BackOpening Bell 26 September
Opening Bell 26 September
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Mumbai: The unfolding European debt crisis and futures & options expiry this will increase volatility in the domestic markets.
With Greece near bankruptcy, the action will be centred on Europe. Under fire for failing to stem the debt crisis, European policy makers have begun working on new ways to avert the market meltdown. One of the key focus areas is to find ways to beef up the existing 440 billion-euro rescue fund, on which consensus is still elusive. Read more...
On the equities front, stock markets in Asia fell in opening deals as concerns over the Euro zone debt crisis is making investors wary of taking fresh positions. The Nikkei at 8,437 is down 1.44%.
The weak sentiment has taken its toll on crude prices. Over the weekend, Brent crude fell below $105 a barrel to around $104 on speculation of demand contraction.
Meanwhile, US stock markets closed up on Friday after a volatile trading. Buying in technology shares helped the S&P 500 gain 0.61% and end at 1,136.
Back home, expect some action in Indraprastha Gas stock. According to reports, the company is looking in increase gas prices by 6-7% in the NCR. With weakening rupee raising costs, the company is set to increase gas prices for the fifth time in past one year.
GVK Power and Infrastructure, which agreed to buy Hancock’s coal assets, is aiming for 7,500 megawatts of thermal power generation capacity in the next five years. To achieve the desired target, the company plans to import 20 million tonnes of coal a year from Hancock coal.
Wipro is looking at selling the data centres and other hardware assets of its US subsidiary Infocrossing. According to reports, the sale might fetch Wipro an estimated $300-$400 million.
Tech Mahindra might soon witness a change in key investors. Private equity firm Advent International has intensified negotiations to acquire BT’s stake in Tech Mahindra. BT holds 23.27% stake in Tech Mahindra and is looking to sell its stake in the company.
IVRCL Assets and Holdings is in the process of signing a MoU for developing an automated multi-level car parking terminal in Kenya. The project is expected to have an outlay of about ₹ 100 crore.
Finally, China is installing gold vending machines at its shopping centres. The machines will enable consumers to use cash or bank cards for buying gold bars or coins of different weights.
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