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Opening bell 28 June

Opening bell 28 June
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First Published: Tue, Jun 28 2011. 08 36 AM IST
Updated: Tue, Jun 28 2011. 08 37 AM IST
Mumbai: Greece may be allowed to roll over some of its bonds. France offered a radical solution for banks to roll over some Greek debt. Read more...
The steps raised hopes that Europe will be cushioned from banking crisis. Here’s a list of other things to look at before trading starts.
The French proposal on Greece led to a positive opening in Asian markets. The Nikkei is up 0.83%.
Stock markets in the US broke their three-day losing streak after regulators issued newl rules to safeguard the financial system. Stocks rallied after market participants felt the requirements for banks were lesser than expectations. The S&P 500 was up 0.92%.
Back home, the adverse macro environment has started impacting corporate India. Due to deteriorating sentiment for corporate bonds, NTPC has put off plans to raise around $500 million through dollar denominated notes in Singapore.
Mandatory excise duty and high cotton prices have led to a slump in apparel sales. Many brands have started end of the season discount sales earlier than usual due to weak sales. Since March, apparel sales have reportedly fallen 20%.
In good news to asset management companies, the government has allowed foreigner retail investors to invest in domestic mutual funds. According to reports, Sebi will notify the rules by 1 August.
HCC, along with its joint venture partner Alstom, has bagged contract worth Rs 1,843 crore from THDC India Ltd to construct Tehri Pumped Storage Plant in Tehri, Uttarakhand. According to the company, HCC’s share in the contract comes to around Rs 701 crore. Read more...
The Supreme Court of Western Australia has started legal proceedings on a lawsuit filed by Perdaman Chemical and Fertilisers against India’s Lanco Infratech. The first court hearing is scheduled on 27 July. The dispute between the companies is on a $3.5 billion agreement for coal supply by Griffin Coal Mining Co to Perdaman’s urea factory. Read more...
Essar, Great Eastern Energy and Dart Energy have reportedly shown interest in buying a stake in ONGC’s coal-bed methane blocks. According to the management, the company wants to rope in partners that have technical experience.
Birla Corporation is planning to invest about Rs 1,025 crore to expand cement and power capacities. The company wants to increase its cement capacity from 7.5 million tonnes to 9.3 million tonnes by March next year.
GTL and GTL Infrastructure have appointed SBI Capital Markets to review their businesses and financial health. The consultant will not only review its financials but will also suggest appropriate steps required to protect lenders’ interest.
Indian Oil Corporation is aiming to commission its proposed 15 million tonne per annum refinery project at Paradip by the middle of next year. Till now, the company has invested around Rs 8,000 crore in the project.
Finally, Kentucky has gained a new distinction as the most sedentary city in the United States. Men’s Health magazine compiled rankings of 100 most sedentary cities based on how often residents exercise and other parameters. Read more...
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First Published: Tue, Jun 28 2011. 08 36 AM IST
More Topics: Markets update | Asia | Oil | US stocks | Crude |