Opening bell 24 August

Opening bell 24 August

New Delhi: Finally, the government has realized that time is running out. In a bid to appease the growing public anger, it has initiated talks with fasting Anna Hazare. While the ‘give and take’ pressures will take the centre stage now, the government could have avoided the whole hearth-burn if it has engaged Anna Hazare much earlier. Here’s a list of things to watch out for before trading starts.

Cues from global markets are encouraging. Overnight, stock markets in the US rallied as weaker than estimated economic data reinforced investor optimism that US Federal Reserve will take steps to revive the economy.

Investors bought shares of software and financial services companies after the Commerce Department said sales of new US homes declined more than projected in July. The S&P 500 at 1,162 is up 3.43%.

The weak housing data has become a reason to be hopeful. Stock markets in Asia rose on speculation that the Federal Reserve will announce steps shore up the economy. The Nikkei at 8,812 is up 0.91%.

Brent also edged higher after an industry report said oil supplies in the US declined last week. Brent at $109.72 is up 0.38%.

Back home, the Supreme Court appointed Central Empowered Committee has recommended sale of about 25 million tonne of iron ore already mined in Karnataka. Read more...-

The recommendation, if approved, will come as a temporary relief to steel makers in the region. Companies like JSW Steel are likely to benefit from the move as they source most of their ore requirements from the region. Read more...

To gain market leadership, Titan Industries is planning to enter new business segments every second year. Titan is reportedly planning to enter two new categories-silver watches and helmets in this year.

Reliance Power’s Krishnapatnam ultra mega power project is stuck. The company is building 4,000 megawatts power project based on imported coal. But with coal prices’ raising sharply, the company is reportedly having concerns about viability of the project.

Turbulent market conditions have forced Hindalco Industries to delay financial closure of the 7,800 crore Aditya Alumunium refinery project. The company is planning to build 359-kilo tonne per annum aluminium smelter, a 900 megawatts captive power plant and an alumina refinery.

Expect action to continue in Supreme Industries stock. Japan-based Kaneka Corporation is reportedly looking to buy a minority stake in Supreme Industries. Supreme Industries is a manufacturer of plastic goods.

Southern Petrochemicals Industries Corporation is reportedly planning to divest its engineering and construction services business to Mirador Commercial Pvt Ltd. According to reports, the transaction’s monetary value is estimated at 50 crore. Read more...

HPCL has sought more land from the Maharashtra government to set up a new refinery. The company, which had earlier decided to set up a refinery on 2,800 hectares, has now sought 4,000 hectares from the state government.

And, in a bold move, some of the richest people in France urged the government to tax them more to help solve the country’s financial problems. The move follows a recent call by US billionaire investor Warren Buffet to raise taxes on ultra-high earners to contribute to austerity measures. Read more...