Mumbai: With the June quarter through, all eyes are on corporate results now. While results of several small companies will be flowing-in from today, big-ticket companies will start reporting their earnings next week.
Here’s a list of things to watch out for before trading starts.
Cues from global markets are encouraging. Better-than-expected manufacturing data from the US and easing debt concerns in the European region helped Asian markets open on a strong note. The Nikkei is up 1.06%.
The positive manufacturing report also came as a pleasant surprise for the US markets. The S&P 500 surged 1.44% to 1,339 on buying in financial services stocks.
Ratings agency Fitch has further lowered its growth forecast for India. The agency now expects India to grow at 7.7% in 2011. Earlier, it was expecting India to register a GDP growth of 8.3%.
Jindal Steel and Power is expecting to garner around Rs 765 crore by selling iron ore from its Bolivian mine. The company acquired the development rights of Bolivian mine in 2007.
Expect some action in the Sterling Biotech stock. The income tax department have conducted searches on the company and have reportedly found unaccounted income worth Rs 220 crore. The residences of the group owners were also raided in the operation. Read more...
The new owners are turning around Henkel India fast. According to Jyothy Laboratories’ deputy managing director, Henkel India has posted an operating profit and will report a net profit by end of September. Over the next year, Jyothy Laboratories expects to save an equivalent of 10% of Henkel India’s revenue due to synergies.
Pantaloon Retail is looking to sell its stake in Future Capital Holdings. According to reports, the company has hired Morgan Stanley to find a buyer for its 54% holding in Future Capital Holdings. Future Capital has assets worth Rs 3,000 crore.
State-owned MMTC has decided to concentrate on its core businesses of trading. It has dropped plans of buying overseas coal mines, commercial farming in Africa and electricity generation. Read more...
Britannia Industries is planning to make an investment of more than Rs 200 crore in the current financial year. According to the management, the company wants to set up factories in Orissa and Bihar.
In response to a closure notice from Orissa State Pollution Control Board, NTPC has shut down one of its four 500 MW thermal power generation units at Talcher Super Thermal Power Station. Read more...
The coal ministry has threatened to de-allocate the coal block allotted to Bhusan Power and Steel in Sundergarh district of Orissa. The ministry threatened to cancel the coal block for delay in development.