Opening bell 12 May2 min read . Updated: 12 May 2011, 08:53 AM IST
Opening bell 12 May
Opening bell 12 May
Mumbai: The March Index for Industrial Production (IIP) numbers, which will come out later in the day, might help markets break the monotony of range-bound movement. Here’s a list of other things to watch out for before trading starts.
Commodities tumbled again. Crude prices in the US fell below $100 a barrel after an Energy Department report showed that supplies surged and fuel demand slipped. Brent crude for June settlement slipped $5.06 to $112.57 a barrel.
US stocks slumped on the sharp fall in commodities. Concerns that accelerating global inflation might curb economic recovery led to selling. The S&P 500 at 1,342 is down 1.11%.
Stock markets in Asia also opened weak. Falling commodity prices and concerns that China will further tighten monetary policy is weighing on investors’ mind. The Nikkei at 9,787 is down 0.78%.
Back home, the government is finally confirming what the market has always feared. Finances of the government can go awry if crude prices continue to remain high and if there is a bad monsoon. Read more...
The Prime Minister has called a meeting with the ministers of coal, power, environment and finance on May 16 to find a solution for the ongoing coal shortage. The meeting is expected to discuss the issues impacting the power and coal sectors.
After a sharp fall in 2010-11, LIC is estimating to invest ₹ 60,000 crore in Indian equities in the current financial year. Last year, LIC’s equity investments declined by 30% to ₹ 43,000 crore due to new regulations.
MCX Stock Exchange might be closer to get an equity trading license. The finance ministry has decided to discuss the controversial recommendations of the Bimal Jalan committee with various stakeholders of the market. Apart from Financial Technologies, several banks have stakes in MCX Stock Exchange.
Hindalco Industries received final clearance for its proposed 1.5-million tonne alumina refinery project in Orissa. The company is investing an estimated ₹ 6,000 crore in the factory. It is now looking to achieve financial closure.
Wipro signed an agreement to acquire 80% stake in Brazilian hydraulic cylinder manufacturer RKM Equipamentos Hidráulicos. RKM is one of the top four hydraulic cylinders manufacturers in Brazil. Volvo, AGCO Corporation and CNH Global are some of its clients.
Tata Communications will be investing about ₹ 1,580 crore in its Singapore operations over the next four years. The investment will go into building new network infrastructure and adding data centre capacity.
Axis Bank will be buying a 4% stake in Max New York Life Insurance. Max India holds 74% in Max New York Life Insurance.
The telecom ministry is likely to issue notices to Reliance Communications and Tata Teleservices for not meeting roll-out obligations. Both the firms received dual technology licenses in 2007-08.
Hero Honda is aggressively boosting its R&D capabilities. According to reports, it has poached 150 engineers from companies like Yamaha, Bajaj Auto and Mahindra Two-Wheelers.
To fill the shortfall in supplies, Coal India will soon finalize a 10-year contract to import coal to supplement production. According to the company, at least 14 entities from India and abroad had shown interest in the tender.
Apart from IIP, several companies will be announcing their results today. Coal India, Lupin, Siemens, Gammon India, Moser Baer, MTNL, Syndicate Bank and Jindal Saw will release their March quarter results today.
Finally, an Australian footballer playing in a minor league was shown the yellow card by the umpire for having a ’dangerous hairstyle’. Read more...