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Opening Bell 4 August

Opening Bell 4 August
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First Published: Thu, Aug 04 2011. 08 52 AM IST
Updated: Thu, Aug 04 2011. 08 52 AM IST
New Delhi: Expectations that the US Federal Reserve may consider another stimulus programme is helping stock markets hold on to gains. Here’s a list of other things to watch out for before trading starts.
The S&P500 snapped a seven-day fall and rose 0.5% amid speculation that Federal Reserve might take new measures to revive the economy.
Stock markets in Asia gained after Japan intervened in the foreign exchange market to stem the yen’s gains. The Nikkei is up 0.67% now.
Talks of another fiscal stimulus has also sent crude prices higher. Brent crude at $113.72 is up 0.43%.
Back home, the Met department is ringing alarm bells. According to the met office, India has received 95% of the long-term average rainfall during June-July, and is slightly below normal. The situation is likely to get worse for rest of the season.
Reliance Infrastructure has won regulatory approval to collect tariff arrears in Mumbai suburbs. The company can now collect Rs 2,316 crore in tariff arrears. The firm has 2.7 million consumers in the city.
Left with little iron ore supplies, JSW Steel has shut two of its blast furnaces at its Vijaynagar plant. Iron ore supplies to the plant are affected by the mining ban in Karnataka’s Bellary region. JSW’s total steel production capacity is 11 million tonnes (mt) of which 10 mt is at its Vijaynagar plant.
Lanco Infratech has won the bid to develop, mine and operate the Gare Pelma II coal block of Maha Tamil Collieries in Chhattisgarh. As part of the contract, the company will set up a 2,000 megawatt power project. The block has geological reserves of around 800 million tonnes.
As part of a restructuring exercise, Raymond is pulling its premium Manzoni brand. The company introduced Manzoni, a formal menswear brand, in 2000. The company has closed four of the five exclusive outlets of Manzoni but will continue selling the brand at its flagship The Raymond Shop stores till inventory is exhausted.
Radico Khaitan is in talks with 2-3 international liquor companies to firm up marketing ties. The company is aiming for an international tie-up by the end of this year. Through the international tie-ups, the company is looking to increase institutional sales.
The GMR group is considering placing bids for operating two airports in Spain. Both airports handle around 70 million passengers a year and have a capacity to handle 125 million passengers.
Finally, researchers have found that three Himalayan glaciers have been shrinking over the past 40 years due to global warming. According to the researchers, two of them, located in central and east Nepal, may disappear in the future. Read more...-
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First Published: Thu, Aug 04 2011. 08 52 AM IST
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