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Opening Bell 16 September

Opening Bell 16 September
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First Published: Fri, Sep 16 2011. 08 20 AM IST
Updated: Fri, Sep 16 2011. 08 20 AM IST
Mumbai: The argument for another policy rate hike is gaining strength by the day. Food inflation rate exceeded 9% for the sixth straight week. The wholesale price index is close to double digits. With the latest hike in fuel prices further accentuating the inflation problem, the Reserve Bank of India has little options but to maintain a tight monetary policy. Read more...
While the rate hike decision will come out by noon, cues from international markets are encouraging. Overnight, stock markets in the US rose for the fourth day after the European Central Bank and international policy makers moved to make dollar funding for banks. The coordinated approach eased investors’ concerns, leading to a rally in the shares of banking and financial services companies. The S&P 500 at 1,209 is up 1.72%.
The gains led to a positive opening in Asian markets. Stock markets in Japan, South Korea and Hong Kong rose as investors bought shares of export dependent companies. The Nikkei at 8,804 is up 1.57%.
Back home, advance tax payments made by top 100 companies in Mumbai rose 18% for the quarter ending September. The payment list is led by Reliance Industries. The company paid Rs 2,000 crore as advance tax, up 66.67% from a year ago.
Expect some positive momentum in oil marketing companies. Despite inflationary pressures, the government has allowed PSU oil marketing companies to raise petrol prices. Increasing crude prices and a depreciating rupee are the triggers.
Maruti Suzuki is at the risk of missing out on festive demand. The company has reportedly called off production at its facilities in Gurgaon and Manesar. The development comes after the ongoing strike at vendor Suzuki Powertrain India choked its supply lines.
In the latest blow to the company, at least 350 contract workers, who load vehicles onto transporters that are then despatched to dealerships across the country, went on strike. Maruti Suzuki is struggling to manufacture cars due to labour unrest that began on 29 August. Read more...
Expect positive momentum in the BGR Energy stock to continue. The company’s joint venture with Hitachi Power Europe has emerged as the lowest bidder for supplying turbine generator sets to NTPC. The contract is valued at around Rs 8,000 crore.
Due to disruption in coal supplies, power generation at NTPC’s 2,600 megawatts Ramagundam Thermal Power Station declined to 1,400 megawatts. The electicity generation was hit due to strike at the Singareni coalfields. Read more...
Wipro has entered into a strategic alliance with Saab AB to develop and market protective software for Land Electronic Defence System (LEDS) in the country. LEDS provides protection to combat vehicles against rocket-propelled grenades, anti-tank missiles, mortars and artillery shells.
Spencer’s Retail, a subsidiary of CESC, is aiming to achieve a turnover of Rs 1,200 crore by the end of this financial year. The company which has 225 stores across the country is hoping to break-even by 2014-15.
Finally, here are the pictures of 10 interesting, funniest and weirdest entries into the Guinness World Records in 2012. One is revealed to have the longest tongue; another entrant has grown her finger nails for 18 years and the other is the most popular television programme. Find out more...
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First Published: Fri, Sep 16 2011. 08 20 AM IST
More Topics: Markets update | Stock | Sensex | BSE | NSE |