Opening Bell 14 July

Opening Bell 14 July

New Delhi: The government will release the WPI for June later in the day. Costlier fuel is expected to keep inflation at elevated levels. Here’s a list of things to watch out for before trading starts.

Moody’s Investors Service placed the US credit rating under review for a downgrade. The US, rated Aaa since 1917, was put on review for the first time since 1995 on concern the debt threshold will not be raised in time.

While US stocks managed to close in the green the warning from Moody’s unsettled Asian markets. Stock markets in Asia are swinging between gains and losses as investors weigh the impact of the prospective downgrade.

Back home, printing firm Repro India Ltd has reportedly bought a controlling stake in the Indian arm of business process outsourcing firm MPS Ltd. MPS is owned by UK-based publisher Macmillan.

Motherson Sumi bought German auto parts manufacturer Peguform. Peguform is a significant plastic parts supplier to Volkswagen AG. The deal comes nearly two years after Motherson Sumi purchased the rear-view mirror business of UK-based Visiocorp PLC.

Much to the chagrin of Bhel, Planning Commission has reportedly said that the plants set up with Chinese gear have shown better performance than those supplied by Bhel. The panel’s report card has raised several concerns about Bhel’s ability to increase capacities and delay in supply of the equipment.

Adani Enterprises is considering the possibility of listing its subsidiary Adani Mining in overseas markets. According to reports, the company is planning to raise $1.5 billion to fund overseas mining activities.

NIIT Technologies announced that it received a five-year contract worth $85 million from the US-based Morris Communications. NIIT Tech will provide IT services to the privately-held media group, which publishes daily newspapers and magazines.

The Reliance Communications deal to buy cable operator Digicable has come under the government scanner. The information & broadcasting ministry is reportedly scrutinising the deal for cross-holding rules.

It will also be a results heavy day. TCS, Bajaj Auto, Bajaj Holdings and Development Credit Bank will announce their June quarter earnings today.

Finally, two American sisters spent two decades visiting a site what they thought was their mother’s grave only to discover it contained the remains of a stranger. The sisters discovered the mix-up after they complained to cemetery about the disrepair of their mother’s grave. Now the sisters are seeking $25 million as damages for emotional distress. Read more...