Opening Bell 19 July

Opening Bell 19 July

New Delhi: The government is in conciliatory mood. It made a BJP member head of the GST panel (Read more) and is now looking to take opposition members along in formulating rules for FDI in multi-brand retail. That might help put some life back into markets. Here’s a list of other things to know before trading starts.

Stock markets across the world slumped on prolonged debt uncertainty in the US and a brewing crisis in the European region. Overnight, US stocks fell amid worries that lawmakers will fail to reach a deal on the nation’s debt limit. The S&P 500 slumped 0.81%.

Stock markets in Asia fell on similar concerns. Japan’s Nikkei is down 0.49% in early trading on Tuesday.

Back home, mobile subscriber addition numbers are slowing down. Subscriber addition for June 2011 was 8.6 million compared to 9.5 million in May. According to reports, June’s figure is almost half of the peak addition achieved in November 2010. Read more...-

Indian Metals and Ferro Alloys has acquired 70% stake in an Indonesian coal mine. It is the first foreign acquisition made by the Orissa-based company. According to reports, the acquisition will cost the company $8.75 million.

Essar Ports has commissioned a 12 million metric tonne per annum capacity expansion project at its Vadinar terminal. As a part of the expansion project, a new jetty was constructed for the handling of petroleum products, storage tanks and a road gantry.

GVK Power and Infrastructure and Hancock Prospecting Pty have extended deadline for talks on two Australian coal mines. The talks were extended due to differences over valuation. The two sides have already extended the deadline twice before. Read Mint’s story...

Lupin is reportedly considering selling its unit that markets drugs in India. The founding shareholders who own a combined 47% of the company have started the process of finding a buyer for the operations.

Kingfisher Airlines is in trouble again. According to reports, several flights of the Kingfisher Airlines were grounded for at least an hour as HPCL refused supply of fuel to the airline on non-pay payment of dues.

MTNL is reportedly eying 51% stake in Zimbabwe’s TelOne. TelOne is a landline operator and is owned by the Zimbabwe government. Read more...

Owing to a shortage of iron ore, JSW Steel is likely to take production cuts at its 10 million tonne per annum steel plant in Karnataka. The company, which increased capacity of its steel plant from 7 mtpa to 10 mtpa, may operate its blast furnace and corex plants at lower capacity due to raw material shortage.

HDFC Bank, Crompton Greaves, Ashok Leyland and Cadila will announce their June quarter earnings on Tuesday.

Finally, a love letter written to a Pennsylvania college student was delivered after 53 years. According to the University of Pennsylvania, the letter postmarked 20 February 1958 arrived in the mailroom last week. The university officials are hopeful of delivering the letter to the intended recipient. Read more...