“I was analysing the political situation,” that’s what the railway minister Dinesh Trivedi said about his comment about the possibility of mid-term polls. Even as the Trinamool Congress leader back-tracked from the mid-term poll remark, the development highlights the vulnerability of the Congress and the ruling UPA.
Cues from the global markets are encouraging. Stock markets in Asia rose after Greece moved a step closer to restructuring its sovereign debt.
More than 85% of the Greece’s private creditors agreed to turn in their bonds for new ones. According to Reuters, the development will help Greece secure the funding it required to avert a debt-default. Japan’s Nikkei at 9,868 is up 1.02%.
The debt swap also sparked rally in the US equities. S&P 500 gained 0.98% to 1,365 on buying in shares of financial services companies.
The positive momentum, though, has one side effect. Optimism about the global economy has driven crude rates back above $125 to $125.40 a barrel.
Back home, MCX will make its debut on the stock exchanges today. The IPO which received bids worth Rs 36,000 crore has been priced at Rs 1,032 a share. Analysts are expecting the shares to list at 30% premium to the IPO price.
Oil companies have resumed fuel supply to the Kingfisher Airlines. The crisis hit airline got a breather after it reportedly cleared the pending bills.
Mahindra Satyam acquired the international operations of the BPO firm vCustomer for $27 million. According to The Hindu Business Line, the acquisition will help the company expand its BPO operations into retail and consumer technology.
Hero MotoCorp is looking to start exporting scooters and motorcycles sometime in April-June quarter. The company has identified some distributors in Latin America and Africa. It aims to sell one million scooters and motorcycles in overseas markets by 2016-17.
Finally, Apple launched a new version of the iPad. The latest iPad comes with a sharper screen and faster wireless connection. Read The New York Times report.