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Opening bell 29 June

Opening bell 29 June
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First Published: Wed, Jun 29 2011. 08 37 AM IST
Updated: Wed, Jun 29 2011. 08 37 AM IST
Mumbai: All eyes are on Greece. Optimism that Greece will avoid a debt default is leading to gains in global stock markets. However, this optimism is not without a side-effect - rising crude prices. Here’s a list of things to watch out for before trading starts.
Oil prices rose for a second day on speculation of low US crude supplies and optimism that the resolution of Greek crisis will bolster European economy. Brent crude for August settlement is hovering at $108.42 a barrel.
Stock markets in Asia opened on a strong note. Strengthening commodity prices in the international markets is leading to gains in metal stocks. The Nikkei is up 1.03%.
Back home, truck owners are gearing up to pass-on the diesel price hike. Freight rates could go up by as much as 8-16%.
The promoters of Welspun Group are reportedly in talks with private equity firms to raise around Rs 2,699 crore. Welspun promoters are expected to offload significant minority stakes in three group firms. According to reports, initially, the PE firm will acquire close to 15% stake in the flagship Welspun Corp.
The latest move by Vedanta and Cairn Energy to cut the price of the deal is fuelling optimism that the end-game is in sight. According to analysts, the two firms could be closer to agreeing to India’s demands of sharing royalty payments. Read more...
The Cabinet Committee on Economic Affairs, which is meeting on Thursday, is expected to take a call on the Cairn-Vedanta deal.
It’s the season of accusations and lawsuits. GMR Energy, CLP India and BS Transco have threatened to take legal action against Power Grid Corporation for alleged collusion with state utilities in getting contracts worth 45,000 crore. According to the power firms, Power Grid signed bulk contracts before the cut-off date to avoid competition from private players. Read more...
Lanco is now preparing to take legal recourse against the power distribution firms of Andhra Pradesh. The company is contesting adjustment of Rs 104.94 crore from the energy bills its subsidiary Lanco Kondapalli Power was to receive from power distribution firms.
The Orissa State Pollution Control Board has slapped a closure direction on four units of NTPC’s Kaniha power plant. The pollution board has sent notices to NTPC for its inefficient ash management. Read more...
Finally, Cameroon, the largest economy in central African region, has banned night time public transport between cities to end road carnage. The government has taken this decision after a spate of deadly accidents killed 1,258 people last year. Read more...
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First Published: Wed, Jun 29 2011. 08 37 AM IST
More Topics: Markets update | Asia | Oil | US stocks | Crude |