Mumbai: US Federal Reserve Chairman Ben Bernanke has finally pulled a rabbit out of his hat. The Fed has extended “Operation Twist” – a plan to sell short-term bonds while purchasing longer-term securities to support the flagging US economy, but refrained from a more aggressive plan to ease monetary policy, reports Financial Times. US markets took a beating as the Fed offered a bleaker picture of the US economy than it had at its last gathering two months ago.
Markets in Asia were trading on a subdued note following weak closing on Wall Street as the Fed failed to issue far-reaching measures to stimulate the economy, reports MarketWatch. Hong Kong’s Hang Seng plunged 0.4%, China’s Shanghai Composite was down 0.7%, but Japan’s Nikkei Stock Average gained 1% on back of weakening yen.
ONGC has not renewed its agreement with the Hinduja Group for sourcing liquefied natural gas (LNG) from West Asia, reports Mint. ONGC’s action comes against the backdrop of two sets of sanctions imposed by the US and the United Nations which includes strictures against Iran’s energy and banking sectors.
Tata Steel will be in focus following the decision that it is planning to raise stake in group companies-Tata Sponge and Tinplate via open offer, reports Economic Times. Tata Steel is trying to consolidate its stake and achieve closer operational synergy among these firms. Analysts feel the move could be a step towards eventually delisting the companies.
Pharmaceutical companies which make generic products will be in focus on reports that they might soon have to pay a fee to the US drug regulator for seeking its permission to sell their products in the US, reports Business Standard. The Generic Drug User Fee Act is on the way in the US. It will enable the Food and Drugs Administration to levy a user fee of around $100,000 on each generic drug application filed for approval.
Larsen & Toubro, TCS and HCL will be in focus following a report in Business Standard that the ministry of defence has chosen the private sector consortium for Rs 10,000 crore defense deal. The consortium is going to compete with Bharat Electronics Ltd, the public sector giant to develop a communications network for the 21st century battlefield.
Sun TV has budgeted Rs 200 crore capex and is also planning to spend Rs 260 crore to acquire movies for distribution, reports Business Standard. Sun TV is also looking at upgrading some of the production and programme equipment.
Lastly, Television rating points have fallen short of expectations for Satyamev Jayate. As per rating agency TAM’s data released by Star, Satyamev Jayate received rating of 3.9, lower than blockbuster shows of the past like Kaun Banega Crorepati and Big Boss, reports Economic Times. The launch episode delivered a rating of 4.9 in Hindi-speaking markets and a 4.1 all-India.