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Opening Bell 10 August

Opening Bell 10 August
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First Published: Wed, Aug 10 2011. 08 49 AM IST
Updated: Wed, Aug 10 2011. 08 49 AM IST
New Delhi: Politicians might dither but not Ben Bernanke. The US Federal Reserve has promised to keep interest rates at a record low for atleast two more years to help revive growth in the economy. The central bank also said that it would consider deploying further tools to help the economy. Read more... -
Overnight, stock markets in the US rallied on these promises. The benchmark index S&P 500 rose 4.74%, its best single-day performance.
Asian stock markets echoed the US. Stock markets in Japan and South Korea gained over 1.6% each on hopes that a revived American economy will import more from these countries.
And crude oil rebounded as well. Brent crude at $104 a barrel is up 1.5%.
Back home, higher inflows from service taxes led to a 27% growth in indirect tax collections in July.
Mahindra Satyam reported a profit after tax of Rs 225.2 crore in the June quarter as it won more orders. In the preceding quarter the company posted a loss of Rs 327 crore.
EIH and Reliance Industries have decided to jointly develop properties in Goa and Bangalore. Read more...
Reliance Power is planning to invest Rs 1,500 crore in a 200-megawatt wind power project in Maharashtra. The project is estimated to reach full capacity by September 2012.
The government has decided not to sell its 30% stake in Bharti Hexacom, a subsidiary of Bharti Airtel that offers mobile services in six north-eastern states and Rajasthan. Read more...
Core Projects and Technologies has received an order worth Rs 124 crore from Gujarat government. As part of the order the company will be required to implement computer aided learning in 3,236 primary schools in Gujarat.
ABB’s board has approved the proposal to acquire Pune-based Baldor Electric India for about Rs 35.7 crore. The company will acquire 100% shares of Baldor Electric India from Baldor Holdings Inc., and Baldor Electric Switzerland. Read more...
Finally, researchers have found the nose to be the gateway for viruses linked to brain disorders. Researchers in the US found that the nose can be a portal for herpes virus that is linked to brain disorders such as multiple sclerosis, encephalitis and a form of epilepsy. Read more...
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First Published: Wed, Aug 10 2011. 08 49 AM IST
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