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Opening bell 26 April

Opening bell 26 April
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First Published: Tue, Apr 26 2011. 08 44 AM IST
Updated: Tue, Apr 26 2011. 08 44 AM IST
Mumbai: The earnings season continues with a few surprises. Here’s a list of things to watch out for before trading starts.
Commodity prices are easing and this is leading to a slump in metal stocks. Overnight, US stocks fell as lower commodity prices led to selling in energy and raw material producers. The Thomson Reuters/Jefferies CRB Index of commodities slipped 0.2% and the S&P 500 index lost 0.16%.
Stock markets in Asia, on the other hand, opened mixed. Japanese stocks fell after Nintendo, the world’s largest maker of video game players, reported earnings that missed analysts’ estimates. The Nikkei is down 0.99%.
Sweet news for sugar producers in India. China might look to import sugar to cool prices in its domestic economy.
TCS is looking for acquisitions in Japan and Germany. The company is looking to expand beyond its core US market and wants buy firms in the healthcare space. In another report, the company is planning to keep costs low by hiring more fresh graduates and venturing into new services.
Maruti Suzuki, which reported better-than-expected fourth-quarter results, expects a bumpy ride in the current quarter. According to the company, both footfalls and conversion rates have fallen since January and higher fuel, borrowing costs are impacting the demand for automobiles. Read more...
The concerns for Reliance Industries’ stock are far from over. A review commissioned by the Director General of Hydrocarbons found Reliance Industries responsible for the fall in KG D6 gas production. The slow pace of field development is cited as the major reason for fall in gas production from a peak of 60 mscmd last year to 50 mscmd now.
Marico will invest up to Rs 37 crore to set up a manufacturing plant in Bangladesh. With this the company’s total investment in Bangladesh is expected to reach Rs 62 crore.
It’s penalty season and the DoT has asked Idea Cellular and Spice Communications to pay a total penalty of Rs 27.65 crore for the delay in rollout of services in five circles.
Another director has quit DB Realty’s board. Michael McCook has become the fifth director to leave the company after the CBI arrested several top executives to investigate their alleged role in the 2G spectrum scam. Read more...
Sterlite Industries reported a 35% rise in fourth-quarter net profit to Rs 1,925 crore. While net sales rose from Rs 7,147 crore to Rs 10,000 crore, EBITDA jumped 44% during the quarter.
Procter & Gamble Hygiene and Healthcare, on the other hand, reported a 10.8% drop in March quarter net profit. The drop in net profit is attributed to a sharp rise in raw material and packaging material costs during the March quarter.
After striking gas in Gulf of Cambay, ONGC has started drilling a second well in the basin. The company has applied to the Director General of Hydrocarbons to certify reserves in the first well it drilled. According to the company, the block has crude equivalent to Nigerian Bonnylight crude.
Tata Steel is not looking to sell its stake in Riversdale. The development comes in the midst of a takeover bid by Rio Tinto. The latter had extended the takeover offer for Riversdale shareholders to 29 April.
Kesoram Industries has appointed management consultant McKinsey to suggest measures to improve profitability at the company. The BK Birla group company has tyres, cement and rayons businesses.
Cement majors, ACC, Ultratech Cement and Ambuja Cements will announce their January March quarter results on Tuesday.
And finally, schools in the US are teaching bridge as a way to both reinforce problem solving skills and inculcate socializing skills amongst children. Maybe they want their children to be like Bill Gates and Warren Buffet, two bridge fans. Read more...
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First Published: Tue, Apr 26 2011. 08 44 AM IST
More Topics: Markets update | Asia | Oil | US stocks | Crude |