BackOpening bell 5 April
Opening bell 5 April
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Mumbai: Get rid of the World Cup hangover. And yes, they did get the real cup after all, it seems. Here’s a list of things to watch out for before trading starts.
Overnight, US stocks closed flat with a positive bias. The S&P 500 rose 0.03% to 1,332 after takeover bids revived investor sentiment.
Japanese stocks fell in the morning deals. Tokyo electric began dumping radioactive water from its crippled nuclear station area into sea. This has hurt stocks of fishing companies. The Nikkei at 9,674 is down 0.46%.
But the bigger concern for local investors is that Brent crude oil has scaled $120 a barrel. Even though prices eased bit on Tuesday morning, it spells danger for local oil marketing companies.
Meanwhile in India, Dabur and Emami have withdrawn from the race to buy Henkel India. Jyothy Laboratories can now woo in peace.
The Aditya Birla Group wants to sell a slice of the 47% stake it holds in Idea Cellular.
GVK has been short listed to acquire mammoth coal miner Hancock Coal. Both the companies have entered into an exclusive agreement for negotiations for the $8-billion deal.
Reliance Infrastructure said that it will go ahead with the Worli-Haji Ali sea link in Mumbai. The state government wants to explore the option of a coastal road as it would be cheaper.
State-run BPCL is planning to build a LNG import facility in India. BPCL wants to build pipeline infrastructure so that it can import gas from a block in Mozambique.
Meanwhile oil marketing companies are set to lose ₹ 78,000 crore due to high crude oil prices in the last fiscal year. According to estimates, the Indian crude basket is priced at $85.09 a barrel, 22% higher than 2009-10. The losses are expected to rise to ₹ 1.74 trillion in 2011-12 if companies continue to sell fuel at government set prices. Read more...
Kolkata based CESC has put in bids to acquire majority stake in state-owned power plants and distribution companies that are being privatised in Nigeria.
United Spirits acquired a 41.54% stake in a Karnataka-based company Sovereign Distilleries. The company manufactures and sells extra neutral alcohol and Indian made foreign liquor.
Suzlon Energy has initiated steps to take full control of its German subsidiary REpower. The holding company has informed the REpower management about its intention to buyout the remaining minority shareholders.
BHEL is expecting a 10% increase in its order inflow in 2011-12. The company won orders worth ₹ 60,507 crore in 2010-11. Read Mint’s review of the results...
The oil ministry is putting its weight behind ONGC. The ministry believes that asking Cairn to accept ONGC’s conditions on royalty is reasonable.
The Cabinet Committee on Economic Affairs is likely to give its consent to the Cairn-Vedanta deal with conditions. Meanwhile, in another report, the oil secretary said Cairn has to take consent of ONGC before selling its majority stake to Vedanta. Read more...
Tata Motors is ramping up the production for Nano. The demand for the cheapest car revived after the company extended warranty and provided easy financing for the car.
And finally, it is known that emission controls are applied to factories, business establishments or automobiles for that matter. But for animals? Researchers worked on a diet that will reduce greenhouse gas emissions from cows and sheep. Read more...
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