BackOpening Bell 17 May
Opening Bell 17 May
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New Delhi: While India is struggling to cool inflation, the world over, policymakers are pressed to find ways to keep economies humming with activity. Here is a list of things to know before trading starts:
Overnight, stock markets in the US fell on concerns about cooling manufacturing activity and deepening debt crisis in Greece. The S&P 500 fell 0.62% to 1,329 after a report showed that manufacturing growth in the New York region cooled.
Crude oil also extended its losses. Brent oil for June settlement fell $1.10 to $112.73 a barrel on the London-based ICE Futures Europe exchange.
Slower-than-expected manufacturing growth in New York and concerns about sustainability of global economic recovery led to a weak opening in Asian markets. Stock markets in Japan and South Korea opened lower after Greece sought more bailout funds. The Nikkei at 9,532 is down 0.27%.
Back home, Reliance Industries is working on a pricing formula for coal bed methane blocks in Madhya Pradesh. The company is discussing the pricing issue with power and fertiliser companies.
Troubles for Cairn India are far from over. The ministerial panel on Cairn-Vedanta deal is likely to meet only on 27 May, a full seven days after the current deadline for closing the deal expires.
With mills in place, JSW Steel is aggressively looking to increase its raw material base. According to the management, the company is looking for raw material assets in countries such as New Zealand, Mongolia, Afghanistan and in the North American region. Meanwhile, the company reported a 30% rise in March quarter net profit to ₹ 793 crore. Sales, on the other hand, registered a growth of 32%.
Bartronics India is looking to complete its restructuring by June-July this year. It will be bifurcated into four different entities-identification solutions, banking solutions, citizen services and overseas operations. Read more...-
Rising fuel prices in the domestic market is giving sleepless nights for consumer goods companies. Rising interest rates, fuel costs and inflationary pressures are estimated to hit consumer spending in the next six months. Read more...
Coal India is in talks to buy a 15% stake in a $600-million Australian coal mining project. The coal mine is owned by US-based coal firm Peabody Energy.
The Glenmark Pharmaceuticals stock might continue to see some action. The company on Monday announced the sale of rights to develop and commercialize a new biological research molecule for the treatment of multiple sclerosis and Crohn’s disease to France’s Sanofi SA. Read more...
3i Infotech sold the US-based billing and payments unit of its subsidiary, 3i Infotech Financial Software Inc. for around ₹ 618 crore. The firm wants to use the proceeds from the sale to reduce debt. It also plans to sell some other non-performing businesses. Read more...
State Bank of India, Opto Circuits and Bajaj Finserv will announce their March quarter earnings today.
Finally, administrators in Texas are using innovative ways to keep child obesity in check. They are installing cameras in elementary schools to find out what children are eating. The cameras will take a picture of the food tray at the cashier. The information will be later used to analyse and design healthy meals based no student’s real life habits. Read more...
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