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Opening bell 30 March

Opening bell 30 March
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First Published: Wed, Mar 30 2011. 08 36 AM IST
Updated: Wed, Mar 30 2011. 08 36 AM IST
Mumbai: India v Pakistan. World Cup semi-final. Everything else seems to have taken a backseat to the big game, but hey, life goes on and the stocks markets are open. Here’s a list of things to watch out for before trading starts.
Overnight, US stocks rose to a three-week high as energy stocks rallied. This led to a positive opening in Asian markets. Japan’s Nikkei climbed 0.43% as companies resumed production after the 11 March earthquake.
Crude oil prices continued to ease. An oil industry-funded report found that crude supplies in the US rose the most since October, signalling that demand might not be as strong as is being projected.
The Reserve Bank has questioned the valuations of the Axis Bank-Enam Securities deal. The banking regulator has asked the bank to justify the price it is paying for the deal.
The acquisition of AP Paper Mills for Rs 1,890 crore can boost valuations of existing listed paper mills on Indian bourses. Even though they are only a few listed companies, these stocks were not able to attract much investor interest.
Cairn India is expected to end its first full year of oil production with a net profit of about Rs 6,600 crore. The profits which are expected to rise by a third in the coming financial year will sweeten its deal with Vedanta.
MCX is planning to seek Sebi’s nod for an IPO in this week. Financial Technologies, the promoter of MCX currently holds 31% stake in the commodity exchange. It needs to reduce its stake to 26% by September according to guidelines of the industry regulator.
No or low coal supply from Coal India can lead to loan defaults by power companies, according to the Power Ministry. Well, it has to be seen if power companies will actually default on loans or not, but the government’s capacity addition programme in 11th and 12th plans are expected to be hit. According to reports, Coal India has not signed fuel supply agreements for the last two years. This has led to uncertainty and unavailability of fuel supplies for power projects.
Cummins India’s parent company is planning to make India its single source for low horsepower generators. Read more...
After six quarters, TCS is expecting an increase in pricing for its services and products in the coming financial year. Increased demand in BFSI and retail verticals is helping the firm charge more.
The Ashok Leyland-Nissan joint venture has rolled out its first truck. Named as Dost, it is a light commercial pick-up vehicle.
Tata Global Beverages in tie-up with PepsiCo is set to launch a glucose-based beverage next week. As a pilot project, the beverage will be rolled out in parts of Maharashtra and is expected to be priced at Rs 5.
Star India has signed an agreement with NDTV to manage and sell advertisements for its channels NDTV 24X7, NDTV India and NDTV Profit.
Puravankara Projects announced a Rs 1,700-crore luxury residential project in the suburbs of Chennai. For the project, the company plans to raise Rs 225 crore by issuing debentures.
Alpine Global Premier Properties Fund, an investment management company, bought around 4.26 lakh shares in Chennai based Orchid Chemicals and Pharmaceuticals. In the last eight months FII holding has gone up from 5% to 12-13% in the pharma company. Read more...
The heat is on. The CBI has told the Supreme Court that Anil Ambani group companies and Essar Telecom used front companies to corner spectrum. CBI filed a status report on its probe on irregularities in 2G spectrum to the Supreme Court.
And finally, a missing cobra from a zoo is talking on twitter. Pranksters created a twitter account for a 50 cm snake that went missing and started updating the account with live feeds. The @BronxZoosCobra has been responding to its followers which already touched 20,000. Read more...
Wonder if it will predict the outcome of today’s semifinal.
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First Published: Wed, Mar 30 2011. 08 36 AM IST
More Topics: Markets update | World Cup | Cricket | Oil | Crude |