All eyes will be on the Reserve Bank of India’s monetary policy today. Expectations are high that the RBI will cut the repo rate by 25 basis points, along with the cut in the CRR rate since rate cuts won’t work, unless there’s adequate liquidity to stimulate the sagging economy.
In Europe, the Greece election verdict is out. Greece’s centre-right New Democracy party scraped its way to victory over Syriza, relieving the European governments’ immediate worry about the party dedicated to overturning the terms of bailout coming in power, reports Financial Times. Analysts warn that this could just be a short term relief because even New Democracy and its likely coalition partners could demand some easing of the austerity measures.
Asian markets soared after Greece’s pro-bailout party appeared likely to secure a narrow win in national elections, and keep the euro zone intact for now, reports MarketWatch. Japan’s Nikkei Stock Average gained 2.1%, South Korea’s Kospi was up 2.2%, Hong Kong’s Hang Seng gained 1.1% and China’s Shanghai Composite advanced 0.4%.
In India, Lanco Infratech will be in focus today mainly on indications of growing stress in the Indian power sector. The company has decided to exit hydropower generation and is in talks with SN Power of Norway for selling its stake, reports Mint. Lanco has a debt of Rs 28,036 crore as of 31 March, which increased by 90% from Rs 14,679 crore in 2010-11.
Shriram Transport Finance Company has planned to raise Rs 2,000 crore via secured/unsecured non-convertible debentures (NCDs) for growth, reports Business Standard. The company is set for an overall growth of 12-15% this year. Assets under management as of March 31st stood at Rs 40,200 crore.
The aviation ministry plans to ‘ring-fence’ revenues from concessional land given to airport operators, reports Economic Times. The ministry’s stand could irk the state governments that provide land for airport projects free or on concessional rates with the expectation that airport charges levied on airlines and passengers would be kept low in return.
Infosys has delayed the joining dates for hired engineers because of the economic slump, reports Economic Times. Infosys has postponed the joining date of 28,000 engineers hired from campuses to as late as July 2013. This may erode its perception on campuses besides raising investor scrutiny, said analysts.
Lastly, a growing number of online dating sites are looking to capitalize on a trend: the young urban Indian who isn’t necessarily looking to get hitched by 25 but is interested in meeting really cool people and dating, reports Wall Street Journal - India Real Time.