Opening Bell 25 October1 min read . Updated: 25 Oct 2011, 08:26 AM IST
Opening Bell 25 October
Opening Bell 25 October
Mumbai: The Reserve Bank of India will release its second quarter review of the monetary policy today. A 25 basis points hike in policy rates is widely expected.
Cues from the global markets are mixed. European leaders are making incremental progress but have to hold more talks on the extent to which the bailout fund can be leveraged.
Overnight, strong earnings by Caterpillar Inc. boosted investor sentiment in US stocks. The S&P 500 rose 1.29% to 1,254.
Asian markets, on the other hand, are swinging between gains and losses. Stocks of automobile companies fell after Toyota Motor Corp. said production could be hurt due to floods at its factories in Thailand.
Back home, the Union Cabinet is expected to clear the national manufacturing policy today. The policy aims to create 100 million additional jobs and expand the share of manufacturing from 16% of the country’s GDP to 25% by 2025.
Aiming to start on a clean slate, the Union Power Ministry has advised all state governments to write off the cumulative losses of the power distribution companies. The ministry wants state governments to take steps to clean the balance sheets and ensure cash losses were not incurred subsequently. Read more...
NTPC may fall around 18 billion units short of its potential production capacity in the current fiscal. With state electricity boards refusing to buy expensive electricity produced with imported coal, the shortfall in power generation is expected to rise 38% over the last fiscal when it fell short of its generating capacity by 13 billion units.
JSW Steel is reportedly looking to bid for Australian coal miner New Hope Corp. New Hope is a Queensland-based thermal coal producer and is likely to be worth more than $5 billion.
The West Bengal government has okayed GAIL’s proposed joint venture with Greater Calcutta Gas Supply Corporation for expanding supply of natural gas in the capital region. GAIL and HPCL are expected to hold 37% stake each in the joint venture while Greater Calcutta Gas will have 26%. Read more...
Dr Reddy’s Laboratories, Engineers India, NTPC, Sesa Goa and BASF will declare their September quarter earnings today.
Finally, with the economy turning gloomy, TV sitcoms are making a strong comeback in the US. So far this season, comedy programs occupied seven of the top 10 spots among the entertainment programs. Read more...