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Opening Bell 28 July

Opening Bell 28 July
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First Published: Thu, Jul 28 2011. 08 49 AM IST
Updated: Thu, Jul 28 2011. 08 49 AM IST
New Delhi: It is not going to be the last one. Finance minister Pranab Mukherjee is indicating that the Reserve Bank of India might increase policy rates further to rein in the rising prices. Meanwhile, he is yet to elaborate on the measures government is taking to ease supply side concerns. Here’s a list of things to watch out for before trading starts.
The stalemate over the US debt limit is making investors nervous.Overnight, US stock markets plunged as lawmakers indicated that they are nowhere closer to reaching an agreement on the debt limit. The unexpected drop in orders for durable goods further accentuated the negative sentiment, leading to selling in stocks of industrial firms. The S&P 500 dropped 2.03%.
The continuing stalemate over the debt talks led to a weak opening in the Asian stock markets. Stock markets in Japan and South Korea fell on concerns that the US economy might be slowing. The Nikkei is down 1.07%.
Back home, the Sebi board will be meeting today to consider several proposals like single know-your-customer norms, guidelines for infrastructure debt funds and the takeover code. The regulator is likely to permit a single know-your-customer norm that will make it possible to invest in mutual funds and trade in equities by undergoing the process only once. Read more...
Tea companies, Goodricke Group and Duncans Industries have warned that they might plunge into losses as workers agitate for more pay. The two companies are the main plantation owners in West Bengal’s Dooars region. Between them they produce about 34 million kg of tea a year. Read more...
Orient Paper and Industries will be hiving off its cement business and turn it into a new entity, Orient Cement Ltd. The company wants to list Orient Cement by April. The cement business accounted for 60% of the company’s revenue for the quarter ended 30 June with sales of Rs 316.68 crore.
Cadila Healthcare has an agreement to purchase German veterinary pharmaceutical company, Bremer Pharma GmbH. Through the acquisition, the company will be able to expand its animal health business and gain access to the key markets in Europe, South America, Asia and Africa.
Gail is planning to set up a trading desk for gas transported in ships. The company chose Singapore for the trading hub due to a favourable tax regime. Singapore has a double tax avoidance treaty with India.
Another state run firm, Oil India reported a 69% rise in first quarter net profit to Rs 850 crore on higher oil prices and output. The company realized a gross price of $116 per barrel against $78 a barrel in the year-ago period.
Punj Lloyd won a Rs 330-crore order for setting up processing facilities at an up-coming crude oil storage cavern in Mangalore. The project, located near Mangalore Refinery and Petrochemicals Ltd, is scheduled to be completed within a period of 29 months.
ONGC, Hindustan Unilever, ITC, Titan, Sun Pharma, Ambuja Cement, Bajaj Electricals, Dishman Pharma, HCC, IFCI and NMDC will declare their June quarter earnings today. An analyst poll conducted by Reuters forecasts ONGC to report 16.4% growth in net profit to Rs 4,260 crore. Revenues are estimated to grow by 19.3% to Rs 16,310 crore.
Finally, new research has found that exercise, apart from improving one’s health, also improves wellness of the brain. The researchers found that exercise prompts growth of new nerve cells, blood vessels and also helps repair brain cells. Read more...
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First Published: Thu, Jul 28 2011. 08 49 AM IST
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