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Opening bell 8 September

Opening bell 8 September
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First Published: Thu, Sep 08 2011. 09 23 AM IST
Updated: Thu, Sep 08 2011. 09 23 AM IST
Terror is back on Indian soil. A terrorist attack at Delhi High Court killed 11 people and left 91 injured. While the attack exposes security loopholes, stock markets across the globe are rising on speculation that President Barack Obama will announce steps to boost the US job market and arrest weakening economic growth. Read more...
Also helping the sentiment is the ruling from Germany’s top court which rejected lawsuits aimed at blocking the country’s participation in bailout packages for Greece and other heavily indebted euro zone countries. The ruling has temporarily eased investor concerns about the Euro zone debt crisis. The S&P 500 at 1,198 jumped 2.86%.
The positive cues have led to a strong opening in the Asian markets as well. The Nikkei at 8,832 is up 0.79%.
Back home, sluggish performance of manufacturing and other industries is making the tax department apprehensive about meeting direct tax collection targets. Read more...
Expect action to continue in the ONGC stock. Britain’s BG Group has made a proposal to acquire a stake in ONGC’s east coast gas block. ONGC’s chairman, in June, said the firm was in talks with BG and Italian oil major ENI to sell up to 30% stake in a block.
To reduce debt and exit non-core businesses, Bombay Burmah Trading has sold its spring division, BCL Springs, to Japanese technology partner NHK Spring for Rs 180.50 crore. According to reports, BCL Springs is India’s second-largest spring manufacturer. Read more...
To assuage investor fears and benefit from low valuations, the promoters are increasing their stake in Crompton Greaves stock through the creeping acquisition route.
Aurobindo Pharma has formed an equal joint venture company in Russia to manufacture and sell pharmaceuticals in Russia, Belarus and Kazakhstan markets. The JV will source products from Aurobindo’s Indian units, apart from constructing a manufacturing plant in Russia.
An appellate tribunal dismissed Adani Power’s proposal to scrap its power supply agreement with state-run utility Gujarat Urja Vikas Nigam Ltd. Adani Power had agreed to supply 1,000 megawatts for 25 years. But the company has sent a notice to the state utility seeking termination of the agreement as it could not secure fuel from a local source.
Drug maker Wockhardt has been asked to pay Rs 350 crore it owes to creditors. The High Court in Mumbai has criticised Wockhardt and directed the company to delink this repayment from its asset sale to Danone.
Jubilant Life Sciences received the US health regulator’s approval for the launch of Pantoprazole Delayed Release Tablets. The tablets were estimated to have a market worth $1.46 billion in the US.
The CAG has targeted Coal India. According to reports, the accounting watchdog has said Coal India is running 239 mines without environment clearances.
Finally, here is the letter that is considered by many as the “world’s funniest passenger complaint letter.” Taken aback by the quality of in-flight food, the passenger, who travelled on a Mumbai-Heathrow flight, wrote this letter to Richard Branson of Virgin Atlantic. Read it at...
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First Published: Thu, Sep 08 2011. 09 23 AM IST
More Topics: Markets update | Asia | Oil | US stocks | Crude |