Mumbai: iAy, Caramba! Moody’s Investors Service has cut Spain’s sovereign ratings by two notches citing high levels of debt in the banking and corporate sectors. Read more...
The ratings cut was largely unsurprising and upstaged by the news that France and Germany might reach a new deal to solve the region’s debt crisis. The Guardian newspaper reported that the two countries have agreed to boost the euro zone rescue fund to two trillion euros.
The prospects of such an agreement lifted stock markets. The S&P 500 surged 2.04% to 1,225 on buying in financial services stocks. Asian stocks also opened on a positive note. Japan’s Nikkei at 8,798 is up 0.65%.
Back home, Maruti Suzuki has resumed production at its Manesar plant. The company made 350 cars at Manesar, still some way off peak capacity utilization.
Labour troubles are getting sorted out in other parts of the country as well. Coal India workers have called off their seven-day strike after the coal ministry agreed to raise their bonuses. However, the coal minister Sri Prakash Jaiswal also warned about inefficiency and corruption affecting productivity at Coal India. According to minister, these factors have ‘eaten’ up at least a quarter of Coal India’s output. Read more...
Sun Pharma has offered to buy the 33.7% that it does not already own in Taro Pharmaceuticals. The firm is ready to pay Rs 1,812 crore, which is 25.96% above Tuesday’s closing price of the stock.
Kotak Mahindra Bank has taken the promoters of Trident Microfin Pvt. Ltd to court for defaulting on loan repayments. The bank initiated legal action after some cheques issued by Trident bounced.
Hero MotoCorp posted a record quarterly profit in the three months ended 30 September. Net profit increased 19.38% from a year earlier to Rs 604 crore.
The list of firms that will declare September quarter earnings today includes Biocon, Crompton Greaves, Bajaj Finserv, HDFC Bank, Hindustan Zinc and Essar Ports.
Finally, GVK Power and Infrastructure acquired majority stake in Mumbai International Airport Pvt. Ltd (Mial). The company bought 13.5% equity stake from Bid Services Division (Mauritius) for Rs 1,134 crore.