Opening Bell 1 June

Opening Bell 1 June

New Delhi: Hopes of an early resolution of the Greece crisis is driving stocks across markets. But summer rallies, as those of us with longer memories know, can be short. Here is a list of things to know before trading starts:

Rally in technology shares such as Apple and Intel helped the S&P 500 index gain for a fourth consecutive day. The index closed 1.06% up. Read more...-

Stock markets in Asia, on the other hand, are trading mixed. While stocks in Japan are holding up in gains, South Korean markets slipped into losses.

Back home, Coromandel International has acquired a 42.2% stake in Mumbai-based agrochemical manufacturer Sabero Organics Gujarat Ltd for 250 crore. Subsequently, Coromandel will make an open offer at 160 per share.

GMR Infrastructure, along with two other Indian firms, has been shortlisted to submit bids for Australian coal miner Bandanna Energy Ltd. According to reports, two other Indian firms that have been shortlisted for the second round of bidding include the Aditya Birla Group and JSW Steel Ltd. Read Mint’s story...

JSW Energy called off the deal to buy Canadian resources company CIC Energy. The deal was pegged at around 1,890 crore. In a filing to the stock exchanges, CIC informed that it would now start talking to other potential bidders.

Despite a higher subsidy burden, state-owned Oil India posted a 30.5% increase in March quarter net profit to 562 crore. During the quarter, the company’s revenues increased 10% to 2,018.9 crore.

IDFC is looking to wind up its projects development business, IDFC Projects. Currently, the subsidiary has two projects. According to reports, IDFC Projects would not make any fresh investments and would exit the projects in a staggered manner.

Omaxe Ltd is aiming to cut its debt by 25% to 1,250 crore by the end of 2011-12. As on 31 March the company has a debt of 1,552 crore.

Shipping Corporation of India is looking to raise 3,000 crore to fund capital expenditure. The company is planning to spend around 3,768 crore on expansion in the current financial year. Around 80% of the capital expenditure is expected to be funded through debt raised overseas.

The board of Coal India has rejected the Adani Group proposal to jointly explore its Australian coal mine. Adani Enterprises bought a coal mine in Australia’s Queensland in August last year.

India’s LNG imports in 2011 are estimated to rise 40% to 12.5 million tonnes. With gas production from Reliance Industries’ D-6 block falling sharply, user industries are looking to buy costlier international fuel. Gail, Petronet LNG, among others are estimated to import around 36 additional cargoes of LNG in 2011-12.

Finally, a World Health Organization panel has concluded that cellphones are ‘possibly carcinogenic’ and can be a potential threat to human health. They dubbed the cell phones in the same category as certain dry cleaning chemicals and pesticides. Read more...