Mumbai: The Anna saga is getting messier. Team Anna is bargaining hard. And the government is refusing to rush through the procedures.
While the situation is still unfolding, it is F&O expiry day. So expect some volatility.
Cues from global markets are encouraging. Overnight stock markets in the US rose on better than expected durable goods orders and home prices. Buying in financial services and home builder stocks helped the S&P 500 index rise 1.31% to 1,177.
That helped Asian markets open on a positive note. Stock markets in Japan and South Korea rose over 1.3% each on buying in shares of export based companies. The Nikkei at 8,774 is up 1.56%.
The positive economic data has also sent crude prices higher. Brent crude is back above $110.
Back home, the Reserve Bank of India has sounded a note of caution about the risk of rising bad loans in Indian banks. According to the RBI, banks might see a rise in non-performing assets as there could be a problem with some industry segments.
The National Highways Authority of India is positive that it will exceed its annual target of 7,300 km and award 13% more road projects in the current financial year. According to reports, NHAI is hopeful that it will cross the 9,000 km mark in the current year.
Tata Power is seeking higher rate for electricity generated from its under-construction 4,000 megawatt ultra-mega power plant at Mundra. The company is seeking the revision in tariff due to changes in Indonesian government policy on export of coal from that country, which resulted in higher fuel costs.
The company also said that it is actively pursuing power projects outside India. The company is looking to invest in overseas projects to sustain the growth momentum. Read more...
Another Tata group company, Tata Chemicals said its UK-based subsidiary has signed an agreement to acquire a 30.6% stake in Canadian potash miner EPM Mining Ventures.
The government has asked Coal India to liquidate the stocks lying at pitheads. Transport constraints and law and order problems in Jarkhand and Orissa has led to accumulation of pithead stocks at Coal India.
The aviation regulator has approached the appellate tribunal to penalise Bangalore and Hyderabad airports for delay in furnishing financial details. While Bangalore airport is run by GVK group, Hyderabad airport is operated by GMR Infrastructure. Read more...
Finally, Japanese grannies are beating the old age isolation by staying in touch through Internet. Old age isolation forced 81 year old Kayoko Okawa start an online community for seniors some 15 years back. The community called as ‘Computer Grandmas Group’ now has over 250 members and advocates use of IT technology among old people. Read more to find out how old people in Japan are using technology to stay in touch. Read more...