Mumbai: The last two trading days highlighted the vulnerability of Indian stocks to bad news. Will today bee any different? Here’s a list of things to watch out for before trading starts.
Overnight, stock markets in the US closed with gains after the Federal Reserve signaled continuation of low interest rates. The S&P 500 gained 0.88% to 1,340.
Crude oil continued to trade with gains. Brent crude for July settlement rose to $112.32 after a government report showed an unexpected drop in US crude inventories.
The Federal Reserve’s signal of low interest rates lifted sentiments in Asian stock markets as well. That, and expectations that metals demand from China will resume pushed the Nikkei up by 0.22%.
Back home, the troubles for Coal India have started. According to reports, the power ministry is planning to make a case for temporarily stopping coal e-auction. The ministry wants to utilise the huge pile-up of fuel stocks in Coal India’s mines at a time when power plants in the country are witnessing severe shortage of coal.
Meanwhile, a Planning Commission panel has advised Coal India to increase coal prices 10-12% across the board. The move is seen to help Coal India offset potential revenue loss from stoppage of coal sales through the e-auction route.
Lupin lost a ‘Markman’ ruling in the US court. Markman is a pretrial hearing. Lupin is fighting patent infringement case against Depomed Inc.
The Reliance ADA group has expressed interest to invest $5-10 billion in mining infrastructure in Indonesia. It has to be seen how the group will route the investments into Indonesia.
Bajaj group companies are raking in the moolah. After Bajaj Finserv, Bajaj Holdings and Investment reported a two-fold jump in consolidated net profit for the March quarter to Rs 835.8 crore. Consolidated net sales during the quarter, however, declined by 13.4%.
A one-time gain helped Bajaj Auto report more than two-fold jump in March quarter profits. The company reported 164% growth in March quarter profit to Rs 1,400.4 crore. The fourth quarter results included a sales tax benefit of Rs 827 crore. Read Mint’s review of the results...
Dabur India is planning to spend Rs 200 crore in setting up three new factories. The company is looking to set up one plant each in South Africa, Kenya and Sri Lanka. The company estimates the African factories to start production by June next year.
Larsen & Toubro has won an offshore process platform contract worth Rs 1,450 crore from Gujarat State Petroleum Corporation (GSPC). The company will announce its March quarter results today.
Orchid Chemicals & Pharmaceuticals is planning to raise around Rs 1,000 crore. The company wants to use the funds to repay debt and FCCBs that are due in February 2012.
HDFC and PE firm Advent International Corp are looking to sell their stakes in CAMS. CAMS is a joint venture of HDFC, Advent and Acsys Software India. NM Rothschild Ltd has been given the mandate to scout for buyers.
It will be a results heavy day. Larsen & Toubro, Tata Power, Ashok Leyland, Jet Airways, Pidilite, Voltas and Wockhardt will announce their March quarter results today. Watch out for Larsen & Toubro’s order book guidance for 2011-12.
Finally, meet the woman who is allergic to electricity. A British woman is reported to have a rare condition called electro-sensitivity. She cannot stand any kind of electromagnetic fields. As a result, she cannot watch television, listen to the radio or talk on a mobile phone. Read more...