Mumbai: It’s Friday and there is more than one reason to be cheerful. Greek prime minister George Papandreou has called-off the referendum misadventure. Intense European pressure forced the debt-stricken country to seek political consensus on a new bailout plan instead of holding a referendum. Read more...
However, the crisis is far from over. The Greek prime minister’s hold on power is loosening rapidly. A crucial parliamentary vote, scheduled today, will determine his future course of action.
Nevertheless, equity markets are rejoicing. Overnight, stock markets in the US rallied as the European Central Bank lowered interest rates as well. The S&P 500 rose 1.88% to 1,261.
Asian markets also opened on a firm a note. Japan’s Nikkei at 8,715 rose by 1.29% in opening deals on positive developments on the Euro zone front.
Back home, the telecom regulator, Trai, has come up with new recommendations for mergers and acquisitions in the telecom industry. According to reports, telecom companies with a combined market share or revenues of less than 35% in a circle should be permitted to merge. The move will encourage much-needed consolidation in the telecom industry.
A proposal to impose levies on foreign power equipment is gaining favour with the government. India may impose a 14% import duty on power generation equipment from next year to discourage cheaper imports from China. The move while benefiting BHEL and L&T, will increase costs for power utilities.
According to reports, ICICI Bank could restructure some corporate debts in the coming quarters. The bank, however, does not expect the non-performing assets ‘to come as a huge shock.’
Keep an eye on the Raymond stock. The income tax department has conducted searches at the company’s premises over alleged tax evasion.
ONGC, Bharti Airtel, Marico, Nestle, Glaxo Consumer Healthcare, Glaxo Pharmaceuticals and NCC will announce their September quarter earnings today.
Finally, in a sign of investors’ lowered faith, Research In Motion fell below its book value for the first time in nine years. Based on the current market value, the BlackBerry maker is worth less than the net value of its property, patents and other assets. Read more: