Mumbai: August inflation numbers are due today. A survey of 31 economists by Reuters forecast the inflation ranging from 8.8% to 10.0%. A higher than expected rise in the price gauge will further dampen investor sentiment.
Meanwhile in the US, stock markets rose for the second day as French banks sounded confident about managing potential losses from European sovereign debt. The banks also said they have enough buffers of liquidity and sources of funding. The S&P 500 at 1,172 rose 0.91% as investors bet European leaders will soon take action to ease the Greece debt crisis.
The positive cues led to a firm opening in Asian markets too. Stock markets in Asia rose on buying in shares of banking and financial services companies. The Nikkei at 8,636 is up 0.23%.
Back home, it seems that the government will again push FDI in multi-brand retail on the back-burner. According to reports, the government is likely to take a call on the matter only in the next financial year. Read more...
The National Housing Bank has increased provision requirements for the housing finance companies. It has raised the provisioning requirement for doubtful assets up to 100%. It also reportedly directed the housing finance companies to set aside 0.4% of the total outstanding standard loans as a buffer.
The fuel price hike talk is back again. With crude prices remaining firm, oil marketing companies are looking to increase prices of petrol and jet fuel.
Expect positive momentum to continue in the Biocon stock. To unlock value, the company is planning to list its research services unit Syngene in the next 18 months. The company is also aiming to achieve a revenue target of $1 billion in three to five years.
France’s Saint Gobain is reportedly in talks to acquire the pipes division of Electrotherm (India). With the water distribution market in India growing at a healthy pace, several foreign firms are looking to enter the business.
Keep an eye on the Munjal Showa stock. The labour unrest at Maruti Suzuki is spreading to other manufacturing units in the Gurgaon belt. At least 400 workers at the Manesar plant of Munjal Showa struck work on Tuesday. The employees are protesting the transfer of two workers to another plant of the company in Gurgaon. They are also demanding regularization of casual workers and other welfare measures.
Finally, Iran has banned television programs showing half-naked men and love triangles stories. Producers of the television programs were urged not to show ‘unnecessary mingling’ between the sexes. However, exceptions would be made for shows that explicitly condemn love triangles stories. Read more...