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Opening bell 9 June

Opening bell 9 June
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First Published: Thu, Jun 09 2011. 09 29 AM IST
Updated: Thu, Jun 09 2011. 09 29 AM IST
Mumbai: The fasting season is getting murkier. The outlook for the Indian stocks is also hazy. The much awaited EGoM on fuel price hikes is reportedly not scheduled for today. While this might be bad news for PSU oil companies, the government has warned that revenue targets for the current financial year will be difficult to meet. Here’s a list of things to watch out for before trading starts.
Cues from the global markets are not encouraging. Overnight, crude prices spiked after Opec failed to reach the production targets for the first time in 20 years. Brent crude rise more than $1.2 to $118.14 a barrel.
Meanwhile, US stocks continued their southward journey. Stocks fell on concerns that the economy might be slowing down. The S&P at 1,279 is down 0.42%.
Concerns that the world’s largest economy might be slowing down led to weak opening in the Asian markets. Selling in shares of export-driven companies such as Toyota and Canon is driving Asian markets lower. The Nikkei at 9,419 is down 0.32%.
Back home, the government will finalize the national manufacturing policy today. While ensuring protection of worker’s rights, the latest policy tries to provide flexibility by removing ‘rigidity in labour market.’ The policy will be finalized by a high level committee headed by the Prime Minister.
The borrowings of three oil marketing companies has crossed Rs 1 trillion. The government indecisiveness on petroleum price rise has sent the borrowings to all time high of Rs 118,000 crore. While IOC’s borrowings crossed Rs 68,000 crore, HPCL and BPCL have borrowings of Rs 25,000 crore each.
Neither party is willing to blink in the on-going Maruti stalemate. By Wednesday, the strike at the Manesar facility has entered fifth day. Apart from recognition of a new union, workers are demanding absorption of 700 contract workers. Meanwhile, the management has said it won’t accept striking workers’ demands. Read more...
Delhi International Airport has hit a dead end on the fund-raising front. According to the management, lenders are not comfortable about raising more debt as serviceability is seen as an issue. So, the company is pinning hopes on continuance of the airport development fee, for which the decision is pending with authorities.
BGR Energy Systems is considering bringing its group company’s power projects under its fold. BGR Power, in which BGR Energy does not have a stake, is controlled by the promoter family. It is developing projects in Tamil Nadu and Orissa. According to the management, the company will take a decision on integration later in this year. Read more...
The consortium of ONGC, Oil India and GAIL has withdrawn from the race of to buy stake in Australia’s Advent Energy. The consortium was earlier in talks to buy a 25% stake in Advent Energy for around Rs 4,500 crore. Advent Energy is a Perth-based oil exploration company.
Tata Motors’’ credit default swap (CDS) spreads have been widening in the last one month. This indicates worsening investor perception of the company’s ability to service debt. Read more...
NDTV has put the NDTV Hindu channel for sale because it’s not earning enough. The channel is an equal joint venture between NDTV and Hindu.
Finally, Americans have been voted as the most hilarious in a global pool conducted by a social networking site Badoo.com. The networking site asked 30,000 people across 15 countries to name both the ‘funniest,’ and ‘the least funny’ nationality. Read to find more results...
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First Published: Thu, Jun 09 2011. 09 29 AM IST
More Topics: Markets update | Asia | Oil | US stocks | Crude |