Opening Bell 6 Feb | India’s private power producers to be in focus2 min read . Updated: 06 Feb 2013, 08:14 AM IST
Japan’s Nikkei jumps on a weakening yen and strong corporate earnings
Mumbai: Cues from the global markets are encouraging. Asian markets recovered most of Tuesday’s losses. Japan’s Nikkei jumped 2.5% to 11,322 on a weakening yen and strong corporate earnings. Equities gained after Toyota increased its full year profit estimates by 10%.
Overnight, US markets also closed higher. Strong corporate earnings have helped the S&P 500 gain more than 1% to 1,511. Read the Reuters report.
Back home, shares of private power producing companies could be in focus. The cabinet committee on economic affairs has approved the pooling of imported and domestic coal prices. The coal and power ministries will now work out the final modalities. According to the original proposal, power projects located near the coast will be eligible to benefit from the proposed pooling of coal prices. Read more.
Oil India Ltd and ONGC Videsh Ltd are planning to make a bid for Videocon’s 10% stake in Mozambique’s Rovuma basin, reported Business Standard. According to the report, Videocon is planning to raise around $3 billion from the stake sale.
Sebi has given conditional approval for United Spirits Ltd’s stake sale to Diageo Plc. Regulatory approvals of the deal would potentially pave the way for an infusion of much-needed cash into the debt-laden UB Group. Read more.
Bharti Airtel Ltd has decided to buy the entire equity stake of Alcatel-Lucent SA in the joint venture company. The company manages the fixed-line and broadband networks of Bharti Airtel. According to The Economic Times, Bharti Airtel is planning to create a consolidated entity that will combine and manage the fixed-line businesses of competitors.
Kotak Mahindra Bank Ltd has bought ₹ 700 crore worth of unsecured loans to small businesses from Barclays Bank Plc’s Indian unit. The purchase will give Kotak Mahindra Bank access to 6,000 new customers.
In in an unrelated diversification, tour operator Thomas Cook (India) Ltd has decided to buy 74% stake in human resources company Ikya Human Capital Solutions Pvt. Ltd for ₹ 256 crore. Ikya manages 54,000 people. Read more.
Apollo Tyres Ltd, Automotive Axles Ltd, Godrej Industries Ltd, Jindal SAW Ltd, GMR Infrastructure Ltd, Gateway Distriparks Ltd, Tech Mahindra Ltd, JK Lakshmi Cements Ltd, IRB Infrastructure Ltd and Cipla Ltd are some of the notable companies that will release their earnings for the December quarter on Wednesday.
Finally, all dogs in the UK will now be micro-chipped. The government has taken the decision to ensure all dogs in future be traced back to their owners, who will then be held accountable for the animal’s behaviour. Read The Telegraph report.