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Opening Bell for 3 August

Opening Bell for 3 August
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First Published: Wed, Aug 03 2011. 09 49 AM IST
Updated: Wed, Aug 03 2011. 09 49 AM IST
Another bout of selling has hit the global markets. Fresh concerns about the US economy are leading to selling in stock markets across the world. Here’s a list of things to watch out for before trading starts.
While European stocks fell to their lowest level in 11 months (read more)
US stocks wiped out the gains they made in 2011 after an unexpected drop in consumer spending increased concern that growth in the world’s largest economy is faltering.
The S&P 500 is down 2.56%. (read more)
The overnight slump in US stocks has sent Asian markets lower. The benchmark stock market indices in Japan and South Korea lost over 1.7% each in the opening trades. (read more)
Back home, high interest rates and a slowing economy are impacting Indian banking system. The growth in non-performing assets as a percentage of banks’ loan portfolio was almost at a five-year high in the April-June quarter. In the first quarter, the banking industry’s gross NPAs rose by 7.64%—from Rs. 60,685 crore in the January-March quarter to Rs 65,318 crore. (read more)
Private equity firm Apollo Global Management is reportedly in talks to invest $100 million in Gati. (read more)
Wockhardt has agreed to sell its nutrition business to Danone SA. News agency Bloomberg reported that the deal cost France’s Danone €250 million (Rs 1,575 crore). Wockhardt’s nutrition business portfolio has infant food brands such as Farex, Dexolac and Nusobee, and adult food supplement Protinex. (read more)
DLF reported a 13% drop in its first quarter net profits due to slowing sales and high costs. Profit during June quarter fell to Rs 358.36 crore from Rs 411.03 crore in the corresponding period last year. (read more)
Coal India has missed its production target for the April-June quarter. The PSU missed the production target of 98.6 million tonnes by producing 96.3 million tonnes of coal. Excessive rainfall and other disturbances caused the drop in production. (read more)
Due to raw material constraints, Tata Metaliks has decided to shut its plant near Goa. The company gets ore supplies from Bellary-Hospet region, where mining was banned. (read more)
Phoenix Mills bought HBS Realtors’ 8.6% stake in Market City project in Bangalore for Rs 17 crore, increasing its holding to 46.4%. Co-investors Horizon Venture Capital Fund and IL&FS Investment Managers share the remaining stake. (read more)
Bharti Airtel and United Spirits will announce their June quarter results today. Finally, a temple in Thailand offers a solution for those facing a run of bad luck and wanting to start life afresh. To start afresh, participants have to lie in the coffin and pray for the bad luck to go away. (read more)
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First Published: Wed, Aug 03 2011. 09 49 AM IST
More Topics: Opening Bell | Markets | Stocks | BSE | NSE |