×
Home Companies Industry Politics Money Opinion LoungeMultimedia Science Education Sports TechnologyConsumerSpecialsMint on Sunday
×

Opening bell 6 September

Opening bell 6 September
Comment E-mail Print Share
First Published: Tue, Sep 06 2011. 09 14 AM IST
Updated: Tue, Sep 06 2011. 09 14 AM IST
Mumbai: These are turbulent times for equity markets across the globe. More than the slowdown, the immediate worry for the investors is the brewing debt crisis in the Euro zone. Investors are worried that Europe can’t control its sovereign debt-crisis and that will lead to a full-blown banking crisis. Josef Ackermann, CEO of Deutsche Bank has warned that several European lenders would collapse if they were to book losses on stricken sovereign bonds.
Stock markets in Asia too fell on concerns about the impact of European debt crisis on the global economy. The Nikkei at 8,679 is down 1.19%.
Back home, the cabinet approved the draft Land Acquisition, Relief and Rehabilitation Bill. The Bill, to be tabled in Parliament on Wednesday, seeks to provide several relief and rehabilitation measures for displaced people.
The deteriorating macroeconomic situation is leading to a downgrade of information technology stocks. Citigroup and Goldman Sachs have sharply cut the target prices of local software stocks citing the impact of slowing US economy on earnings.
TCS has bid $500 million to acquire a controlling stake in Lufthansa IT systems. Hewlett Packard and IBM are also reportedly in the race to buy a stake in the unit. The deal, if it fructifies, will assure long term contracts for the successful company.
Expect some action in the ONGC stock. ONGC is likely to launch a follow-on public offer on 20 September. The share sale, valued at around $2.5 billion, has been delayed by more than six months due to the turmoil in global markets.
BHEL has bagged a Rs 1,395-crore contract from NMDC. The contract involves BHEL setting up a raw material handling system package for NMDC’s three million tonnes per annum steel plant at Nagarnar in Chhattisgarh.
The bids for Afghanistan’s Hajigak iron ore mines will be opened today. An Indian mining consortium led by SAIL is in the race to develop the 1.8 billion-tonnes mines.
Dunlop India is planning to sell its real estate assets to raise money. To begin with, the company is planning to sell a land parcel in Worli, Mumbai, for Rs 300-350 crore.
Billionaire investor Rakesh Jhunjhunwala is back on the prowl. According to reports, he is looking to buy a stake in Pipavav Shipyard through convertible share warrants. The stock surged 4.3% on Monday. Any clarity on the stake purchase will further the gains in the stock.
The continuing stand-off at Manesar plant is taking a toll on Maruti Suzuki’s sales. With the strike entering the eighth day, the production of its popular model, Swift, has been severely hit. According to reports, the company was able to produce only 700 cars in the last eight days.
Navneet Publications is reportedly in talks to buy a 25% stake in Hyderabad-based school chain Gowtham School. The deal, if materializes, will mark the Navneet Publications’ entry into the services side of the education sector.
Mahindra Satyam is actively looking at the acquisition route to gain access to European markets. According to reports, the company is looking at IT companies specialising in health-care and financial services in Europe.
Neyveli Lignite Corporation is planning to invest Rs 40,200 crore to build power plants in Tamil Nadu, Rajasthan and Uttar Pradesh. The company plans to install 7,500 megawatts of power generation capacity.
Finally, researchers at Tufts University have developed the world’s smallest electric motor. The motor made from a single molecule has a size equivalent to one billionth of a meter. Read more...
Comment E-mail Print Share
First Published: Tue, Sep 06 2011. 09 14 AM IST
More Topics: Markets update | Asia | Oil | US stocks | Crude |