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Opening Bell 27 May

Opening Bell 27 May
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First Published: Fri, May 27 2011. 09 22 AM IST
Updated: Fri, May 27 2011. 09 22 AM IST
New Delhi: It’s Friday and cues are pointing towards a positive opening. Corporate results coming in th end of the earnings season are better.The government has fixed a date for meeting on fuel price hike. The ministerial panel on Cairn-Vedanta deal is finally meeting on Friday. Here is a list of things to know before trading starts:
Overnight, stock markets in the US gained for a second day. Better than expected corporate profits helped investors ignore weak economic data. The US economy grew at 1.8% in the first quarter of this year. Economists were expecting the economy to grow at 2.2%. However, higher than expected corporate profits at companies such as Tiffany & Co helped the S&P 500 index gain 0.40%.
Asian markets are also tracking gains in US stocks. Stocks in Asia rose for a second day as corporate earnings continued to surprise market participants. While markets in Japan are trading flat, stocks in Hong Kong are holding up in gains.
Back home, Coal India is in talks to buy up to 40% stake in Indonesia’s Golden Energy Mines. The deal is valued at $750 million to $1 billion. Golden Energy is estimated to have 400 million tonne of reserves.
After petrol, it is the turn of diesel and LPG now. The panel of ministers on fuel prices will be meeting on 9 June to take a call on the quantum of price hikes. The ministry of petroleum and natural gas has made a case for increasing the prices of diesel, kerosene and domestic LPG. Read more...
Tata Motors on Thursday said its full year profit more than trebled to Rs 9,274 crore. In 2009-10, the company reported a net profit of Rs 2,571 crore. Higher volumes and prices at JLR helped the company report robust profits.
The group of ministers on the Cairn-Vedanta deal will be meeting on Friday. Besides the royalty controversy, the ministers’ panel would also take a call on whether the approval for the deal should come with a rider.
Infotech Enterprises is in advanced stages of talks with Lockheed Martin for a multi-year contract. According to reports, the deal with Lockheed Martin is said to have potential to match Infotech’s agreement with Boeing.
The Reliance Industries-DE Shaw JV is aiming to offer the entire spectrum of financial services. The JV will be initially focusing on institutional broking and asset management businesses.
In another report, Reliance Industries has expressed interest in buying Australia’s Premier Coal. The company is likely to conduct due diligence and may submit a final bid in June. Read more...
Expect some action in fertilizer stocks also. To compensate for the loss of gas production from RIL’s KG D6 field, the petroleum ministry may reduce the allocation of fuel to fertilizer units that also manufacture chemicals.
Emblem FII fund bought a 1% stake in Jyothy Laboratories from the open market. At the current market price, the investment is valued at around Rs 22.65 crore. Read more...
Siemens got an approval from the Reserve Bank of India to operate a non-banking finance business in India. The company wants to offer loans, leasing and other finance products through the NBFC. Read more...
Shree Ganesh Jewellery House is close to acquiring two foreign jewellery retail brands in Italy and United Arab Emirates. According to reports, the acquisitions might be worth Rs 1,000 crore. Read more...
Tech Mahindra reported a sharp fall in fourth quarter profits. The company reported a 59% fall in net profit to Rs 92 crore. The squeeze in profit is attributed to the legal expenses incurred by Mahindra Satyam.
Reliance Capital, Reliance Infrastructure, NHPC, Financial Technologies, Bank of Baroda, Britannia Industries, Havells and HDIL will declare their March quarter earnings today.
Finally, sedentary jobs and declining physical activity at workplace is leading to the rise in obesity levels. Researchers in America found a positive relation between decreasing physical activity at workplace and gain in national weight. Read more...
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First Published: Fri, May 27 2011. 09 22 AM IST
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