BackOpening Bell 10 May
Opening Bell 10 May
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New Delhi: The commodities induced rally lasted for all of one day, it seems. After Friday’s surge, Indian stocks closed flat on Monday due to a bound in oil prices and slowing automobile sales. Will today be any different? Here’s a list of things to watch out for before trading starts.
Overnight, US stocks closed with gains as a rebound in metal prices helped commodity stocks end higher. The S&P 500 gained 0.45%.
Meanwhile, Brent crude oil at $114.52 is trading lower by $1.38 a barrel. Oil futures dropped on expectations that a report from China’s custom bureau may show export growth in the world’s largest energy user slowed last month.
Asian markets, however, are trading mixed. Stocks markets in Japan fell on the rising rising yen and concerns about the country’s deteriorating finances. The Nikkei at 9,763 is down by 0.33%.
Back home, Dr Reddy’s Laboratories has joined the race to buy Doktor Mom. It is owned by Mumbai-based JB Chemicals & Pharmaceuticals and has annual sales of ₹ 200 crore. Global pharmaceutical company Johnson & Johnson is also in talks to buy Doktor Mom.
Reliance Industries has cut natural gas supplies to non-core users such as refineries and steel plants. With gas production from KG basin seeing a decline, the government has asked RIL to give priority to users in fertiliser, LPG, power and city gas distribution sectors.
Among other companies, the fall in gas supplies might hit GVK Power and Infrastructure’s power generation business. According to reports, plant load factors at its power units are likely to slip to as low as 70% in the coming two quarters due to inadequate gas supplies.
Varun Industries is looking to set up a pig iron plant in Karnataka with an investment of ₹ 2,100 crore. The company is awaiting clearances for an iron ore mine. Read more...-
Hindalco Industries, on the other hand, posted a 7% growth in March-quarter net profit to ₹ 708 crore. Net sales during the quarter rose 27% to ₹ 6,846 crore. Rising input costs, especially high coal prices, were attributed to the muted growth in profits.
The follow-on public offer of Power Finance Corp will open today (Read more). The company fixed the price band at ₹ 193-203 per share. The firm is offering a discount of 5% to retail investors. The stock closed at ₹ 211 on Monday.
Welspun Corp bagged orders worth ₹ 788 crore for plates, coating and other line pipe items. With the latest order win, the company’s order book stands at ₹ 6,941 crore. Read more...
SAIL is looking to spend ₹ 1,000 crore for capacity expansion at its subsidiary MEL Ltd. The plans include installing two new furnaces and setting up of two 45 MW power plants.
High interest rates have slowed the car sales. Passenger car sales growth in the domestic market moderated to 13.2% in April. That pace is the slowest in over 22 months. Read more...
Energy saving bulbs might contain cancer causing chemicals. Tests conducted by group of scientists in Berlin have found that energy saving bulbs emit poisonous materials when they are switched on for extended periods. Read more...
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