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Opening Bell 30 May

Opening Bell 30 May
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First Published: Mon, May 30 2011. 08 41 AM IST
Updated: Mon, May 30 2011. 08 41 AM IST
New Delhi: It’s a new week and trading can be volatile on Monday as the Cairn-Vedanta deal goes to a higher table and several companies declare their March-quarter earnings. Here is a list of things to know before markets open for trading.
Cues from the global markets are mixed. Stock markets in Asia fell on reports of weak housing sales data and lower than estimated consumer spending in the US. The Nikkei is down 0.54%.
The weak economic data from the US has also sent crude prices lower. Brent crude at $114.78 a barrel is down $0.28. Meanwhile, stock markets in the US closed firm on Friday. The S&P 500 rose 0.41% to 1,331.
Back home, Reckitt Benckiser is looking to sell Paras Pharmaceuticals‘ personal care business. Reckitt Benckiser bought Paras Pharmaceuticals last year. Even though formal talks are yet to start, Emami and Dabur have showed interest in buying the unit.
Over the next five years, Coal India is aiming to increase its domestic output by 25% from current levels. According to the management, the company is looking to increase its produce to about 560 million tonnes by 2016-17. For the current financial year it is looking to produce 452 million tonnes of coal.
Unitech reported a 15.91% fall in 2010-11 net profits to Rs 567.25 crore. Total income, on the other hand, increased 9.18% to Rs 3,292.12 crore.
Camlin’s stake sale to Japan’s Kokuyo Co Ltd will be announced on Monday. Kokuyo Co will buy 51% in Camlin through staggered transactions. Promoters of Camlin, Dandekar family, will sell a part of their 38% stake to Kokuyo Co. Subsequently, Kokuyo will make an open offer to buy another 20% in the company.
Aban Offshore is planning to raise around $400 million through ADRs, GDRs, FCCBs or any other long term instrument. The company got a nod from its Board of Directors on 26 May. Read more...
The group of ministers (GoM) decision to make both royalty and cess cost recoverable is estimated to cost Cairn India $908 million. The latest move will make the Cairn-Vedanta deal expensive by 7-8%.
NMDC is targeting a sales turnover of Rs 13,500 crore in the current financial year. The country’s largest iron ore miner reported Rs 11,369 crore of sales in the last financial year. Read more...
Steel Authority of India (SAIL) is hoping to set up a steel plant in Afghanistan if it wins a mining bid in the country. Read Mint’s story...
The Adani group is in talks with Coal India to develop a coal mine in Australia. The group has made an offer to Coal India to form a JV to exploit one of the coal mines it has acquired in Australia.
Colgate Palmolive, Educomp Solutions, Indraprastha Gas, Indian Oil Corporation, Mahindra & Mahindra, ONGC and Reliance Communications will announce their March quarter results on Monday.
Finally, the British police appealed for help in tracing a suspected burglar they have dubbed ‘Goldilocks.’ The suspected burglar apparently breaks into houses, eats food and then takes a nap. Read more...
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First Published: Mon, May 30 2011. 08 41 AM IST
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