Market cues: Asian shares rally after Greek swap deal
The automakers farm sector division cut tractor production by two days a week at three locations.
Asian shares jumped on Friday after private investors agreed to swap about 85 percent of their Greek government bonds for new securities in the biggest sovereign debt restructuring in history. This was a key condition for an international bailout to avoid sovereign default. A weaker yen boosted Japanese exporters and took the Nikkei index to a 7-month high. Overnight on Wall Street, US stocks rose for a second straight day.
Jet Airways
The financial trouble plaguing the aviation sector seems to have impacted the country's largest private airline Jet Airways as well, with the pilots meeting the top management on Thursday over delayed salaries. Chairman Naresh Goyal met senior pilots at his residence at Peddar Road in the afternoon and reportedly assured them of timely payments, sources said. For the past few months, salaries have been officially delayed with the pilots in the lower bracket are getting paid on 7th of every month and their counterparts in the upper bracket on 15th of every month.
TRAI paper
Inching closer towards auction of spectrum, sector regulator, TRAI, has issued consultation paper on auction of spectrum to seek views of various stakeholders and then give its recommendation to the Department of Telecom. The key issues raised in this paper are amount of spectrum to be auctioned, liberalisation and reframing of spectrum in 800/900 MHz bands, structure of auction, spectrum block size, eligibility criteria for participating in the auction, reserve price, roll out obligations, spectrum usage charges and trading.
Industrial output
Industrial output probably edged higher in January but remained subdued as an increase in production of consumer goods was offset by declines in the capital goods and mining sectors, a Reuters poll showed. A survey of 25 economists this week showed they expected Indian industrial production (IIP) to have grown by a median 2.1 per cent in January from a year earlier, compared with 1.8 per cent in the previous month.
MCX to list today
MCX shares will list on Bombay and National stock exchanges at 10 am today. There will be a one hour ‘pre-open call auction’ trade between 9 am to 10.00 am. During this session, there will be a price discovery of the IPO. After 10 am, the stock will have a 20 per cent circuit limit on the equilibrium price. Analysts expect shares to trade at a near 30 per cent premium to the minimum issue price of Rs 1,032.
Cotton export meet
The group of ministers will review the decision on the ban on cotton exports today. The government may allow limited exports of cotton to allow traders to meet their export commitments. The demand for withdrawing the ban on cotton exports got more support earlier this week from political quarters, with congress leaders from Maharashtra and Gujarat making a plea before the prime minister. The Prime Minister has now directed the group of ministers to urgently review cotton export ban. Till 4th of March, 94.75 lakh bales cotton had been exported, way beyond the projected 84 lakh bales. One bale is 170 kg.
Bharti Airtel 4G
Bharti Airtel could become the first operator to launch 4G services by the third week of March 2012. The company plans to kick off operations in Kolkata. The 4G services would be launched using the broadband wireless access or BWA spectrum in four circles. Bharti paid Rs 3,314 crore to offer wireless data services.