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Opening bell 10 October

Opening bell 10 October
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First Published: Mon, Oct 10 2011. 08 52 AM IST
Updated: Mon, Oct 10 2011. 08 52 AM IST
Mumbai: The earnings season is here. Infosys will declare its second quarter results on Wednesday. While profits are expected to come under pressure management-talk will provide some clarity about the impact of slowing global economy on corporate earnings. Read more...
Cues from global markets are encouraging. The German Chancellor and French President have pledged to re-capitalise banks in the euro region. The heads of key euro-zone countries have given themselves three weeks to devise a plan to recapitalize banks, get Greece on track and fix Europe’s economic governance.
The conciliatory talks have eased investor concerns a bit, leading to gains in Asian stock markets. The Kospi at 1,772 is up 0.73% on buying in stocks of raw material companies and exporters.
The pledge to contain the European debt crisis also lifted crude prices. Brent crude at $106.50 a barrel is up by 0.59%.
US stocks, on the other hand, closed lower on Friday. The S&P 500 at 1,155 lost 0.82% on credit ratings downgrades in Italy and Spain.
Back home, keep an eye on telecom stocks. The government will unveil the draft of the New Telecom Policy today. The policy is expected to bring-in more clarity on awarding of licenses, spectrum allocation and submission of licenses.
The government has cleared Mazagon Dock’s joint venture with Pipavav Defence and Offshore Engineering. The Defence Ministry has not found any wrongdoing in Mazagon selecting Pipavav as its partner for a joint venture partner. Read more...
Nippon is in advanced talks to buy 26% stake in Reliance Capital Asset Management, the mutual fund arm of Reliance Capital. The transaction may be clinched at a valuation of up to Rs 4,000 crore.
State owned firm HPCL is in talks to buy an oil and gas block in Africa. According to reports, the company is in talks with a local company to acquire a discovered asset.
L&T is talking with Japanese firms to sell stake in its subsidiary, L&T Infotech. Hitachi, Mitsubishi and Fujitsu are in the fray.
To meet its disinvestment target, the government is reportedly considering the option of selling ONGC shares to other state-owned oil firms. This option is also likely to ring hollow. According to reports, except Oil India, no other state-run oil firm is willing to buy ONGC shares.
Expect some action in Maruti Suzuki stock. The labour unrest at its Manesar plant has resurfaced. To crack the whip, the company dismissed 10 workers, terminated five trainees and suspended 10 employees.
State-run Shipping Corp. of India has called off plans to buy three new container ships from Cochin Shipyard. This is the first clear indication that India’s biggest ocean carrier is becoming cautious on buying new ships.
Finally, a German fashion designer made clothes from milk. Anke Domaske, 28, developed a fabric from high concentrations of the milk protein casein, the first man-made fibre produced entirely without chemicals. Read more...
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First Published: Mon, Oct 10 2011. 08 52 AM IST
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