Mumbai: The end of a choppy week beckons. Crude oil rises, earthquake alerts, rate hikes continue to plague equities. Here’s a list of things to watch out for before trading starts.
The world is feeling the aftershock of the Japanese earthquake. A major aftershock, measured at a magnitude of 7.4 by the Japanese Meteorological Agency, hit northeast Japan just before midnight. The agency issued tsunami alerts and sent the administration into tizzy.
However, the warning was later lifted and thankfully no tsunami was reported. However the damage had already been done by that time. US stock markets closed weak. The S&P 500 lost 0.15% to close at1,333.
Meanwhile, crude oil continued on its northward journey. Prices rose as fighting continued in Libya and on concerns that unrest in other energy producing countries might disrupt supplies. Brent crude oil in Singapore trading is hovering at $122.63 a barrel, marginally down by $0.04.
Fears of inflation prompted the European Central Bank to raise interest rates by 25 basis points. Is the era of loose money finally over?
Asian stock markets are trading mixed. Even though the aftershocks did not lead to major damages, investors are worried about disruptions to the re-construction process. Japanese stocks are trading marginally higher in morning deals. The Nikkei at 9,610 is up 0.2%.
Meanwhile in India, Vedanta and Cairn extended their deal deadline by more than a month after it became clear that the government approval might take some more time in coming. However, the open offer from Vedanta’s unit Sesa Goa for a 20% stake in Cairn India will start from 11 April after the markets regulator gave the go ahead.
Ranbaxy Laboratories has something to cheer about. The US FDA has requested an US court to dismiss Mylan’s complaint. Mylan is opposing FDA’s decision to allow Ranbaxy to sell its generic version of cholesterol-lowering drug Lipitor.
PE firm DE Shaw is planning to buy a 14.2% in NDTV for Rs 70 crore. Reliance Industries recently tied-up with the company to enter into financial services business.
Reliance Infrastructure has been denied an automatic extension of power distribution license in Mumbai suburbs. The company has been told to join the competitive bidding process to with four other bidders for the license.
Persistent Systems and Sprint Nextel Corporation have formed a JV to provide internet and managed network services in India.
Apollo Hospitals is planning to invest Rs 900-1,000 crore over the next two years to add 2,500 more beds to its existing capacity. The proposed expansion is going to be funded by internal accruals, debt, promoter’s funds and qualified institutional placement.
Cadila Healthcare has received USFDA approval to conduct clinical trials for its new molecule that can be used to treat diabetes. The company is planning to start phase I clinical trials soon to test the efficacy and side effects of the drug.
Pratip Chaudhuri took over as chairman of State Bank of India. Chaudhuri will be the SBI boss for two and half years till his retirement in September 2013.
Orissa Mineral Development Company is expecting environment clearance for its Kolha-Roida mine by the end of May. Currently, six mines of the company are non-operational due to lack of environmental clearances.
Sebi has moved the Supreme Court challenging a Securities Appellate Tribunal order to set aside a penalty on Indiabulls Securities. The company was fined for allegedly rigging trades in derivatives.
Simbhaoli is transferring its portable alcohol business into a wholly-owned subsidiary Simbhaoli Spirits. The company, which is going through restructuring exercise, will be transferring the stake for Rs 136 crore.
GVK Power and Infrastructure is in talks with major banks to funds its acquisition of two mines in Australia. According to reports the company will have to pay $1.3 billion to Hancock to seal the deal.
And finally, it looks like bacteria is everywhere in India. A new study found that all currency notes and coins that are in circulation may have been contaminated with bacteria that can cause infections and diseases. Time to go plastic. Read more...