Opening bell 1 April2 min read . Updated: 01 Apr 2011, 08:34 AM IST
Opening bell 1 April
Opening bell 1 April
Mumbai: Eight straight days of gains for local stocks. Will the start of the new fiscal year break the trend? Here’s a list of things to watch out for before trading starts.
Overnight, US stocks closed weak after a Federal Reserve official said interest rates may need to be raised to control inflation. The S&P 500 fell 0.2% to 1,325. This led to a weak opening in the Asian markets. After rising for the last couple of days Japanese stocks fell on concerns that rising crude oil prices might hamper economic growth. The Nikkei at 9,743 is down 0.12%.
After easing for some time, crude oil prices turned upwards on Friday. Brent crude prices rose 0.27% to $117.68 in the Asian energy markets. Overnight, crude prices in New York rose on concerns that on-going conflict in Libya might prolong the output cuts.
Meanwhile at home, the gap in India’s current account deficit declined to $9.7 billion in the third quarter from $12.2 billion in the same period of previous year. This fall in current account deficit was a positive surprise as the first two quarters presented a dismal picture.
Glenmark Pharmaceuticals said that it has discovered a new drug to treat blood cancer. The company plans to file for phase-1 trials in fourth quarter of 2011-12. Read more...
NTT DoCoMo is planning to invest ₹ 800 crore in Tata Teleservices. The Japanese company is planning to subscribe to the rights issue being offered by the Indian firm. The purchase will help the Japanese telecom firm maintain a 26% stake in Tata Teleservices.
Heavy Industries Minister Praful Patel assured the automobile industry that import duties would not be lowered in the India-EU Free Trade Agreement. The interests of domestic original equipment manufacturers will be protected, the minister said. Read more...
Macquarie SBI Infrastructure Investments invested ₹ 893 crore in GMR Airport Holdings, a wholly owned subsidiary of GMR Infrastructure. The airport subsidiary, which runs Delhi, Hyderabad and Istanbul airports plans to use the funds for new projects.
If you can’t recover loans, become a partner. That’s what lenders to Kingfisher Airlines are doing. A consortium of 13 banks, who has lent to Kingfisher Airlines, converted part of its loans to equity at ₹ 64.48 per share. It is a huge premium to the current share price of the company, which closed at ₹ 39.80 per share.
Kalpataru Power Transmission has won orders worth ₹ 950 crore. With the latest win, the company will have orders of over ₹ 5,500 crore.
Coal India has set a production and coal off-take targets of 452 million tonnes and 454 million tonnes respectively for 2011-12. This is marginally higher the what the company said it will do in 2010-11. The company had revised its production target for 2010-11 from 460.50 million tonnes to 440.20 million tonnes recently.
As banks preferred to hold on cash on last day of financial year, the interbank call money rates touched a high of 9.5%. Five day call money rates ended at 9.00-9.25% on Thursday as compared to 7.20-7.25% on Wednesday.
Sebi has directed the stock exchanges to put Nirma delisting on hold as the market regulator is probing possible violation of norms. Read more...
And finally, men hate asking for directions even with their new toys. A new study confirms that. A survey found that men are more likely to ignore directions given by their satellite navigation systems than women.Read more...