Mumbai: Asian markets are trading subdued ahead of the year-end holidays. Concerns about the US budget talks are making investors wary of taking fresh positions.
US stocks closed lower over the weekend. The S&P 500 lost 0.94% to 1,430 after house speaker John Boehner cancelled a vote on a plan to allow higher tax rates on annual income above $1 million. Read the Bloomberg report.
Back home, Russia has rejected special tax concessions to state-owned Oil and Natural Gas Corp. Ltd’s (ONGC) Imperial Energy. India had been pressing for tax concessions to make up for the high cost of oil extraction in Siberia. Read more.
Lanco Infratech Ltd stock could witness some action. To reduce debt the company is looking to sell its power plant in Karnataka, reports The Economic Times. According to the report, the company has initiated talks with JSW Energy and Adani Power.
Suzuki Motor Corp. may soon allow Maruti Suzuki India Ltd to sell cars in overseas markets under the latter’s badge, reports Mint. The current exports from India are sold under the Suzuki brand name. The change will mark the entry of Maruti Suzuki into global markets.
Maruti Suzuki India Ltd, meanwhile, has started work on setting up its second plant in Gujarat. The company has plans to invest Rs 4,000 crore in the state. Read more.
Keep an eye on FDC Ltd stock. Promoters of the pharmaceutical firm are looking to sell their stake in the company, reports The Economic Times. The company has a portfolio of anti-infective drugs.
Also keep a look atYes Bank Ltd. Ratings agency Moody’s has warned that fast growth may expose Yes Bank to “elevated” credit risks, reports Business Standard. The bank is planning to expand branch network from 400 to 750 branches by 2015.
The oil ministry has decided to allow Cairn India Ltd to further explore Rajasthan oilfields, reports The Economic Times. According to the report, the decision could result in higher oil output from the block.
Finally, here is the Bloomberg’s compilation of the best technology photos of 2012. The list includes Facebook IPO and a desalinisation plant in Australia.