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Opening Bell 7 July

Opening Bell 7 July
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First Published: Thu, Jul 07 2011. 08 55 AM IST
Updated: Thu, Jul 07 2011. 08 55 AM IST
Mumbai: The mood is cautious. Industry captains are getting worried about the continuing stalemate at the policy level. Read more...
Here’s a list of things to watch out for before trading starts.
Even as the lacklustre trade in the last two days can be attributed to concerns about valuations, the continuing inflow of weak economic data is making investors wary of taking fresh positions. Broking house Edelweiss downgraded its 2011-12 GDP forecast to 7.6-7.8% from 8.0% citing weak global economy and slowdown in the domestic market.
Edelweiss said in a note to investors: Incoming economic data capex and infra projects under implementation, cement dispatches etc. It has been weaker than anticipated and our lead indicator EELII has dipped considerably in June and July. While rural consumption is likely to hold, pockets of weakness (auto sales, housing) are emerging.
Cues from the global markets are mixed. Stock markets in Asia fell after growth in the services industry slowed in the US. The ISM services index in US decreased to 53.3 in June from 54.6 a month earlier. A Bloomberg News survey pegged the index at 53.7.
Despite the weak growth in services industry, the US stock markets managed to close in positive territory. Buying in transportation and consumer staples companies helped the S&P 500 finish the day with a gain of 0.10%.
Back home, the insurance regulator Irda has reportedly scrapped the minimum three-year profitability clause for life insurance companies to float an IPO. Read more...
Four private equity funds have invested around Rs 585 crore in GMR Airports Holding. The investment has been made in the form of compulsorily convertible preference shares. GMR Airports Holding is a subsidiary of GMR Infrastructure.
Things are not going that well for SKS Microfinance. Some employees have allegedly swindled the company of Rs 1.6 crore in the last financial year. Auditors of the company have reportedly identified 156 cases of alleged cash embezzlement.
The promoters of Kingfisher Airlines have pledged at least 90% of their stake in the company. The promoters hold 58.61% stake in the company. According to reports, 52.85% of this has been pledged with the financial institutions.
Dr Reddy’s Laboratories is stuck in a regulatory tangle. The US FDA has imposed an import ban on products made at Dr Reddy’s Laboratories’ Mexican plant. The food regulator imposed the ban citing manufacturing practice rules. The import ban follows a warning letter issued by the USFDA on 3 June.
Ranbaxy Laboratories has run into regulatory hurdles. The company has asked by the UK regulator to recall its drugs used to treat skin infections. The company is recalling all unexpired stock of Isotretinoin 20mg capsules. According to reports, the European Commission has also decided to suspend marketing authorisation for the product as a temporary measure.
Finally, a study by Norwegian researchers have found that those who engaged in any exercise, even a small amount, reported improved mental health compared with Norwegians who never got out and exercised. Read more to find out why exercise makes us feel good. Read more...
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First Published: Thu, Jul 07 2011. 08 55 AM IST
More Topics: Markets update | Asia | Oil | US stocks | Crude |