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Opening bell 18 April

Opening bell 18 April
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First Published: Mon, Apr 18 2011. 09 23 AM IST
Updated: Mon, Apr 18 2011. 09 23 AM IST
New Delhi: The results season begins in full flow this week. After the lower-than-expected earnings of Infosys Technologies, markets will be looking at other companies’ numbers with a keener eye. Here is a list of things to watch out for before trading starts.
Over the weekend, cues from the US remained positive. Confidence amongst US consumers climbed in April indicating that job gains are helping Americans cope up with rising fuel costs. The positive economic data lifted stocks in the US. The S&P 500 rose 0.39% to 1,319.
Meanwhile, crude oil prices eased after Saudi Arabia said global markets have adequate crude supplies. Brent crude is trading at $123 a barrel, down $0.45.
Still, these positive cues are not helping Asian markets. Stocks in Japan fell after China raised reserve requirement for the banks to cool inflation. Japan’s benchmark stock market index is down 0.43% to 9,550.
And not everybody believes in rosy projections. The head of a $300-billion Chinese sovereign wealth fund thinks that the world might witness a slow down again in 2012. The change in pro-growth rate policies of the major economies is likely to hurt global economic growth in 2012. Read more...
Schneider and Eaton Corp are the front runners to buy the electrical and electronic business of L&T. The deal size is likely to be around Rs 10,000 crore. Read more...
India’s largest car maker, Maruti Suzuki is looking to set up a seventh factory. The company is already in the process of building two new plants in Manesar. According to reports, the company aims to sell close to 30 lakh units every year by 2015-16.
Aditya Birla Chemicals is buying the chloro chemicals division of Kanoria Chemicals for Rs 830 crore. The acquisition will make Aditya Birla Chemicals the market leader in the caustic soda business. Its market share is expected to increase to 22%. Read more...
Mahindra Satyam’s woes continue. The Supreme Court asked the company to provide a bank guarantee of Rs 617 crore to de-freeze its bank accounts. The company is disputing a tax demand raised by the CBDT.
State Bank of India is looking to increase its base rate by 25 basis points. The bank’s base currently stands at 8.25%. The bank might increase the base rate even before the RBI’s policy review meeting. (Read more) Meanwhile, RBI has rejected SBI’s appeal to waive additional provisional requirement for special home loans. The extra provisions will dent the bank’s profits.
Sterlite Industries is planning to double its copper smelting capacity at Tuticorin. The company wants to complete the expansion by 2013 with an investment of Rs 2,500 crore. Read more..
Lupin is aiming to become one of the top five cost effective generic pharmaceutical companies in Japan. To leverage the cost advantage, the company is planning to source active pharmaceutical ingredients from India.Read more..
And finally, there might be a sweet solution to global warming. A new study in Brazil found that sugarcane plantations cools the local air temperature. Read more...
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First Published: Mon, Apr 18 2011. 09 23 AM IST
More Topics: Markets Update | China | Asia | Japan | Equities |