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Opening Bell 19 August

Opening Bell 19 August
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First Published: Fri, Aug 19 2011. 09 30 AM IST
Updated: Fri, Aug 19 2011. 09 30 AM IST
New Delhi: As Anna Hazare sits on a fast, Mumbaikers have to brace up for hungry pangs. The dabbawalas in Mumbai are reportedly going on strike in support of Anna Hazare’s movement.
Meanwhile, another storm has hit the battered global equity markets. Concerns about the health of European banks and eventual impact of a slowing global economy on corporate earnings are leading to selling in equities.
Overnight, US stocks tumbled on fears of another recession. Investors sold stocks of companies that are most tied to the economy. Shares of Bank of America and Citigroup Inc fell more than 6% on concerns about growing debt contagion in Europe. The S&P 500 at 1,140 lost 4.46%.
The overnight sell-off has led to a weak opening in Asian stock markets. Investors are selling stocks that derive a majority of their earnings from the global markets. Toyota Motor Corp, Mitsubishi UFJ Financial Group and Commonwealth Bank of Australia lost over 2% each. The Nikkei at 8,753 is down 2.13%.
The negative sentiment has also sent crude oil prices lower. Brent crude fell 0.5% to $106.45 a barrel on speculation that fuel demand might fall.
Expect the positive momentum to continue in Suven Life Sciences stock. The company has received four product patents for its new chemical entities. These will be used in the treatment of various central nervous system disorders. Read more...
A SAIL-led consortium has reportedly appointed International Mining Consultants to help bid for an iron ore deposit in Afghanistan. The deposit is estimated to have 1.8 billion tonne of iron ore reserves.
The finance ministry has sought an explanation from Corporation Bank chairman and managing director Ramnath Pradeep over alleged violation of norms at the state-run bank. Pradeep is facing charges that include sanctioning loans to a few companies in contravention of regulations. Read Mint’s story...
ICICI Bank has resurrected teaser home loans. The bank is launching two new home loan products with interest rates fixed for one-two years. These kind of home loan products had disappeared from the market after the Reserve Bank of India expressed concerns about them.
Finally, scientists have discovered a natural preservative that could help food last for years without rotting. The preservative, called Bisin, prevents the growth of lethal bacteria including E-coli, salmonella and listeria. Read more...
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First Published: Fri, Aug 19 2011. 09 30 AM IST
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