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Opening bell 31 March

Opening bell 31 March
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First Published: Thu, Mar 31 2011. 08 45 AM IST
Updated: Thu, Mar 31 2011. 08 45 AM IST
Mumbai: India 260/9. Pakistan 231/10. Two days to the final. Here’s a list of things to watch out for before trading starts.
Overnight, US markets gained on an improving job market. The S&P 500 index gained 0.7% to 1,328. The index is up 5.6% so far in the first quarter of this year.
This led to a positive opening in the Asian markets. However, volatility caught up with Asian stocks as shares of energy companies declined even though exporters are trading with gains on the improving US job market. The Nikkei is up 0.11%.
Crude oil futures are trading flat in morning deals. After easing for the last couple of days, Brent crude oil futures gained $0.33 to $115.44 a barrel.
Back home, inflation numbers are expected to come out today. Current account balance numbers are also set to be released on Thursday.
Meanwhile, Dr Reddy’s Laboratories has completed the acquisition of GlaxoSmithKline’s oral penicillin facility in the US.
Tanishq, owned by Titan Industries, is planning to invest Rs 150-200 crore to set up around 15 showrooms in the next financial year. It currently has 123 exclusive showrooms in 76 cities.
Deepak Fertilisers and Petrochemicals Corporation is setting up a petrochemical plant in Australia. The company has earmarked Rs 1,500 crore to build the factory.
Apollo Hospitals is planning to launch a series of generic drugs branded under the Apollo name. Through this, the company expects to improve margins.
The government has infused Rs 1,739 crore in Oriental Bank of Commerce. The capital infusion helps the bank to maintain the stipulated tier-I capital. With the capital infusion, the government’s shareholding in the bank will rise from 51% to 58%.
The Andhra Pradesh High Court has asked Satyam Computers Services to meet the demand raised by the income tax department. Satyam was issued an income tax payment notice of Rs 617 crore. With this, the company has to pay Rs 350 crore towards income tax and show bank guarantee for Rs 267 crore. Read more...
Vedanta got one step closer to acquiring Cairn India after Sebi cleared Sesa Goa’s open offer. Sesa Goa can now launch open offer within 15 days priced at Rs 355 a share. It aims to buy a 20% stake.
Sticking with open offers, iGate’s open offer for buying a 20% stake in Patni Computer Services will begin on 8 April and close on 27 April. The company is planning to buy shares at Rs 503.50.
The hopes of diesel prices de-regulation are revived again. This time, Prime Minister’s Economic Advisory Council Chairman C Rangarajan says that the government might free diesel prices in the next financial year.
Many companies are dependent on Reliance Industries’ gas from the KG basin. With the gas from the D6 block falling, the supply to refinery, petrochemical and steel companies might be cut. The government has decided to give priority to fertiliser, power, city gas and LPG companies. Read more...
And finally, be prepared to shell out more for ice cream from tomorrow, i.e. the new financial year. Thanks to the budget proposal to introduce 1% excise duty on ice creams, ice cream manufacturers are planning to increase prices by as much as 3-5%. No refrain from heat this summer. Read more...
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First Published: Thu, Mar 31 2011. 08 45 AM IST
More Topics: Markets update | World Cup | Cricket | Oil | Crude |