BackOpening Bell 25 July
Opening Bell 25 July
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New Delhi: There are enough reasons for the RBI not to pause in its rate tightening cycle. But with economic activity moderating, the business community and a section of policy makers are arguing for a pause in rate hikes.
With the Reserve Bank of India meeting on Tuesday to unveil quarterly review of monetary policy, markets will cautiously weigh the options. Mint’s Tamal Bandyopadhyay is expecting the central bank to hike the policy rate by 25 basis points. Read Tamal’s take...-
Cues from global markets are not encouraging. Stock markets in Asia are trading lower as US lawmakers failed to agree on the debt limit deal. The Nikkei is down 0.50% on selling in stocks of financial services and exporters. Meanwhile, easing concerns on the European debt front helped US stocks close flat on Friday.
Back home, expect some action in retail stocks. A committee of secretaries has recommended 51% foreign direct investment in multi-brand retail. The proposal will now head to the Cabinet Committee on Economic Affairs. Read more...
Market regulator Sebi is probing possible foul play by some foreign investors. According to reports, the regulator is probing a strange upsurge in foreign investors buying activities days before the companies announce their quarterly results.
SpiceJet is reportedly looking at raise funds through a share offering. According to reports, the low cost carrier is aiming to raise funds by the end of December.
Reliance Power is likely to get a loan of ₹ 2,800 crore from the US Exim Bank to fund its 2,400-MW gas-based power project in Samalkot, Andhra Pradesh. The loan is part of the equipment contract deal signed by the company.
Zydus Cadila is reportedly in talks to acquire the brands and manufacturing facility of Biochem Pharmaceuticals. According to reports, the deal is expected to be valued at around ₹ 300-450 crore. Biochem Pharmaceuticals exports products to eight countries. In 2009-10 it reported revenues of ₹ 241 crore.
The Cabinet Committee on Economic Affairs on Friday approved BP’s purchase of 30% stake in 21 oil blocks belonging to Reliance Industries. The company was looking to sell stakes in 23 oil blocks. The $7.2 billion transaction will help Reliance Industries take steps to increase production from KG D6 block. Read more...
Reliance Industries, NTPC, HCL Technologies, Sterlite Industries, Patni Computers, Rural Electrification Corporation, Bank of India, Oriental Bank of Commerce and Mastek will announce their June quarter earnings on Monday.
With the stock under-performing the broader market, investors are keenly awaiting the Reliance Industries’ first quarter results. A Bloomberg consensus estimate of 13 analysts has pegged the company’s consolidated net profit at ₹ 5,605.87 crore, up by 18% on a Year-on-Year level. Read more...
Finally, a fake apple store in China, has even got its employees to believe that they were working for an original one. With demand for Apple products running high, counterfeiters have gone to the extent of opening a store to gain from increasing consumer demand. Read more...
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