BackOpening Bell 27 June | Reliance Power under the lens
Global markets gain on speculation that slower US growth may force Fed to hold back from reducing stimulus
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Mumbai: Asian markets are trading higher with stocks gaining on speculation that the slower-than-estimated growth in the US economy may force the Federal Reserve to hold back from reducing stimulus. Read more.
The US economy expanded at a slower pace than previously estimated, reports The Wall Street Journal. The gross domestic product grew by 1.8% in January-March this year, lower than the earlier estimate of a 2.4% growth rate.
The slower growth reduced concern that the Fed will begin to withdraw its stimulus in near future. The S&P 500 gained 0.96% to 1,603. Read the Reuters report.
Back home, a government panel recommended issuing show-cause notices to companies including Jindal Steel and Power Ltd and Hindustan Zinc Ltd for delaying production from mines given for captive use. Read more.
The on-going strike at Bajaj Auto Ltd’s Chakan plant can impact production volumes, reports Mint. Workers at the company went on strike from the evening of 25 June over demands for a wage revision and shares of the company.
Rallis India Ltd may be in focus. The Cabinet Committee on Economic Affairs is likely to approve an increase in minimum support prices of oilseeds, reports The Hindu Business Line. Rallis India derives substantial revenues from selling agriculture-inputs to oilseed farmers.
Following the settlement of differences over the quality of the fuel, NTPC Ltd has decided to sign a supply accord with Coal India Ltd. The company’s board has approved the terms of the agreement. Read the Mint report.
Satluj Jal Vidyut Nigam Ltd’s Arun-III project in Nepal has hit the skids with a key agreement for the 900 megawatts project awarded in 2008 yet to be signed, reports Mint. The company submitted a project development agreement two years ago.
Reliance Power Ltd may witness some action. The commissioning of the unit-I of the Sasan ultra mega power plant has come under the electricity regulator lens. According to The Hindu Business Line the Central Electricity Regulatory Commission has cancelled the commissioning date of a unit at Sasan ultra mega power project.
Keep an eye on Yes Bank Ltd. The company is holding its board meeting today. Among other things, the company is expected to decide on the nomination of Shagun Gogia to the board. Read more.
US-based Customers Bancorp Inc. will invest $51 million (around ₹ 305 crore today) in Religare Enterprises Ltd for a 5% stake. The stake sale will pare the promoter holding in Religare Enterprises, which is seeking a bank licence, to 66-67%. Read more.
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