Opening Bell 11 May

Opening Bell 11 May

New Delhi: Most of the big companies have declared their quarterly results. Now the market’s focus is slowly shifting to economic indicators. Here’s a list of things to watch out for before trading starts.

Cues from international markets are mixed. While markets in the US closed with gains, crude oil is trending upwards. Brent crude at $117.88 is up by 0.21%. Energy futures rose on concerns that the flooding of the Mississippi River might hit the refining hub in the US.

Asian markets also opened on a positive ground. Rising oil and metal prices are helping commodity stocks trade higher. The Nikkei at 9,892 is up 0.75% in the morning deals.

Back home, even though the meeting of Empowered Group of Ministers (EGoM) on fuel pricing has been deferred to next week, there are expectations that the government will let oil marketing firms increase petrol prices by 3 per litre this week itself. Read more...-

Instead of levying a uniform rate, government is looking to the link profit sharing rate of the mining companies with the value of the minerals. The Mines and Minerals (Development and Regulations) Bill is being debated by a ministerial panel including the controversial profit sharing clause. Read more...

Bhushan Steel is looking to start coal production from its Australian subsidiary Bowen Energy’s mines in the next 3-4 years. Bowen Energy is based in Queensland. It was acquired by Bhushan Steel in 2009.

The Supreme Court cleared the decks to prosecute three top executives of the undivided Reliance group. The executives will now face criminal proceedings on charges of possessing confidential government documents. Read more...

Educomp Solutions would be investing 150 crore in Chennai based Great Lakes Institute of Management. The investment would be spread across 3-5 years and would be utilized to set up campuses in Delhi, Mumbai and eastern India.

SKS Microfinance is reinventing itself. Chairman Vikram Akula says the company will focus on gold loans and enter other non-core areas. It will be raising around 4,000 crore in the current financial year.

Ranbaxy Laboratories reported a 68% drop in March quarter profits to 304.4 crore. Sales in emerging markets increased 12% to 1,061 crore. Developed markets, on the other hand, reported a 30% drop in sales to 948 crore.

The banker to every Indian has increased interest rates. State Bank of India increased its base rate and its benchmark prime lending rate by an unexpected 75 basis points each. The bank’s base rate will be 9.25%, while the benchmark prime lending rate will be 14%.

HDFC reported a 23.27% rise in March quarter net profit to 1,142 crore. Higher income from the sale of investments helped the company report robust growth in net profits. Total income, on the other hand, has seen a rise of 30%.

IVRCL achieved financial closure for the 1,705.67 crore Sion-Panvel state highway project. The project would be funded through a debt of 1,299 crore. A consortium of nine banks and IIFCL are funding the project.

Mumbai International Airport has asked Kingfisher Airlines to pay dues of 105.71 crore immediately, after the carrier’s cheques bounced. The airport operator said it would withdraw its credit facility to Kingfisher from 14 May. Read more...

Finally, a 12 year old boy in UK wore a skirt to school in protest against ‘discriminatory’ rules. The kid is protesting against a school uniform policy, which bans boys from wearing shorts during the summer months. The kid, known as Chris, believes that forcing boys to wear long trousers during the summer affects concentration. Read more...