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Opening bell 19 April

Opening bell 19 April
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First Published: Tue, Apr 19 2011. 08 47 AM IST
Updated: Tue, Apr 19 2011. 08 47 AM IST
New Delhi: Will the US ratings cut spook Indian markets on Tuesday? Read more about that and other things you must know before trading starts.
Standard & Poor’s lowered its ratings outlook on the United States to negative. The rating agency has kept the government on notice and said that the US might lose its AAA credit rating if it does not cut its budget deficits. The negative outlook came as a blow to the US stock markets. The S&P 500 lost 1.1% and closed at 1,305.
The downgrade came as a rude awakening for investors around the globe as the US dollar is long considered a reserve currency. The cut in long term outlook led to a slump in Asian stock markets. Stock markets in Japan fell by as much as 1.2% on concerns that the cut in outlook may curb recovery in the US economy. The Nikkei is down 1.15%.
Rising inflationary pressures across the globe is increasing the appeal for precious metals. Bullion markets are abuzz with expectations that gold may top $1,500 an ounce as investors route their money into safer assets.
Back home real estate companies are already feeling the squeeze. Falling sales and shortage of funds is leading to defaults by real estate companies. A Mint story found that at least six companies are finding it difficult to meet repayments commitments. Read more...
The electrical and electronics business of Larsen & Toubro is valued at Rs 8,900 crore by Bank of America Merrill Lynch. L&T is looking to sell its stake in the electrical and electronics unit and is looking for buyers who can pay good valuations.
Hotel Leelaventure has got Mukesh Ambani as a shield. Leelaventure Chairman CP Krishnan Nair says that he will partner with Mukesh Ambani if there is any threat from ITC. The tobacco company holds 11.7% stake in Hotel Leelaventure. (Read more) Elsewhere, the company said it will raise Rs 1,950 crore through a mixture of equity, debt and asset sale to partly repay its debt of Rs 3,800 crore. Read more...
HDFC Bank reported a 33.2% rise in fourth quarter net profits and its board also approved stock split in the ratio of 5:1. Read Mint’s review of the results. Elsewhere, Fitch said it affirmed highest rating for HDFC Bank due to strong financial and operational performance.
Aban Offshore will redeploy two rigs with ONGC for another three years. ONGC is expected to pay Rs 620 crore to Aban Offshore for that service, much lower than what it paid in 2007. Read more...
Tata Power is planning to raise Rs 1,300 crore by issuing bonds in overseas markets. The company wants to use the money to buy coal assets abroad.
Avigo Capital bought a 9.27% stake in Super Religare Laboratories (SRL) for around Rs 100 crore. SRL’s promoters recently got approval to sell their stake to Fortis Healthcare. Read more...
Everonn Education’s subsidiary and National Skill Development Corporation launched a JV to train and re-skill people. The JV aims to train 15 million people over the next 10 years. Read more...
Bathroom fittings maker HSIL is looking to make acquisitions in the sanitary ware and kitchen appliances space. According to reports, the company is looking at an acquisition size of Rs 80-400 crore.
Concor and power financing firm PFC are expected to come out with their fourth quarter results today. PFC’s comments on interest margins and cost of funds will be keenly tracked.
And finally, it’s a known fact that economies and businesses trend in cycles. But what is unknown is that happiness in one’s life also cyclical in nature. A study found that satisfaction with one’s life starts diminishing in late 20s and does not recover until past 50s. The unhappiest lot is the middle-aged people, who are weighed down by demands of life. Read more...
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First Published: Tue, Apr 19 2011. 08 47 AM IST
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