Opening Bell 2 November

Opening Bell 2 November

Mumbai: The Greek tragedy continues. Prime Minister George Papandreou has called for a referendum on Europe’s rescue package anda confirmation for Greece’s membership of the Euro. Read more...

Asian markets also opened on a weak note. Japan’s Nikkei fell 2.14% to 8,646 in opening deals.

Back home, the new pharmaceutical policy is worrying drug makers. It aims to bring more essential drugs under the price control regime. An impact analysis of the policy shows that the prices of some drugs could be reduced by up to 30%.

Oil marketing companies are considering another fuel price hike. With the rupee depreciating considerably, they are looking to raise petrol prices by about 1.80 per litre.

Keep an eye on the Reliance Communications stock. Reliance Industries is reportedly looking at the option of using Reliance Communication’s infrastructure network to provide data services. According to reports, Reliance Industries could source most of its infrastructure needs from Reliance Communications.

GVK Power and Infrastructure stock could witness some action. The cost of Mumbai airport development is increasing by leaps and bounds. The company, which runs the airport, has now estimated the cost of modernizing the facility at about 12,300 crore. That’s an increase from the 9,800 crore estimated earlier. When the project was awarded in 2006, the cost of modernizing the airport was pegged at 5,826 crore. Read more...

Expect some action in the HCC stock. The Maharashtra government is set to initiate legal proceedings against Lavasa Corporation for violating environment laws.

Punjab National Bank is restructuring the loans it has given to power companies. According to reports, the bank is converting an estimated 2,500 crore of short-term loans into long-term ones to avoid defaults.

The troubles at Kingfisher Airlines are far from over. According to reports, banks are not willing to restructure the company’s debts. With the company losing money, banks fear a new debt recast will force them to treat the loans as non-performing assets.

To reduce debts and save on interest expenses, IVRCL is looking to sell its stake in road projects. According to reports, the company is close to selling two of its operational road projects to Larsen & Toubro.

Finally, voice calls could eventually become free if the telecom regulator’s suggestions are implemented. The regulator has suggested a gradual removal of the charges telcos pay for transferring calls to each other’s network. Read more: