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Business News/ Market / Stock-market-news/  Opening Bell 16 December | Trade deficit widens on gold imports
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Opening Bell 16 December | Trade deficit widens on gold imports

Trade deficit widened to a 18-month high at $16.86 bn in November; Maruti Suzuki plans to increase prices of its cars by 2-4% from January

A file photo of BSE building in Mumbai. Photo: Hemant Mishra/MintPremium
A file photo of BSE building in Mumbai. Photo: Hemant Mishra/Mint

Mumbai: Overnight, US markets closed lower. S&P 500 lost 0.63% to 1,989 as continuous fall in crude prices rattled investors. Brent crude at $61 a barrel is down 1.3% in morning trade. Tracking the losses Asian markets also opened weak.

India’s trade deficit widened to a 18-month high at $16.86 billion in November as merchandise imports rose at a much faster pace than merchandise exports, driven mainly by skyrocketing gold imports, reports Mint.

Early indications emerging from advance tax payments for the December quarter suggest banks may have seen a strong quarter, reports Mint. Advance tax payments of 15 top companies registered in Mumbai showed a 10.1% increase from a year earlier, primarily with the help of banking companies.

In a major boost to the infrastructure sector and banks financing long gestation projects, the Reserve Bank of India extended its flexible refinancing and repayment option for long-term infrastructure projects, reports Mint.

Property developers are increasingly able to borrow at cheaper rates as finance companies and private equity funds compete to extend capital to real estate projects, reports Mint. The rush of money and the competition among investors to close deals have softened rates, benefiting developers.

Keep an eye on shares of companies that do business in Russia. To halt a currency collapse Russia has sharply hiked its benchmark interest rate, leading to a rally in its currency. Companies like Dr Reddy’s Laboratories Ltd derive substantial revenues from Russia.

Due to a rise in input costs, Maruti Suzuki India Ltd plans to increase prices of its cars by 2-4% from January, reports Reuters.

Bharti Airtel Ltd signed an agreement to sell 1,100 telecom towers in Zambia and Rwanda for about Rs2,000 crore, reports The Economic Times. According to the report, this is the fourth such deal by Bharti Airtel in the past five months.

Motherson Sumi Systems Ltd is acquiring assets of Scherer & Trier group (S&T), Germany for euro 36 million, reports The Hindu Business Line. S&T develops, manufactures extrusion profiles and other components.

A subsidiary of Mastek Ltd entered into a merger agreement with Cover-All Technologies Inc. The value of the deal was not disclosed. Read more.

The government will decide on the future of SpiceJet Ltd after the airline reportedly sought state support amid concerns it may wind down operations. According to Business Standard, the airline may not be put on cash-and-carry mode for now.

Ramky Infrastructure Ltd said that the joint lenders forum set up by the company’s lenders has suggested restructuring the company’s debt. The company’s consolidated debt on 30 September stood at Rs3,404 crore. Read more.

Lastly, as international oil prices slumped to five-year low petrol and diesel prices were cut by Rs2 per litre each, reports PTI. According to the report, this is the eighth straight reduction in petrol prices since August.

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Published: 16 Dec 2014, 07:51 AM IST
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