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Opening bell 27 July

Opening bell 27 July
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First Published: Wed, Jul 27 2011. 09 23 AM IST
Updated: Wed, Jul 27 2011. 09 23 AM IST
Mumbai: The central bank has made it clear that it wants to see definitive signs of easing price pressure before pressing brakes on rate hikes. So much for hopes of a pause. Here’s a list of other things to watch out for before trading starts.
On the global front, the stalemate over the US debt ceiling is making investors nervous. Overnight, stock markets in the US closed lower as Republicans and Democrats sparred over separate plans to raise the federal debt limit. Uncertainty about debt ceiling along with weak earnings forecast by 3M Co and UPS sent US stocks lower. The S&P fell 0.41%.
Stock markets in Asia opened lower on concerns about the continuing stalemate over the US debt ceiling. Stocks of companies that have greater exposure to global markets are witnessing selling pressure. The Nikkei is trading down 0.64%.
Back home, the Department of Pharmaceuticals is reportedly planning to recommend an extension of tax benefits given to drug makers for R&D. At present, the government gives weighted average tax deduction of 200% for in-house R&D and up to 175% if research is done with partners recognised by the government.
Cox & Kings is in talks to acquire British specialist travel company Holidaybreak. Holidaybreak provides residential outdoor education and adventure trips for school children in European markets. The company, listed on London Stock Exchange, is reportedly valued at £225.24 million.
JSW Steel is aiming to close the debt refinancing deal for Ispat Industries in the next couple of weeks. JSW Steel acquired Ispat Industries in December last year. Ispat Industries reportedly has a debt of close to Rs 7,500 crore.
Cairn India reported a 10-fold increase in first-quarter profit on higher crude oil output and prices. The company reported a net income of Rs 2,730 crore for the June quarter. Analysts polled by Bloomberg pegged the profits at Rs 2,630 crore.
SKS Microfinance reported a loss of Rs 218.7 crore for the June quarter as it set aside more money to cover mounting defaults in Andhra Pradesh. To revive the floundering business, the firm announced plans to raise as much as Rs 900 crore through share sale or other securities to qualified institutional buyers.
IDFC, GAIL, Oil India, Lupin, Marico, Bank of Baroda, Canara Bank, Dabur, Hexaware and Ultratech Cement will announce their June quarter earnings today. Analysts at Prabhudas Lilladher and Kotak Securities expect the IDFC to report 1.5-2.9% year-on-year growth in June quarter profits.
Finally, a man woke up 21 hours after his family thought he was dead. The 50 year-old was sent to morgue after his family thought he died of an asthma attack. However, he woke up after the morgue staff kept his body in refrigerated compartment. Read more...
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First Published: Wed, Jul 27 2011. 09 23 AM IST
More Topics: Markets update | Asia | Oil | US stocks | Crude |