Opening Bell 10 Sept | Weak data weighs on markets
Opening Bell 10 Sept | Weak data weighs on markets
Mumbai: Asian shares were trading mixed on Monday following weak industrial output data from China over the weekend, reports Financial Times. Industrial output rose 8.9% in August, down from 9.2% in July, slowing since May 2009. The data provided proof that China is in the mid of a protracted slowdown. China’s Shanghai Composite was down 0.1%, Japan’s Nikkei Stock Average was off 0.3% and Hang Seng was up 0.5%.
The government finally kicked off the divestment programme and invited applications from merchant banker’s for selling stake in three state-run firms— NMDC, Nalco Ltd and Neyveli Lignite Corp. on Friday. The divestment is not likely to be a smooth sailing, say investment bankers, with all three companies belonging to the mining sector that is roiled in the coal mining scam, reports Mint.
Bharti Infratel Ltd , the tower arm of Bharti Airtel Ltd may file a draft prospectus with the regulator for raising Rs5,000 crore through an initial public offering early this week, reports Economic Times. The IPO will provide an exit route to private equity players who had invested in the company in 2007-08.
In 2009, the government allotted blocks for coal to liquid projects to a unit of Jindal Steel and Power Ltd and SETSPL (a joint venture between a consortium of Tata group companies and South Africa-based Sasol Synfuels International), even though a Rajya Sabha member expressed concerns over the bidding process, reports Mint.
Debt-laden Deccan Chronicle will ask lenders to relax the terms on which it was lent money in order to avoid bankruptcy reports Economic Times. A corporate debt restructuring package will result in upto Rs3,270 crore in loans from 28 financial institutions. The media house has also put its IPL team Deccan Chargers for sale to raise money.
Biocon Ltd will in focus following news that it is eying Gujarat to set up a manufacturing plant worth Rs250-300 crore, reports Business Standard. The bio-pharma company has already approached the state government for land.
The auditors of debt-ridden Kingfisher Airlines Ltd have said the airline needs to strengthen its internal audit systems and raised concerns over delayed or no-payment of dues, reports Business Standard. Kingfisher’s net loss more than doubled to Rs2,328 crore in FY12 from Rs1,027 crore in FY11.
The long waiting period and premium for diesel cars is becoming history. Muted sales have forced distributors to offer discounts as high as Rs50,000 on diesel variants of Tata Indica, Volkswagen Polo, Ford Figo, Maruti SX4 & Ritz, Fiat Punto, Nissan Micra and Verito, reports Economic Times.
Lastly, McLaren’s Lewis Hamilton added the Italian Grand Prix to his list of Formula One victories on Sunday while Ferrari’s Fernando Alonso stretched his overall championship lead to 37 points with a third place finish, reports Reuters.
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