserve Bank of India has cautioned that high interest rates, inflation and unfavourable base will lead to subdued economic growth in the current financial year. The central bank also warned that its growth projections would be impacted negatively, if global financial problems intensify. Read more...
The finance ministry is reportedly coming out with guidelines which will stipulate the promoters of insurance companies to bring down their holding to 26% in a phased manner. The circular paves the way for promoters who are looking to bring in fresh equity or pare their holdings in the insurance ventures.
Mobile subscriber growth numbers have plateaued in India. Mobile phone service providers on the GSM platform added only 7.6 million subscribers in July. In February this year they added 14.6 million subscribers. According to reports, the July additions are the lowest customer additions in 32 months.
Coal India Ltd may lose 40,000 tonnes of coal production a day. The Jharkhand State Pollution Control Board has passed an order to close 22 mines operated by its subsidiary, Bharat Coking Coal Ltd, for allegedly running them without proper environment clearances.
Reliance Capital is open to selling minority stakes in its life insurance venture. The company is looking to offload a stake in the life insurance venture to banks, which can also work as bancassurance partner.
GVK Power & Infrastructure has reportedly reached an agreement to buy two coal mines in Australia for $2.2 billion. According to reports, the company will pay $2.2 billion for Hancock Prospecting’s mines and transport infrastructure.
Sterlite Technologies has bagged two orders worth Rs 225 crore from Power Grid Corporation of India. The orders involve manufacturing and supply of power conductors.
Blackstone Group has reportedly bought 7.12% equity in Monnet Ispat & Energy for $50 million. According to reports, the private equity firm has been buying Monnet Ispat shares in the open market for the last 15 days.
Finally, too much of TV can have dire consequences on one’s body. According to researchers in Australia, anyone who spends six hours a day in front of TV risks of dying five years sooner than those who indulge in more active pastimes. Read more...
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First Published: Fri, Aug 26 2011. 08 27 AM IST
More Topics: Markets update | Asia | Oil | US stocks | Crude |