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Opening bell 23 May

Opening bell 23 May
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First Published: Mon, May 23 2011. 08 41 AM IST
Updated: Mon, May 23 2011. 08 41 AM IST
Mumbai: It’s expiry week. Expect some volatility and cautious trading. With the earnings season more or less behind us, markets might become more sensitive to cues from the government and global markets. Here’s a list of things to watch out for before trading starts.
Meanwhile, cues from the global markets are mixed. Stock markets in the US declined on Friday on concerns that Greece might default on its debt. The S&P 500 fell 0.77% to 1,333.
The negative cues from the Greece led to a weak opening in Asian stock markets. Equities dropped after Fitch Ratings cut its Greece’s credit rating by three levels. The Nikkei at 9,475 is down 1.37%.
Crude also slumped on concerns about the sustainability of economic growth in the US. Brent futures for June settlement fell 0.4% to $111.98 a barrel.
Back home, according to CMIE, India’s real GDP is estimated to grow by 8.8% in 2011-12. The agricultural and allied sector is projected to grow by 3.3% in the current financial.
UPA II is celebrating its second anniversary. Delivering a speech to UPA partners and allies, Prime Minister Manmohan Singh has stressed the need for an image makeover and the revival of economic reforms.
To push reforms in the distribution segment, the government is likely to come out with an interest rate subsidy scheme for the power sector. According to reports, the government is likely to give performance-linked subsidy to power distribution firms to create infrastructure.
Tata Motors controlled JLR will announce its annual performance numbers this week. The company is likely to report record annual profits of more than 1 billion pounds.
Pharma companies filing for new drug approvals in India have to wait for long. The office of the Drugs Controller General of India temporarily stopped giving marketing approvals to new drugs in key therapeutic segments. The regulator is planning to introduce a new approval system. Read more...
Sesa Goa is in trouble. According to reports, the Serious Fraud Investigation Office (SFIO) has recommended prosecution of the company on nine grounds. The SFIO is alleging irregularities in tax paid by the company.
Wipro was asked by the US market regulator Securities and Exchange Commission (SEC) to prove the independence of its auditor.
The government might complete the Scooters India divestment in the current financial year itself. As part of the process, the government is likely to take approval of the parliament in the upcoming monsoon session.
Ceat is aiming to post higher revenue growth rate in exports than in the domestic sales. The company has recently started exporting car tyres. This is likely to give a boost to export volumes.
Another tyre manufacturing company, MRF is looking to commence commercial production at its Tiruchi plant. The plant can produce truck and car radials.
An increase in subsidy burden is likely to cost ONGC the tag of being the biggest profit making company in India to Reliance Industries. According to ONGC’s management, the increase in subsidy burden is likely to weigh on its FPO plans. Read more...
SAIL is looking to rope in a strategic partner to set up a three million-tonne steel plant in Afghanistan. The project is estimated to cost Rs14,000 crore.
Hindustan Sanitaryware and Industries Ltd (HSIL) is planning to set up three new plants in Gujarat with an investment of Rs 500 crore. The company wants to set up a plant each for producing sanitaryware, tiles and bathroom fittings.
MOIL is looking to buy manganese ore assets in South Africa, Turkey, Congo and Middle-east countries. According to reports, the company is looking to revive Congo government-owned Kisenge manganese mines in the African country.
Allcargo Global Logistics is planning to build container terminal at Jawaharlal Nehru Port Trust. The company aims to build the terminal by the first quarter of 2012.
HPCL is in talks with potential partners to take forward its Rs 45,000-crore petrochemical project in Andhra Pradesh. The company is looking to set up the project at the proposed petroleum, chemical and petrochemical investment region near Visakhapatnam.
With the installation of a wellhead platform at Deen Dayal West field in KG Basin, Gujarat State Petroleum Corporation has come one step closer to starting gas production. The company is looking to complete the project in the next 25 months and is aiming for gas production by mid-2013. Read more...
Gammon Infrastructure Projects is contemplating to hive-off its road projects into a separate arm. Currently, the company’s eight road projects, together, are worth around Rs 4,500 crore.
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First Published: Mon, May 23 2011. 08 41 AM IST
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