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Opening Bell 16 November

Opening Bell 16 November
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First Published: Wed, Nov 16 2011. 08 37 AM IST

Updated: Wed, Nov 16 2011. 08 37 AM IST
Mumbai: These are troubled days for the King of Good Times. A belligerent, combative Vijay Mallya does not want a bailout for Kingfisher Airlines. But he needs fresh working capital of upto Rs 800 crore. The parent company United Breweries (Holding) Ltd’s balance sheet too is a bit shaky as this analysis shows.
Meanwhile in the broader markets US stocks rose on optimism that Italian prime minister designate Mario Monti would succeed in forming a new government to battle the debt crisis. Also helping the sentiment is better-than-expected growth in retail sales. The positive data led to buying in stocks of technology companies. The S&P 500 at 1,257 is up 0.48%.
Asian markets are swinging between gains and losses. Investors are trading cautious ahead of the Bank of Japan’s monetary policy meeting. The Nikkei at 8,554 is up by 0.15%.
Crude oil climbed above $112 a barrel on speculation that demand may rise in the US, the world’s largest crude consumer. Brent crude at $112.18 a barrel is trading higher by 0.81%.
The government is making another effort to break the stalemate on urea price deregulation. Two draft urea pricing policy proposals are expected to be circulated soon to the finance, agriculture and law ministries for their views.
The Andhra Cements stock could see some action. Kolkata-based GP Goenka group is selling its stake in Andhra Cements to Jaypee Development Corp., a privately held unit of the Jaypee Group. The deal will give the Jaypee Group controlling stake in Andhra Cements and is estimated to cost as much as Rs 280 crore.
Meanwhile, Jaypee Group controlled Jaiprakash Associates has reportedly approved demerger of its Andhra Pradesh and Gujarat units and plans to merge them into its wholly-owned subsidiary Jaypee Cement Corp. According to a report, the move is being seen as a prelude to the group’s plan to sell a stake in its cement business.
After buying a majority stake in Australia’s Legacy Iron Ore, miner NMDC is looking to close its next overseas acquisitions in Brazil and the US. The company is expected to take a decision on a Brazilian acquisition in the next few days.
Maruti Suzuki India is looking to enter the fast-growing sports utility vehicle (SUV) segment. The company plans to showcase a concept SUV in January at the Auto Expo in Delhi.
Hexaware Technologies received an order worth Rs 1,265 crore from an existing UK-based client. According to the company, the UK-based client renewed an existing contract for five years and increased the value of the order.
Glenmark Pharmaceuticals has formed a marketing pact with Canada’s Immanence IDC to sell skincare and cosmetic drugs in India and seven other countries. It expects to roll out the products in Brazil, Mexico, South Africa, Egypt, Vietnam, Malaysia and Thailand by fiscal 2012.
ICICI Bank is reportedly planning to repatriate part of the capital of its Canadian arm. With subdued business growth, return ratios at the Canadian subsidiary have reportedly hit a soft patch.
The Varkey Group’s open offer for Everonn Education shareholders have been put on hold. While the reasons are not yet known, the revised schedule on the offer would be announced after getting approval from Sebi.
Finally, a mystery condition has made a 23-year old woman age 50 years in just a few days. Following an allergic reaction to seafood, the Vietnamese woman aged rapidly and now looks like a septuagenarian.
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First Published: Wed, Nov 16 2011. 08 37 AM IST
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