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Opening bell 27 April

Opening bell 27 April
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First Published: Wed, Apr 27 2011. 08 55 AM IST
Updated: Wed, Apr 27 2011. 08 55 AM IST
Mumbai: They are all up. While Indian markets are struggling to come to terms with margin pressures, markets in the developed world are registering record gains on better than expected corporate earnings. Will the divergence continue? Here’s a list of things to watch out for before trading starts.
Overnight, stocks in the US rose after 3M, UPS and Ford Motor reported earnings that topped analyst estimates. The S&P 500 rose 0.90% to 1,347. That led to a positive opening in Asian markets. Japanese stocks rose after the government said 90% of the country’s earthquake stricken factories will resume production by July. The Nikkei is up 1.49%.
Meanwhile, Brent crude oil at $124.01 a barrel is trading slightly lower by $0.13. Oil rates are flat as investors weigh the options of improving earnings outlook in the US and the continuing unrest in Africa and the Middle East.
At home, Maruti Suzuki is looking to reduce its dependence on Japan for automobile parts. The company is looking to source parts from other countries such as Thailand, Germany and hopes to save 5-10% on cost of production.
Petronet LNG has more than doubled its net profit in the January-March quarter to Rs 206 crore. A rise in volumes and higher regasification charges helped the company report robust results.
Tata Teleservices (Maharashtra) swung back to profits in 2010-11. The company posted standalone net profit of Rs 49.9 crore in the last financial year. It booked a profit Rs 830 crore from sale of investments in 21st Century Infra Tele Ltd.
ACC, Ambuja Cement and Ultratech Cement have declared January-March quarter earnings. While Ultratech cement reported a marginal rise in March quarter profits, falling cement demand and rising costs crimped earnings for others.
Rising capacities is one of the biggest concern for the cement industry now. With more supplies expected to hit the market, it has to be seen if cement makers can continue to increase prices. Read Mint’s review...
Dhanlaxmi Bank is planning to mobilise Rs 1,000 crore by July. According to the management, the bank has decided to double its authorised capital to Rs 200 crore from Rs 100 crore now.
Rural Electrification Corporation is also planning to raise Rs 3,340 crore by October. The company is expecting RBI approval in the next 15 days. The company plans to raise money through Samurai bonds, Swiss bonds and private placement of debt.
Sesa Goa also said it is looking to set up two small steel plants in Orissa and Jharkhand. The steel plants will have a capacity of 1-1.5 million tonnes.
Gammon Infrastructure is aiming to commission five road projects in the next 14 months. According to the company, these projects are together worth Rs 3,736 crore.
KPIT Cummins is in talks to commercialise its innovation that converts energy wasted in city traffic and stores it in batteries for later use. The technology makes cars more energy efficient and environment friendly.
The Supreme Court barred the operator of Mumbai airport from levying user development fee. The court, in an order on Tuesday, said the operator of Mumbai airport does not have the approval of the Airports Economic Regulatory Authority (AERA). The apex court said that only AERA has the authority to approve the levy not the government. Read more...
Another senior employee of Infosys Technologies has quit. Aditya Nath Jha, who is heading branding and corporate marketing, has resigned.
Wipro, Castrol, Exide Industries, Dabur and Patni Computers will be declaring their March quarter results today.
And finally, here is a real estate broker who never forgets details about his customers. Clients who visit Matthew Berkson, a real estate broker, marvel at his memory. In one case Berkson told what client’s mother did for a living 30 years ago. Read more to find out how he manages to remember so many details...
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First Published: Wed, Apr 27 2011. 08 55 AM IST
More Topics: Markets update | Asia | Oil | US stocks | Crude |