Mumbai: Euro zone leaders have finally unveiled the much awaited crisis plan. As part of the new plan, the member countries will boost the rescue fund by a trillion euros. Private-banks will have to take a bigger haircut on Greek debt. And in a move to ringfence the banking system, the leaders also decided to increase banks’ capital. Read more...
Overall, the plan is being seen as a step in the right direction. Even though it does not spell the end of the crisis, markets are rejoicing at the development.
Helping the sentiment is positive economic data from the US where GDP grew at 2.5% in the third quarter, the fastest in a year.
The European deal and robust GDP numbers led to a rally in US stocks. The S&P 500 surged 3.43% to 1,284 on buying in financial services stocks.
Asian markets also opened on a firm note. The strong GDP growth numbers reduced concerns about the US economy and boosted investor sentiment. The Nikkei at 9,068 is up by 1.59%.
Back home, food prices surged again. For the week ended 15 October, the food inflation rate stood at 11.43%.
In specific stocks, expect positive momentum to continue in Gokaldas Exports stock. According to reports, the company is set to receive new business contracts from Wal-Mart and some niche fashion houses.
Zee Learn is increasing its focus on school outsourcing - managing schools owned by corporate houses or the government. The company is in talks to manage a school run by steel manufacturer JSL Stainless Ltd and some other companies.
Infosys is on a hunt to buy companies in the healthcare and life science sectors. According to reports, the company is willing to spend as much as $700 million on acquisitions to build capabilities in niche segments.
Unable to mine enough coal, Coal India is not signing fuel supply agreements for power projects. With clearances holding up new capacities, the company is likely to miss its supply targets for the current fiscal.
Wipro is restructuring its computer infrastructure management services business. According to reports, the company is merging the global and domestic functions to reduce overlap among different units.
Uttarakhand Jal Vidyut Nigam (UJVN) is looking to form a joint venture with GAIL to set up two power plants in Uttarakhand. The firm is expected to seek the state cabinet’s approval in this regard.
NHPC and Indian Hotels will declare their September quarter earnings today.
Finally, thanks to a microchip, a dog missing for four months was reunited with its master. The dog, Petey, was found in Michigan, 600 miles from his Tennessee home. A microchip implanted in Petey helped the captors locate its owner. Read more...