Opening bell 2 May

Opening bell 2 May

New Delhi: This is the policy week. Will RBI take the big leap tomorrow and hike rates by 50 bps? Mint’s Tamal Bandyopadhyay thinks so. Here’s a list of things to watch out for before trading starts.

Overnight, US markets closed positively as companies continued to report better-than- expected earnings. The S&P 500 gained 0.37% and closed at 1,363. The positive earnings season in the US helped Asian stock markets open on firm ground. The Nikkei at 9,948 is up by 1%.

Back home, slowing growth and high inflation is threatening to send the budget projections haywire. Analysts are worried that rising under-recoveries might increase fiscal deficit of the government.

The committee of secretaries has finalised the draft proposal to bring urea under the nutrient-based subsidy policy, which would seek to rationalise the payout structure. The Empowered Group of Ministers will now take a final call on the draft and also consider the proposal to free urea prices from government control. Read more...-

Officials of Reliance Industries will be meeting upstream oil & gas regulator, DGH, today. Amongst other things, the regulator is expected to ask about the reasons for the fall in gas production. Read more...

In another report, the DGH has written to the oil ministry saying that the gas output from D1 and D3 fields might drop further in 2012-13. Read more...

Dabur India is in talks to buy ’30-Plus’ multi-vitamin supplement brand from Ajanta Pharmaceuticals. The deal might be announced this week.

Hero Honda Motors will pay at least 2,350 crore as royalty to Honda Motor Co till June 2014. Royalty payments are set to rise with increasing sales.

Tata Motors and TVS Motors reported 13-14% growth in overall sales in April 2011. Sales of Nano crossed 10,000-mark in April this year. TVS Motors, on the other hand, registered a robust 31% growth in scooter sales. Read more...

Modi Rubber is planning to re-enter the tyre business. The company is looking to produce motorcycle, tractor and light commercial vehicles business.

Corporation Bank has reported a 10.6% rise in fourth-quarter net profit to 345.3 crore. Higher provisioning for pension liabilities slowed the growth in net profits. The bank provided 184 crore towards pension liabilities in the fourth quarter.

And finally, the hunt for the true Mona Lisa has begun. Researchers have begun their hunt for the remains of the woman who might have been the model for Leonardo da Vinci’s Mona Lisa. They want to reconstruct her face and compare it with the painting. Read more...