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Business News/ Market / Stock-market-news/  Opening Bell 12 November | Tata Steel in focus on results heavy day
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Opening Bell 12 November | Tata Steel in focus on results heavy day

Stocks in Japan climbed on speculation that the country will delay raising its sales tax again

A file photo of the BSE building in Mumbai. Photo: Hemant Mishra/MintPremium
A file photo of the BSE building in Mumbai. Photo: Hemant Mishra/Mint

Mumbai: Asian markets are trading higher. Stocks in Japan climbed on speculation that the country will delay raising its sales tax again.

US stocks closed at record highs. S&P 500 rose 0.07% to 2,039 on buying in shares of homebuilders and consumer discretionary firms. Read more.

Buoyant equity markets and a rally in the bond markets on hopes of an interest rate cut helped attract 1.24 trillion into mutual funds in October, the highest monthly inflow seen in the past three and a half years, reports Mint.

Life Insurance Corp. of India (LIC) is increasing its investments in packaged consumer goods companies and banks and financial firms, reports Mint. The insurer’s investments in these sectors have risen steadily over the last 16 quarters.

The Union railway ministry outlined areas open for private and foreign direct investment and specified guidelines for the same, reports Mint. Some of the key projects open for FDI include a 63,180-crore Mumbai-Ahmedabad high-speed corridor and 14,000-crore Mumbai CST-Panvel suburban corridor.

Steel prices may go up in the new-year ahead of an expected increase in car prices, reports Mint. Steel makers hope to cash in on demand from auto makers who traditionally raise prices in January.

NTPC Ltd has scaled down its acquisition target, reports Mint. The company expects to acquire around 3,500 megawatts by March 2015. The utility was earlier planning to buy 8,000-9,000 megawatt capacity.

Mahindra and Mahindra Ltd (M&M) increased prices of its passenger and commercial vehicles by an average of 1% effective this month to offset rising input costs. Read more.

Ashok Leyland Ltd is in the process of selling its stakes in some of the overseas joint ventures and associate companies, and is looking for a suitable buyer, reports PTI.

Sesa Sterlite Ltd expects to resume mining in Karnataka and produce at its court-set limit of 2.29 million tonnes in the year ending March, reports Reuters. The company stopped producing from the mine pending renewal of its licence.

HPCL Ltd may buy an 8% stake in Petronet LNG Ltd’s gas terminal at Gangavaram in Andhra Pradesh, reports PTI. HPCL is expanding its refinery near the port and will require 2.5-3 million standard cubic meters of gas per day, the report says.

In a “fleet standardisation" exercise, SpiceJet Ltd has reduced its capacity, reports Business Standard. Over the past six months, the airline’s fleet has been reduced from 58 aircraft to 48 planes, the report says.

United Spirits Ltd (USL) is considering several measures, including selling treasury shares and surplus land and properties, to pare its debt, reports The Hindu Business Line. The company plans to sell treasury shares of itself and United Breweries Ltd.

It will be a results heavy day. Adani Enterprises Ltd, BPCL Ltd, Apollo Hospitals Enterprise Ltd, Financial Technologies (India) Ltd, Eicher Motors Ltd, Aditya Birla Nuvo Ltd, ICRA Ltd, Indraprastha Gas Ltd, India Cements Ltd, Jaiprakash Associates Ltd, Max India Ltd, Oil India Ltd, Reliance Power Ltd, Sobha Ltd, Reliance Infrastructure Ltd, Natco Pharma Ltd and Tata Steel Ltd are some of the companies that will release their earnings for the September quarter today.

Lastly, China’s e-commerce giant Alibaba reported more than $9 billion in sales on China’s Singles’ Day, an annual event since 2009, illustrating the buying power of the Chinese consumer, reports Reuters.

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Published: 12 Nov 2014, 07:47 AM IST
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