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Opening bell 30 June

Opening bell 30 June
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First Published: Thu, Jun 30 2011. 08 35 AM IST
Updated: Thu, Jun 30 2011. 08 35 AM IST
Mumbai: With both the Prime Minister and the Finance Minister optimistic of sustaining the growth momentum, markets will look forward to a revival of economic reforms. Read more...
Here’s a list of things to watch out for before trading starts.
It is F&O expiry day, so expect some volatility. Cues from the global markets are mixed. Stock markets in Asia rose after Greece passed austerity measures to secure financial aid. The Nikkei at 9,810 is up 0.13%.
The positive Greek vote also lifted US stocks. The S&P 500 rose 0.83% to 1,307 on buying in financial services stocks.
Meanwhile, Brent crude is back above $110 a barrel. Crude futures rose to $112 a barrel after a report showed that US stockpiles fell more than analysts’ expectations.
Back home, despite the rise in interest rates, credit growth held up quite well. Outstanding bank credit grew 20.9% in the 12-month period ended 17 June. Deposits, on the other hand, witnessed a growth 17%.
An 18% drop in palm oil prices is leading to optimism that margins of soap makers will recover in the current financial year. Palm oil, a key raw material for soap companies, fell 18% to Rs 45,700 per tonne in June—the lowest in seven months.
Pricol is aiming to generate Rs 1,700 crore of revenues by 2015. The company, which had Rs 814 crore of revenues in 2010-11, wants to localise more and rationalise its vendor base.
The ministry of environment and forests cleared six coal blocks linked to power projects of Orissa Power Generation Corporation, NTPC and the 4,000 MW Ultra Mega Power Project proposed in Orissa. These projects were in a limbo as the coal blocks allotted to them were categorized as no-go areas. Read more...
Reliance Broadcast Network is planning to invest Rs 100-200 crore in the FM radio business. The company is looking to increase its reach when the third of phase of licensing kicks-off. The radio business currently contributes to around 70 per cent of the company’s revenues.
State Bank of India is targeting a 33% growth in auto loans in the current financial year. While the bank registered a 48% growth in last financial year, it is hoping that auto loan demand will pick up in the festive season.
Finally, there is a case for being hopeful in July. In eight of the nine years since the dot com bust, Indian equities have given positive returns in July. A report points that markets have never fallen for more than three months in a row. With markets falling in April, May and June this year, investors can be hopeful in July. Read more...
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First Published: Thu, Jun 30 2011. 08 35 AM IST
More Topics: Markets update | Asia | Oil | US stocks | Crude |