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Opening bell 29 March

Opening bell 29 March
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First Published: Tue, Mar 29 2011. 09 23 AM IST
Updated: Tue, Mar 29 2011. 09 23 AM IST
Mumbai: India is caught up with World Cup fever and all eyes are on Mohali where the big match will be played on Wednesday. TV channels, newspapers – they hyperbole has never been bigger. Here’s a list of things to watch out for before trading starts.
Overnight US markets closed weak after a hotel chain warned of low revenues due to weak demand. The S&P 500 fell 0.27% to 1,310. This led to a weak opening in Asian markets. Japanese stocks fell after Goldman Sachs cut its growth forecast of that nation. The Nikkei at 9,338 is down 1.47%.
Meanwhile crude oil prices fell for the fourth day in New York. Rates eased on news that the Libyan rebels advanced against Gaddafi’s troops sparking hopes that the conflict might end sooner or later.
Meanwhile in India, the oil & gas industry regulator Director General of Hydrocarbons is not pleased with Reliance Industries. The upstream regulator has said that Reliance Industries has not kept its commitment on drilling wells in KG-D 6 block.Read more...
Anil Ambani-led Reliance Infrastructure announced a Rs 1,000 crore share buy-back offer. The company intends to purchase 8.34% of shares from the public. Under the offer, the company will pay a maximum price of Rs 725 a share. The buy back starts on 5 April.
ONGC is set to bag the maximum number of blocks in the ninth round of New Exploration Licensing Policy (NELP) auctions. The company emerged as a winner for close to 10 blocks. Reliance Industries is reportedly a front-runner in two of the four blocks it has bid for.
Dr Reddy’s Laboratories has launched tablets that are used for treating or preventing allergies in the US market. The tablets are a generic version of UCB’s Xyzal tablets. According to reports, the same kind of allergic tablets posted sales of about $238 million in the US market for the 12-month period ended 30 September, 2010.
Sticking with pharmaceutical companies, Natco Pharma’s anti-cancer drug received ‘Orphan Drug’ status from the US FDA. This designation is given for rare diseases that affect people and gets incentives from the US government.
The Cairn-Vedanta deal might be in for more pain. The royalty on Cairn-operated Barmer block is cost recoverable, the oil Ministry said in a note to the Cabinet.
Vijay Mallya is rejigging his spirits companies. This time Mallya wants to create a separate division for emerging markets. According to Mallya, United Spirits will see a considerable change in operations to make it more competitive in markets outside India.
And finally, it seems Corporate India has decided to skip work on Wednesday. Read more...
And some of them are being gracious to their employees too. “Looking at their sentiments, we have decided to set our employees free before the match starts,” said Piruz Khambatta, CMD, Rasna told the Times of India slaves to work, Wednesday might be your lucky day! Read more...
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First Published: Tue, Mar 29 2011. 09 23 AM IST
More Topics: Markets update | World Cup | Cricket | Oil | Crude |