Opening Bell 30 Nov | GDP data could dampen market mood

The GDP for July-September quarter will be released today; Asian markets trading higher
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First Published: Fri, Nov 30 2012. 08 05 AM IST
A file photo of BSE building in Mumbai.Photo: Abhijit Bhatlekar/Mint
A file photo of BSE building in Mumbai.Photo: Abhijit Bhatlekar/Mint
Mumbai: The gross domestic product (GDP) numbers for the July-September quarter will be released on Friday. Weakness in electricity and mining sectors is expected to weigh on the economic expansion. Analysts expect growth to drop to a three-year low of 5.1-5.3% in the second quarter as against the 5.5% growth in the first quarter.
Asian markets are trading higher. Japan’s Nikkei gained 0.21% to 9,420 amid optimism that US lawmakers will reach a resolution on federal budget negotiations.
Also fuelling gains is the better-than-expected industrial production data from Japan. Beating economists’ apprehensions of a 2% fall, industrial production increased by 1.8% in October. Read the Bloomberg report.
Overnight, US markets closed firm. Buying in telecommunications and healthcare stocks helped the S&P 500 gain 0.43% to 1,415. Read the Reuters report.
Back home, following weak demand, Tata Motors Ltd is planning to partially halt its commercial vehicle production in an effort to avoid inventory pile-up. Read more.
Aston Martin admitted that it is in talks with potential investors over injection of capital into the business. The sports car maker, however, said it is not for sale. Earlier it was reported that Mahindra and Mahindra Ltd had made a bid to acquire stake in the company. Read more.
The Bharti Airtel Ltd stock could witness some action. According to Business Standard, the Supreme Court has directed the Central Bureau of Investigation to take action over extra spectrum allocation during the National Democratic Alliance regime. Bharti Airtel is one of the three companies involved in the proceedings.
The Ranbaxy Laboratories Ltd stock could be in focus. The company has to stop production of its cholesterol-lowering drug Lipitor as it investigates what caused tiny glass particles to appear in some bottles. Read The Wall Street Journal report.
Meanwhile, another drug company, Glenmark Pharmaceuticals Ltd is aiming to grow its revenue by 30% in the current fiscal. The US and Latin American markets are expected to be primary growth drivers. Read more.
Pilots of the Kingfisher Airlines Ltd have threatened that they would approach the aviation regulator to intervene if the management does not pay them their pending salary for May by the end of this month. Read more.
Rajesh Exports is considering a plan to monetize its vast land bank, reports Business Standard. According to the report, the company may have around 150 acres in and around Bangalore.
Cinemax India Ltd stock may continue to trade with positive momentum. PVR Ltd is buying majority stake in the company for Rs.203.65 a share. The stock closed at Rs.184 on Thursday. Read more.
Finally, here is The New York Times list of 100 notable books of 2012. Topping the list is Alif The Unseen.
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First Published: Fri, Nov 30 2012. 08 05 AM IST
More Topics: Opening Bell | GDP | Asian Markets | Sensex | US stocks |