Market cues: Asian markets firm, Sensex could follow
Kingfisher employees have stopped short of saying that they would strike work in their letter to Vijay Mallya, the company chairman.
Asian markets firm despite mixed manufacturing outlook
Sebi board today to discuss ownership of stock exchanges
Air India signs agreements with lenders
Oil companies to lose Rs 2,08,000 crore on subsidies in 2012-13
FII inflows surge in March to $ 9bn
Reliance Power to invest Rs 6,000 crore in Rajasthan for solar power
LIC invests Rs 2,137 crore in PSU banks
Oil prices rise as Iran production falls
Asian markets firm despite mixed manufacturing outlook
Asian shares rose on Monday starting a new quarter on an update note indicating a positive cue for BSE Sensex and NSE Nifty. The Japanese Nikkei average opened firm and is poised to snap a three-day losing streak. The MSCI Asia Pacific index gained 0.4 per cent. The Japanese Tankan survey of big manufacturers could dampen sentiment as it paints a gloomy outlook. The Chinese purchase manager index or PMI data for March 2012 paints a mixed picture. Official survey shows an improvement while HSBC PMI index showed weakness.
Sebi board today to discuss ownership of stock exchanges
The board of Sebi, the capital market regulator, is scheduled to meet in Mumbai today. The controversial Bimal Jalan committee report involving the ownership and governance norms of stock exchanges is expected to be taken up for discussion. The decision of this report in ways more than one could determine the fate and functioning of stock exchanges in the country. Market participants had opposed Bimal Jalan Report which was opposed to the listing of stock exchanges. The report had recommended that All Anchor investors put together shall not hold more than 49 per cent and that the profit made by exchanges should be capped.
Air India signs agreements with lenders
Late last evening, Air India signed four agreements with the State Bank of India-led consortium of lenders approving Air India's financial restructuring package. The package includes converting Rs 11,000 cr of working capital into long term loans with an interest of 11 per cent to be accumulated into a funded interest term plan. The plan also includes Rs 7,400 cr of non-convertible debentures and Rs 3,400 cr rupees of cash credit arrangement. But this plan can only be implemented once the final approval comes in from the Union Cabinet.
Oil companies to lose Rs 2,08,000 crore on subsidies in 2012-13
State-owned oil companies are projected to lose Rs 208,000 crore on selling auto and cooking fuel at government controlled rates in 2012-13 as losses on diesel sales touched a record Rs 16.16 per litre. Indian Oil, Hindustan Petroleum and Bharat Petroleum are lose close to Rs 670 crore per day on selling diesel, domestic LPG and kerosene at rates well below the cost, industry sources said.
FII inflows surge in March to $ 9bn
Overseas investors have pumped in about Rs 8,381.10 crore ($1.68 billion) in the Indian equity market in the month of March, taking the calendar year to date total to a whopping Rs 43,950.70 crore ($8.89 billion). With FIIs having already poured nearly $9 billion so far this year, inflows from the investors are likely to touch $10 billion in the next few weeks, analysts believe.
Reliance Power to invest Rs 6,000 crore in Rajasthan for solar power
Reliance Power plans to invest more than Rs 6,000 crore for solar power generation projects in Rajasthan in the next two years, its Chairman has said. Anil Ambani group firm Reliance Power commissioned a 40 mega watt solar power plant in Rajasthan, which is the country's largest solar project so far. Another 100 mega watt capacity would be added at the site in the next one year.
LIC invests Rs 2,137 crore in PSU banks
The state-owned Life Insurance Corporation (LIC) has pumped in Rs 2,137 crore in four public sector banks through the preference share route. Life insurance monolith LIC, according to separate filings in BSE, has pumped in Rs 1,037 crore in Bank of India (BOI), Rs 650 crore in Union Bank of India (UBI), Rs 302 crore in Indian Overseas Bank(IOB)and Rs 148 crore in the United Bank of India. All these banks have issued preferential shares to the LIC.
Oil prices rise as Iran production falls
Crude oil advanced for the second straight session. Oil for May 2012 delivery hovered above $103 a barrel on Monday. Oil prices rose 4.2 per cent in quarter to March 2012. Brent oil for May settlement was above $123. The Organisation of oil producing countries or OPEC oil output in March 2012 rose to the highest level in three years. The Iranian production fell to the lowest level in 10 years.
