Opening Bell 21 June

Opening Bell 21 June

New Delhi: Well, there’s not going to be any immediate renegotiation in the tax treaty with Mauritius, but then the list of troubles is long enough. Here’s a list of things to watch out for before trading starts.

Overnight, stock markets in the US ralliedafter Luxembourg’s Jean-Claude Juncker, who leads the group of euro-area finance ministers, assured investors that a solution will be found for Greece’s debt crisis. The assurance led to buying in industrial goods stocks. The S&P 500 closed higher by 0.54%.

The positive sentiment helped Asian stocks open with gains. Stocks in Japan and South Korea gained more than 0.5%.

Meanwhile, crude oil also trended higher on easing Greece concerns. Brent crude at $111.83 is trading higher by 0.13%.

Back home, the government might go for a calibrated liberalisation of foreign direct investment in multi-brand retailing. To begin with, government might permit FDI in multi-brand retailing only in the six big metros - Delhi, Mumbai, Kolkata, Chennai, Bangalore and Hyderabad. Read more...-

ONGC is planning to invest $7.7 billion to develop its gas wells in KG Basin. The company is planning to drill eight additional wells and has sought approval for the plan from the directorate general of hydrocarbons and the petroleum ministry.

ABG group, which controls ABG Shipyard Ltd, has ventured into ship ownership. Over the past one year, the group has set up four special purpose companies to own and operate ships. The company is aiming straddle all segments such as offshore support ships, oil drilling rigs, crude tankers and bulk carriers. Read Mint’s story...

Educomp Solutions is seeking shareholders’ approval to restructure its outstanding foreign currency convertible bonds worth 353 crore. Educomp sold 80 million worth of FCCBs in 2007 maturing in July 2012. The effective conversion price promised by Educomp to its bondholders was 832.4 a share, more than double its current stock price.

Bombay Dyeing and Manufacturing Co. Ltd is scripting a turnaround strategy. The company is looking to reduce its dependence on the real estate vertical for cash, tap the mass market for textiles and reduce its debt by half in two-three years. The company is aiming to make textiles its main focus area. Read more...

Coal India is in the process of cancelling all the three bids the company received for development of its Mozambique block. This is likely to delay exploration of its Mozambique block as it needs to start the bidding process from the scratch again.

Finally, State Bank of India has appointed a deputy managing director to exclusively handle bad loans. Read more...