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Opening Bell 2 August

Opening Bell 2 August
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First Published: Tue, Aug 02 2011. 08 25 AM IST
Updated: Tue, Aug 02 2011. 08 25 AM IST
New Delhi: Obama and the debt deal can only do little. Even though the local benchmark indices rose by 0.67% on Monday, the breadth of the market is still negative as most news is not cheerful. Here’s a list of things to watch out for before trading starts.
Incoming data is not encouraging. Automobile sales are contracting and manufacturing growth is losing momentum. (Read) With so many negative cues floating around, it will be a while before markets decisively break on the higher side.
Cues from the international markets are mixed. The House of Representatives approved a plan to raise US debt limit by at least $2.1 trillion and cut federal spending by $2.4 trillion or more. The bill will now head to Senate for approval.
The weak manufacturing data overshadowed the debt vote and is leading to losses in the Asian markets. Stock markets in Japan and South Korea fell on fears that recovery in the world’s largest economy is faltering. The Nikkei is down 1.13%.
The Prime Minister’s economic advisory council has made a strong pitch for liberalization measures. The council called for allowing 49% FDI in all sectors except the prohibited ones, speeding up the implementation of the GST, and removing constraints on land acquisition and environmental clearances. Read more...-
Aurobindo Pharma is eyeing acquisitions to achieve a $2 billion turnover by 2014. Aurobindo also appointed a committee to examine if the company needs to be restructured and its businesses spun off or demerged into separate formulations and bulk actives companies.
Lupin is planning to acquire a large Latin American pharmaceutical company. The company, which aims to more than double sales to Rs 12,000 crore by March 2013, has looked at some companies in Brazil.
Privately held digital marketing firm Ybrant Digital is merging with listed software developer LGS Global Ltd. The transaction will see Ybrant owning 89% of the combined entity. The transaction is valued at Rs 2,475 crore. According to the management, Ybrant Digital will be buying LGS Global shares at Rs 55 per piece. The stock closed at Rs 51 on Monday.
Orchid Chemicals and Pharmaceuticals is planning to enter manufacturing of formulation drugs in three new therapeutic segments. According to reports, the company would invest around Rs 200 crore in the new business.
NHPC is looking to invest around Rs 15,000 crore for developing two projects in Myanmar.
GMR Infrastructure has opted out of the race to acquire Australia-based Bandanna Energy’s coal mines. The company has reportedly pulled out of the acquisition talks after it found that a new local law prohibited foreign companies from mining on agricultural land.
Finally, meet the woman who lives with 700 cats. Lynea Lattanzio of California runs a cat sanctuary where she rescues cats and aims to place them into permanent homes. She lives alone with 700 cats and has reportedly rescued almost 19,000 felines since 1981. Read more...
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First Published: Tue, Aug 02 2011. 08 25 AM IST
More Topics: Markets Update | BSE | NSE | Sensex | Obama |