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Opening Bell 30 September

Opening Bell 30 September
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First Published: Fri, Sep 30 2011. 08 17 AM IST
Updated: Fri, Sep 30 2011. 08 17 AM IST
Mumbai: It is Friday and there is a reason to be cheerful. Europe seems to have averted disaster in its debt crisis. German lawmakers overwhelmingly approved new powers for the 440-billion-euro EFSF fund to make precautionary loans, help recapitalize banks and buy distressed countries’ bonds in the secondary market. Read more...
Economic data from the US is also encouraging. Claims for unemployment benefits fell more than forecast last week. Jobless benefits dropped by 37,000 in the week ended 24 September to 391,000, the fewest since April. Economists were forecasting 420,000 claims. The positive cues and buying in shares of financial services companies helped the S&P 500 gain 0.81% and close at 1,160.
However, the positive momentum did not carry into Asian markets. Concerned about the pace of economic recovery, stock markets are swinging between gains and losses. The Nikkei at 8,719 is up 0.21%.
Back home, Prime Minister’s Economic Advisory Council Chairman C Rangarajan hinted that the government might miss the budgeted fiscal deficit target this year due to a pressure on finances.
Meanwhile, budget calculations are going awry. The finance ministry said it will borrow nearly Rs 53,000 crore more than the budgeted level. The move could further restrict fund-raising by the private sector.
Expect positive momentum to continue in Koutons Retail India stock. The discount retailer has reportedly secured bankers’ approval for a corporate debt restructuring package. It paves the way for a reorganisation of Koutons’ financial obligations.
Lanco Infratech’s Australian subsidiary Griffin Coal Mining Co. has lost the initial round in a $3 billion lawsuit filed by Perdaman Chemicals and Fertilizers. A court of appeal unanimously held that Griffin could not contend that claims against the enforcement of a coal supply agreement were baseless, bolstering Perdaman’s case that is scheduled for a trial in 2012. Read more...
Land acquisition problems, fuel supply constraints and increasing environmental activism are resulting in orders drying up for BHEL. The company did not receive any orders from power firms in the first quarter of this year. In the same period last year it received orders worth Rs 9,226 crore. It is expecting to end the second quarter with only two orders valued at around Rs 6,400 crore.
Wockhardt has decided to clear the dues to its bondholders amounting to Rs 358 crore in instalments. Sun Pharma is one of the aggrieved bondholders. The firm holds around 20% of Wockhardt’s FCCBs.
Maruti Suzuki India has lost an estimated Rs 540 crore in revenue in the past two months due to labour unrest. So far in September, the company managed to produce 10,000 units from Manesar plant, 12,500 cars lower than the normal production levels. In August, it produced 6,000 cars less than its target.
BG Group, a UK-based natural gas company, will supply up to 2.5 million tonnes per annum of liquefied natural gas to Gujarat State Petroleum Corp., for 20 years beginning 2014. The companies signed an agreement on Thursday.
In a dramatic turn of events, Unitech shareholders have blocked the dividend payment resolution at the company’s annual general meeting. The company’s board had proposed Rs 30 crore as dividend. But, according to reports, majority shareholders did not approve the dividend as they felt the company should use the funds for business.
Basmati rice producing company Kohinoor Foods has signed a joint venture agreement with US-based McCormick Inc. As per the agreement, McCormick will own sales, marketing and distribution rights of Kohinoor brand for India.
Finally, here is another reason why exercise is important. A new research has found that regular exercise (a 30 minute jog) can strengthen ones brain, reduce mental fatigue and sharpen thinking. Read more...
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First Published: Fri, Sep 30 2011. 08 17 AM IST
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