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Opening Bell 8 June

Opening Bell 8 June
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First Published: Wed, Jun 08 2011. 09 27 AM IST
Updated: Wed, Jun 08 2011. 09 27 AM IST
New Delhi: Even though trading remained listless, positive global cues helped Indian stocks close with gains in the last two days. Here’s a list of things to watch out for before trading starts.
While crude oil is gaining strength, stock markets in the US fell on spending that the Federal Reserve might turn-off the stimulus tap. The S&P 500 at 1,284 is down 0.10%.
Overnight, crude oil climbed for second day after reports showed that US crude supplies declined the most since December. Brent crude for July settlement gained 2% to $116.78 a barrel.
Ben Bernanke’s silence on a new round of economic stimulus has sent Asian markets lower. While stocks of oil services companies gained on high crude prices, exporters slumped on concerns of faltering growth in the US economy. The Nikkei at 9,417 is down 0.27%.
Back home, government is open to increasing fuel subsidies beyond the budgeted level. While the finance minister did not give details, the statement will provide comfort to oil marketing companies, which are struggling with rising under-recoveries. Read more...-
Standard & Poor’s warned that high inflation may lead to a downward revision of its outlook on banking in the Asia-Pacific region. According to the rating agency, the impact is likely to come from policy responses to high inflation, which could put pressure on banks’ profitability. Read more...
Gas production from Reliance Industries’ KG D6 block may not rise in the next 36 months or until 2014. This is the view expressed by RIL and its Canadian partner Niko Resources and the Directorate General of Hydrocarbons. RIL has asked the government to constitute a technical committee of global experts to offer advice on the best way forward.
Private equity investors are queuing up to buy a stake in Reliance Communication’s mobile phone tower unit. According to reports, Carlyle Group and TPG Capital are among the buyout companies that are in talks with Reliance Communications. Blackstone Group and Apax Partners also showed interest in buying the stake.
Tata Global Beverages is looking to sell a stake in its international operations. According to the management, the company might sell a 20% stake to strategic investors in the next few months.
Due to scarcity, government has decided to allocate coal only to power plants that are based on cost-plus and case 1 bidding. The decision is likely to impact units of Lanco, Sterlite and Adani. Read more...
Shipping Corporation of India is planning to sell two ageing vessels this year. Depending on dead weight tonnage, it is likely to get $5-7 million per vessel.
Due to a workers’ strike at its Manesar plant, Maruti Suzuki is losing production worth Rs 40 crore every day. According to the management, the company has lost more than 3,600 units in production so far. The strike entered its fourth day on Tuesday.
Ramky Infrastructure has bagged new orders worth Rs 582.15 crore. The new orders needs to be executed within 27-36 months.
Power Grid Corporation is keen on picking up stakes in overseas transmission projects. The company is looking to open offices in Middle East. The company at present is executing transmission line project in Kabul.
Hindustan Copper is eyeing mines abroad to drive its expansion. The company is looking to bid for copper deposits in Afghanistan. The company might jointly bid with Nalco for mines in Afghanistan.
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First Published: Wed, Jun 08 2011. 09 27 AM IST
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