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Opening bell 15 July

Opening bell 15 July
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First Published: Fri, Jul 15 2011. 08 35 AM IST
Updated: Fri, Jul 15 2011. 08 35 AM IST
Mumbai: As investigators search for clues to the Mumbai terror attacks, markets are struggling to find meaningful direction. While the on-going earnings season is throwing up mixed cues, the global scene is taking a new turn every day. Here’s a list of things to watch out for before trading starts.
Ratings agency Standard & Poor’s has warned that it could cut the US rating if a deal on raising the government’s debt ceiling is not agreed soon. Read more...
Meanwhile, Federal Reserve chairman Ben Bernanke said that he is not prepared to take immediate action to stimulate the economy. Bernanke cited inflation as one reason why the Federal Reserve won’t immediately look at the bond-buying option. The talk of no immediate stimulus dampened sentiment and sent US stocks lower. The S&P 500 closed 0.67% down.
The weak sentiment led to a mixed opening in the Asian markets. Stocks of raw material producers fell on low oil and metal prices.
Back home, investors have something to cheer. The largest software services company, TCS, has delivered just what the street was expecting. Increased spending by clients helped the company report better than expected June quarter profits and revenues. While international and domestic businesses registered healthy growth, wage hikes in April squeezed margins of the company. Read more...
The government witnessed robust indirect tax collections in the first quarter. Tax collections reportedly rose 30% to Rs 96,000 crore. Higher tax collections can help improve government finances.
Facing shortage of funds, Indian real estate developers are reportedly borrowing money from private lenders at interest rates as high as 36-40%. With banks turning cautious, real estate developers were left with no option but to raise money through unconventional ways. Read more...
Bharti Airtel has offered to list its subsidiary that offers mobile services in six north-eastern states and Rajasthan. The company is reportedly looking at the option to provide an exit route for Telecom Consultants of India Ltd.
GVK’s plan to buy a majority stake in Bangalore International Airport Ltd has run into hurdles. GVK planned to buy the stake from Siemens, which currently holds 40% in Bangalore International Airport. But the talks have reportedly fallen-apart due to disagreement on valuations.
Granules India and Belgian chemical company Ajinomoto Omnichem formed an equal joint venture to produce active pharmaceutical ingredients and intermediates for third parties. The JV will construct a $20 million production facility in Andhra Pradesh.
State Bank of India is determined to raise Rs 20,000 crore in the current financial year. The lender is looking to raise money through a share sale, even at the cost of diluting the Union government’s stake in it.
A recent modification to the Indonesian law mandates to sell coal at market prices may hit Reliance Power’s Krishnapatnam ultra-mega power project. According to reports, Reliance Power’s power purchase agreements do not allow rate rise that is influenced by change in policies by foreign governments. Read more...
Finally, people in a small coastal town of Indonesia are building houses that are lot more beautiful than the real ones. Except that they are for the birds. They are building giant houses to capture nests of a small bird called edible-nest swiftlet. According to reports, nests of these birds are highly priced and go for as high as $1,000 a pound. Read more to find out how these people entice birds nest structures in the houses.
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First Published: Fri, Jul 15 2011. 08 35 AM IST
More Topics: Markets update | Asia | Oil | US stocks | Crude |