Italy is reportedly in talks with China to make ”significant” purchases of Italian debt. Read more...
While China is yet to take a decision, the development temporarily eased investors’ concerns, leading to gains in equity markets.
Overnight, stock markets in the US staged a dramatic recovery in the last two hours. The S&P 500 at 1,162 is up 0.70% on buying in technology stocks.
The optimism also helped Asian stocks open higher. Stock markets in Japan advanced for the first time in three days on hopes that the European debt crisis will not worsen. The Nikkei at 8,582 is up 0.55%.
Back home, the Kishore Biyani promoted Future Group is planning to divest stakes in non-core businesses over the next one year. The group is planning to offload stakes in insurance, financial services, logistics, media and textile mills ventures.
Shares of Spicejet may witness some buying support. Kalanithi Maran is planning to increase his stake in the low cost airline to 43% by October. The stake hike is expected to happen through issuance of convertible preference shares at a premium of 50% to the current share price of Rs 24.
DLF has decided to sell 17.5 acres NTC Mill land in central Mumbai. The land parcel is estimated to fetch the company Rs 3,000-4,000 crore.
Ashok Leyland’s light commercial vehicle, Dost, has finally hit the stores. With the demand for light commercial vehicles holding up firm, the company is eyeing sales of around 50,000 units of Dost per year.
Pipavav Defence and Offshore Engineering Co, formerly Pipavav Shipyard, is planning to list on overseas bourses. The company was picked by state-run Mazagon Dock Ltd as its joint venture partner to build warships for the Indian Navy.
Neyveli Lignite Corporation is planning to spend Rs 20,000 crore to set up a 4,000-megawatts thermal power plant in Tamil Nadu. Read more...
Expect some action in KS Oils stock. Glencore International AG is reportedly evaluating a bid for the KS Oils. According to reports, the promoters of KS Oils have asked investment bankers to fetch a strategic buyer after their pledged shares were sold and the company’s share price tanked last month.
The company is also looking at the option of selling its wind energy business. The company generates about 78 megawatts of wind power.
Finally, yoga has found its way into the US military. With increasing number of soldiers practising yoga, the army is reportedly planning to incorporate the ancient mind-body practice into the military’s official training. Read more...