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Opening Bell 1 August

Opening Bell 1 August
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First Published: Mon, Aug 01 2011. 08 49 AM IST
Updated: Mon, Aug 01 2011. 08 49 AM IST
New Delhi: Happy Monday. Congress leaders in the US approved an agreement to raise US debt and cut the federal government’s deficit. Here’s a list of other things to watch out for before trading starts.
Stock markets in Asian jumped on optimism that the US will avoid a debt default. The Nikkei is up 1.74%.
While US stocks closed lower on Friday, the progress on the US debt limit is sending crude prices higher. Brent crude at $118.24 a barrel is up 1.28%.
Back home, finance minister Pranab Mukherjee has reiterated that the government is keen on freeing the prices of diesel and cooking gas. The finance minister has said that the government wants to link the prices to those prevailing in international markets.
Analysts fear that the Supreme Court’s ban on iron ore mining in Karnataka’s Bellary district will hurt truck sales. According to analysts, sales of medium and heavy duty commercial vehicles will be hit as the ban impacts close to 100 mines in the region. Read more...
Expect some action in Suzlon Energy stock. The company unexpectedly turned to first-quarter profit after sales rose at the fastest pace in more than two years. Compared to a loss of Rs 910 crore in June quarter last year, the company reported a profit of Rs 60 crore in the first quarter. Analysts polled by Bloomberg were expecting the company to report a loss of Rs 180 crore.
Alok Industries has started divesting its non-core assets to cut debt. The company signed an agreement to sell 73 acres at in Silvassa and has sold a portion of its commercial building in central Mumbai. The company is aiming to earn Rs 1,500 crore by selling its property portfolio over the next 18 months.
Following the new takeover code, ITC has said that it is open to buying more shares in EIH and Hotel Leela. The new takeover code allows corporates to buy up to 25% in another company without triggering the compulsory open offer. ITC holds 14.98% in EIH and 12.96% in Hotel Leela. Read more...
GVK Power and Infrastructure may finalise a deal to buy coal mines operated by Hancock Prospecting in two months. The company is at an advanced stage of talks with Hancock.
Finally, tired of waiting for medical procedure, a 63-year-old American man operated on himself with a butter knife. Police found the man lying naked on the porch of his apartment after his wife called to report his attempt at surgery. Read more...
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First Published: Mon, Aug 01 2011. 08 49 AM IST
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