Opening Bell 3 November

Opening Bell 3 November

Mumbai: Helicopter Ben is prepared to do more to revive economic activity in the US. Overnight, stock markets in the US rose after the Federal Reserve said the economy has picked up and chairman Ben Bernanke said he was prepared to take action, if needed. The S&P 500 rose 1.61% to 1,237 on buying in commodity and financial services stocks.

Greece was given an ultimatum that it will get no more money from the EU and IMF until its people voted to accept the austerity measures. The referendum, expected to be held in five weeks, will determine Greece’s Euro membership. Read more...

Back home, the government has reportedly decided to fast-track important legislation and clear pending policy measures. According to reports, the government wants to counter the perception of policy paralysis and prepare itself for the next round of Assembly polls. Read more...

Stocks of oil marketing companies might continue to witness positive momentum. The petroleum ministry is pushing for another hike in diesel and domestic LPG prices. According to reports, an empowered group of ministers will take a decision on price hikes later this month.

Meanwhile, the argument for higher duties on diesel-powered vehicles and generator sets is gaining favour by the day.

Commercial vehicle makers Tata Motors and Ashok Leyland reported strong truck and bus sales in October. Increase in construction activity and enforcement of an overloading ban in certain states boosted demand for heavy commercial vehicles. Sales at Tata Motors rose by 13% to 38,714 units in October from a year earlier.

Expect positive momentum to continue in the SKS Microfinance stock. The board of the company has approved a proposal to raise 900 crore through a sale of shares to private institutional investors to support its business. The company is also raising its authorized share capital from 95 crore to 135 crore.

Power Grid Corp. of India is planning to buy stakes in companies in Argentina and Paraguay as part of a plan to cut its dependence on the home market. The company expects asset prices to fall because of the current global economic slowdown.

Apparel maker Arvind has divested its 40% stake in VF Arvind Brands for 257 crore. The funds from the stake sale would be used to repay debt. The company currently has about 2,000 crore of debt.

Ashok Leyland, Gujarat Gas, TVS Motor, Manappuram Finance, Kesoram Industries, SAIL and Sun TV will declare their earnings today. Food inflation numbers will also be released by the government.

Finally, Pakistan has granted most favoured nation status to India. The move is expected to liberalise trade relations and ease visa restrictions. Read more: