Talk Market 20 February | Greek settlement in focus

Talk Market 20 February | Greek settlement in focus

Mumbai: Finally, things seem to be settling in Europe. Euro zone finance ministers will meet in Brussels later tonight to approve a second bailout package for Greece, reports Reuters. While an approval of a 130 billion euro program may draw the line on the financial market turmoil, economists do not expect the package to resolve Greece’s economic problem.

Brent crude was hovering around $121 per barrel after Iran stopped selling crude to British and French companies as a retaliatory measure against fresh European Union sanctions, reports Reuters. Top oil buyers in Europe were making substantial cuts in supply, months in advance of European Union sanctions over Iran’s disputed nuclear programme.

Asian markets were trading firm on Monday morning after oil prices surged, Yen continued to weaken, China lowered its banks’ reserve requirements by 50 basis points and Greece was on track for fresh aid, reports MarketWatch. Japan’s Nikkei Stock Average jumped 1.6%, Hong Kong’s Hang Seng and China’s Shanghai Composite were up around 1% each.

In India, markets are shut on account of Mahashivratri but the following stocks may be in focus when trading resumes on Tuesday.

Telenor is on the look out for a new minority partner in Uninor which it intends to bring on board before fresh auctioning of the spectrum, reports Mint. The new partner will hold 24% and Telenor will hold upto 74% stake as it intends to focus on long term growth. Telenor has broken ties with Uninor after the 2G Spectrum scam. Telenor had invested 6,100 crore in Unitech to set up Uninor for a 67.25% stake.

Sun Pharma is opting for a rights issue to conduct clinical trials in the United States, reports Business Standard. Sun Pharma Advanced Research Company (SPARC) will issue additional shares to shareholders to raise 200 crore for a new form of cancer injection - Paclitaxel for safer dispersion, shorter infusion period and higher drug concentration for killing the cancer tumor. Sun Pharma also intends to reduce its debt of 61 crore.

Apollo Hospitals is looking at a retail model to expand its healthcare business which includes shopping malls and setting up of dental clinics on leased basis, reports Business Standard. Apollo Hospital is expecting to invest 1,650 crore. The hospital chain is already in retail via the pharmacy business which posted a EBIT profit of 2.2 crore compared to 90 lakh a year ago.

Lastly, Kingfisher accounts are frozen again due to its inability to pay service taxes, reports the Wall Street Journal. In December tax authorities froze Kingfisher’s accounts when its dues had mounted to $16.2 million. On Saturday Kingfisher Airlines said that it had cut its daily flight to 208 from 240 in the past few days.