Mumbai: Now agriculture minister Sharad Pawar is pained by the prime minister’s remarks that coalition partners are giving him trouble. With another major ally Trinamool Congress already restless with the Congress-led UPA government, expect the decision-making process to get delayed further.
Cues from the global markets are not that encouraging. Overnight, stock markets in the US fell on concerns of a slowdown in the Chinese economy. S&P 500 lost 0.30% to 1,405 on selling in stocks of industrial and commodity related companies.
Asian markets also opened on a weak note. Concerns about the impact of the slowing Chinese economy on the commodity prices are leading to selling in shares of the raw material producers. Japan’s Nikkei at 10,119 is down 0.22%.
Brent crude is hovering at $124.39 a barrel. The IMF has warned that supply disruptions from Iran could push global crude prices by up to 30%. The IMF’s comments come against the backdrop of prevailing global tensions over Iran’s nuclear ambitions.
Back home, keep an eye on Dhanlaxmi Bank stock. The Reserve Bank of India has turned down the bank’s plea for a one-time waiver of the priority sector lending target, reports The Economic Times.
The boards of Tech Mahindra and Mahindra Satyam will meet on Wednesday to consider merging their operations. The move would create India’s fifth largest software services company by market value. Analysts expect the share-swap ratio to be skewed in favour of the Tech Mahindra’s shareholders.
The delay in the Krishnapatnam power project is creating legal troubles for Reliance Power. According to The Economic Times, the states which have agreements to buy electricity from the project, are threatening to slap a fine of Rs 400 crore on the firm.
To cut costs Kingfisher Airlines is looking to lay off its employees. The airline is preparing to run just one-fourth of its fleet and wind up its international flights.
With Kingfisher Airlines curtailing operations, rival airlines are garnering more market share. Jet Airways cornered nearly 30% share of the domestic passenger market in February, the highest in at least three years.
PTC India plans to sell part of its stake in the Indian Energy Exchange. The company is expected to sell 14.5% stake in the bourse to Multiples Alternate Asset Management and retain a minority 5% shareholding.
Punjab National Bank’s decision to buy stake in Metlife India Insurance has hit the regulatory hurdle. According to The Economic Times, insurance regulator IRDA has raised concerns about the accounting methods followed by the companies.
Finally, Romania has won the Guinness world record for the longest wedding dress. The dress is 1.85-mile-long and took 100 days to stitch. Read The Telegraph report.