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Opening bell 13 April

Opening bell 13 April
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First Published: Wed, Apr 13 2011. 08 44 AM IST
Updated: Wed, Apr 13 2011. 08 44 AM IST
New Delhi: Crude prices are cooling off after the International Energy Agency warned that high energy prices might curb oil demand. Goldman Sachs too has cut its forecasts. That’s good news, if you can call oil at $120 good news. Here’s a list of things to watch out for before trading starts:
The sharp downgrade in oil price forecast reversed the rally in energy stocks. Overnight, US stocks fell with the S&P 500 declining 0.78%.
Stock markets in Asia are trading mixed. The radiation leaks in Fukushima nuclear plant is weighing on investor sentiment. Ten-year government bonds in Japan advanced for a sixth consecutive day as the continuing nuclear crisis increased demand for fixed income securities. The Nikkei at 9,553 is trading flat.
Meanwhile in India, Essar Oil is planning to invest $500 million to develop more coal bed methane (CBM) blocks in West Bengal. For the year ended March 2011, the company reported a 25% rise in revenues.
Hindustan Unilever and PepsiCo are reviving their JV to sell ready to tea drink products. The companies plan to re-launch Lipton Ice tea. The decision comes after Coca Cola and Nestle came together to bring out Nestea. Read more...-
Indian Overseas Bank is planning to raise $500 million to finance its international operations. The bank intends to raise money by issuance of medium-term notes. Read more...
Engineers India has called off its proposed joint venture with Italy’s Tecnimont SpA in Abu Dhabi. The venture was for executing EPC contracts in the oil & gas space. Read more...
The R&D unit of Bhel has developed solar photovoltaic modules that automatically track movements of the sun. According to reports, the innovation will give 36% more output than the fixed tilt modules.
Tata Chemicals has bought a 25.1% stake in an ammonia urea fertilizer complex in Africa for $290 million. The company is likely to invest $170 million more to develop the factory.Read more...
GMR Infrastructure has decided to restructure its overseas investment strategy. As part of the new strategy, the company will not bid for overseas power assets; instead it has decided to focus on coal and airport assets.The group is close to raising $150 million in the second round of private equity funding for its airport arm. Last months it raised $200 million from SBI Macquarie Infrastructure. Read more...
Tired of counting calories? Then a new mobile application from Daily Burn might be of some help. The application, known as Meal Snap, helps the users to instantly find out how many calories they are going to accumulate by consuming a food item or a drink. Users have to upload the picture of the food item they are going to consume and the Meal Snap app will check with its database and lets the user know a rough calorie range.
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First Published: Wed, Apr 13 2011. 08 44 AM IST
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