Mumbai: With less than a week to go before the automatic spending cuts kick-in, the focus is back on the US budget negotiations. According to reports, President Barack Obama, who’s cutting short his vacation, will try to revive the budget talks on Thursday.
Asian markets, meanwhile, are trading higher. Equity markets in Japan rose to highest levels this year after the country’s currency slid on prospects of more stimulus measures. Read the Bloomberg report.
Overnight, US markets fell after a report showed that consumers spent less in the current holiday shopping season than last year. The S&P 500 lost 0.48% to 1,419 on selling in retail shares. Read more.
Back home, surrender of unit-linked insurance plans and extensive redemptions in equity mutual funds have forced domestic institutions to sell Indian equities worth Rs 55,000 crore so far this year, reports Mint. Foreign institutional investors in the same time-frame bought $23 billion (around Rs.1.3 trillion today) worth of domestic equities.
Tata Motors’ Nano emerged as one of India’s 10 best-selling cars in 2012. In the 11 months ended November, sales of the Nano rose 18% to 74,545 units from the year ago period. Read more.
The government has rejected Mahindra & Mahindra Ltd’s proposal to set up a joint venture with Rafael Advanced Defense Systems Ltd. The companies were to invest Rs 100 crore in the joint venture. Read more.
Keep an eye on Hindustan Oil Exploration Company stock. Eni is looking to sell its 47.18% stake in the company, reports Business Standard. According to the report, Eni is planning to sell shares at Rs 135-140. The stock closed at Rs 100.9 on Wednesday.
NMDC, which is looking to acquire mines, has zeroed in on one iron ore property in Brazil, reports The Economic Times. If the deal fructifies, it would be the second overseas acquisition of the company.
Due to high coal prices, aluminium-maker Nalco is planning to temporarily shut down 3-4% of capacity, reports Business Standard. According to the report, the company has cut upto 8% capacity last year.
Deccan Chronicle Holdings Ltd stock may witness some action. Andhra Bank is planning to approach the debts recovery tribunal against Deccan Chronicle for defaulting on payment of Rs 200 crore loan, reports Business Standard.
Bhushan Steel Ltd is planning to seek shareholders’ nod to raise upto $1 billion (over Rs 5,400 crore) through issuance of fresh securities. The company did not specify when it will be going for the fund raising.
Finally, Samsung is looking to beat the current year shipment records by shipping more than half a billion phones in 2013. The company, which is estimated to have shipped 420 million phones in the current year, will launch the next flagship device-Galaxy S IV-in 2013. Read more.