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Opening Bell 12 July

Opening Bell 12 July
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First Published: Tue, Jul 12 2011. 11 21 AM IST
Updated: Tue, Jul 12 2011. 11 21 AM IST
New Delhi: The Cabinet reshuffle is on. Infosys will declare its earnings in June quarter. The government will release May Index for Industrial Production (IIP) numbers. And the debt crisis in European region is still unfolding.
Here’s a list of things to watch out for before trading starts.
A survey conducted by Bloomberg, estimates the IIP to register a growth of 8.5%. In April the IIP registered a growth of 6.3%.
While any sharp deceleration in industrial growth will confirm the worst fears of slowdown, cues from the international markets are not encouraging. Stock markets across the world slumped on concern that the Greece debt crisis may spread to bigger economies. Stocks in Japan, South Korea and Hong Kong lost over 1.4% each in the morning deals. Read more...-
Adding to the woes is the continuing stalemate at the US congress. American lawmakers failed to agree on a deficit reduction plan. Concerns about the budget deficit and European debt crisis led to selling in stocks of financial services firms. The S&P 500 lost 1.81% overnight. Read more...
Back home, Madras Cements is reportedly in talks to sell its cement grinding unit in West Bengal for around Rs 350 crore. European bigwigs Lafarge and Holcim have shown interest in buying Madras Cements’ Bengal unit.
The Airports Authority of India declined to ease fiscal pressures of Delhi International Airport Pvt. Ltd. The airport had proposed linking quarterly payouts to the government to actual receipts instead of having to make advance payments as it does now. The proposal has reportedly been rejected by the regulator. GMR Infrastructure led Delhi International Airport Pvt. Ltd runs the Indira Gandhi International Airport.
Reliance Power is expecting to earn Rs 3,100 crore from carbon credits generated by the two ultra-mega power projects it is setting up with Power Finance Corporation.
Essar Oil is planning to commission its Vadinar refinery by first quarter of 2012. According to the company’s management, about 90% of the phase 1 complete and it is aiming to commission the first phase by October. With Vadinar Phase I on stream Essar Oil is reported to have a total refining capacity of 730,000 bpd. Meanwhile, the company has reported disappointing earnings in June quarter.
BPCL is lining up big investments. The company is planning to invest Rs 50,000 crore to expand its capacities in refining, retail and upstream projects over the next five years. Of the total, the company wants to spend Rs 30,000 crore expanding refining capacities, storages and pipeline.
Cals Refineries has reportedly reached an out of court settlement with the German company contracted with supplying equipment for its proposed petroleum refinery at Haldia. The project was to be set up with equipment from three dismantled refineries. However the deal got stuck as the two parties deferred over execution.
Finally, meet the person who offers cemetery visit services. With the economy remaining sluggish, a woman in the US embarked on a new career. She delivers flowers and offers prayers to the departed at the cremation site. Depending on the distance and service, she charges $25 to $35 for each visit. Read more...
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First Published: Tue, Jul 12 2011. 11 21 AM IST
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