BackOpening Bell 18 Jan | Diesel price hike cheer for OMCs
Nikkei surges more than 2% to 10,830 on better than expected economic data from the US
Premium(Hemant Mishra/Mint)
Mumbai: After deliberating for long, the government has finally decided to de-regulate the diesel prices. Oil marketing companies are now allowed to increase the diesel prices by a small quantum periodically till such time they are able to make up their losses.
State-owned oil marketing companies are currently losing ₹ 9.60 on every litre of diesel they sell. Read the Mint report.
Cues from the global markets are encouraging. Japan’s Nikkei surged more than 2% to 10,830 on better than forecast economic data from the US.
Ground breaking to build new homes accelerated in December. Housing starts climbed 12.1% last month to a 954,000 annual rate. Meanwhile, the number of Americans filing for unemployment aid hit a five-year low last week. Applications for jobless benefits decreased by 37,000 to 335,000 in the week ended 12 January.
The data points to continuing recovery in the world’s biggest economy. The strong growth in housing starts cemented the market participants’ views that residential real estate is “boosting" the economic recovery in the US. S&P 500 gained 0.56% to 1,480. Read the Bloomberg report.
Back home, to attract bidders, the union cabinet has halved the CDMA spectrum prices. The reduction in the reserve price is also likely to benefit older CDMA operators, including Reliance Communications Ltd and Tata Teleservices. Read more.
Reliance Industries Ltd stock could be in focus on Friday. The company will be releasing its earnings for December quarter on Friday. As the company releases the results, investors may look for details on the 4G broadband services rollout. According to The Economic Times, the company is yet to finalize a plan to launch the 4G services.
Mahanagar Telephone Nigam Ltd, also known as MTNL, is looking to raise ₹ 5,000 crore from its land holdings in Mumbai and Delhi, reported The Times of India. According to the report, the company has appointed an advisory firm to explore the value-unlocking options.
Kingfisher Airlines Ltd’s stock may continue to witness some action. Lenders will meet the airline’s management on Friday to know about its debt repayment and revival plan, reported Business Standard.
It will be results heavy day. Apart from RIL, Blue Star Ltd, HDFC Bank Ltd, Hindustan Zinc Ltd, IDBI Bank Ltd, ITC Ltd, Mahindra and Mahindra Financial Services Ltd, Mindtree Ltd, NIIT Ltd and Wipro Ltd are some of the notable companies that will release their earnings for the December quarter on Friday.
Finally, here is a landlord’s list of 31 bizarre rules for a prospective tenant. The instructions include a fine of £15 if a tenant leaves the dishes in the sink and a shower not more than 15 minutes. Read The Telegraph report.
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