BackOpening Bell 21 October | Clarity on coal mines could buoy markets
The government moved to resolve the crisis created by the Supreme Court's cancellation of coal mining licences
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Mumbai: Asian markets are trading mixed. According to Reuters, investors are waiting for economic data from China, to be released today. US markets closed higher. S&P 500 gained 0.9% to 1,904 on hopes of a strong earnings season. Read more.
The government moved to resolve the crisis created by the Supreme Court’s cancellation of coal mining licences, reports Mint. The cabinet cleared an ordinance to facilitate the allotment of coal mines to state-owned companies that need the fuel and also to private entities for captive consumption.
The government has decided to cap the domestic gas subsidy, reports Business Standard. According to the report, a new system of fixing the subsidy would be designed after discussions.
The government’s gas pricing decision may have silver lining for Reliance Industries Ltd (RIL), reports Mint. The policy says that companies operating in deep water blocks will get a premium over prevalent prices. This clause would be beneficial to RIL as most of its ongoing exploration activities are located in the deep-water area.
The government plans to sell a portion of its stake in Oil and Natural Gas Corp. Ltd (ONGC) Ltd by the first week of November, reports The Hindu Business Line. The disinvestment follows the recent decision to hike the price of domestically produced natural gas.
The Aditya Birla Group submitted bids to purchase global assets to be carved out of the merger between Lafarge and Holcim, reports The Economic Times. According to the report, UltraTech Cement Ltd and other group firms have put in bids for cement units of Lafarge and Holcim in Brazil and the Philippines.
Idea Cellular Ltd reported better than expected profit and sales for the September quarter. The company released the earnings after the market hours yesterday.
Hero MotoCorp Ltd is looking to invest ₹ 5,000 crore in five manufacturing facilities, reports Business Standard. The company is set to inaugurate its manufacturing facility in Rajasthan on Tuesday.
United Spirits Ltd is looking to sell two distilleries in Andhra Pradesh and Kerala, both of which are large but low-margin liquor markets, reports Mint. The company, which is investigating its accounting, swung to a loss of ₹ 55.56 crore for the June quarter because of continued erosion of market share.
The open offers for the shares of Mangalore Chemicals and Fertilizers Ltd concluded on Monday. The incumbent management led by UB Group chairman Vijay Mallya looks set to keep the farm input maker under its control, for now. Read the Mint report.
Lastly, as a performance incentive a Surat based company gifted cars, flats to its employees. According to a DNA report, of the 1,201 employees, 424 were gifted Fiat Punto Evo cars, 207 got two bedroom apartments.
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