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Friday, July 23, 2010
Sensex spurts on European bounce
With this, the Nifty closed at a new 30-month high. It was also the highest closing for the 50-share index since February 2008 Indian stock indices ended near the day's highs on Thursday, with the BSE Sensex and the NSE Nifty surpassing 18,000 and 5,400 respectively, as European markets rebounded following a strong PMI report.
Daily News Roundup - July 23 2010
Bharti-Walmart, the JV between Bharti Enterprises and Wal-Mart Stores, is planning to open 140 retail stores by the end of this year. (BL)
Bharti Airtel has shortlisted IBM, HP, Accenture, Wipro & Tech Mahindra for its billion-dollar-plus IT outsourcing contract in Africa. (ET)
Infosys Rs25bn SEZ in Sarjapur to get operational by March 2011. (ET)
ONGC is interested in buying BP’s stake in the Vietnam project where BP has 35% participating interest in the block.(FE)
Bajaj Auto’s new car project will roll out from its Waluj plant in Aurangabad, not from the one at Chakan, near Pune. (BS)
JSW Steel is likely to announce a stake sale to Japan’s second-largest steel maker, JFE, after about eight months of discussion. (BS)
Arvind Ltd will invest Rs3bn over the next three years to expand its retail footprint. (BS)
In a move that will help Power Grid Corporation fund its expansion plans, the Centre approved a follow-on public offer (FPO), constituting 20 per cent of its existing paid-up capital. (BS)
IL&FS and five large public sector banks BOB, BOI, PNB, UBI and Canara Bank have decided to enter into an agreement for undertaking syndication business for large infrastructure and core sector projects. (BL)
PFC looking into the possibility of converting into a bank, acquiring a bank, or picking up stake in an existing bank. (BL)
IDBI Bank to merge home finance arm with itself. (BS)
UBI launched bill payment and mobile recharge facilities for BSNL mobile subscribers through the bank's ATMs and UMobile service. (BL)
Promoters of United Spirits have pledged 86.55% of their holdings with various banks and financial institutions to raise resources. (FE)
Glenmark Pharma said it has received health regulators nod to market and distribute generic contraceptive pills, Norethindrone Acetate, in the US market. (ET)
SKIL Infrastructure along with SKIL Knowledge Cities Ltd has made an open offer at a price of Rs536 a share to the shareholders of Everonn Education. (BL)
Karnataka Bank is aiming to collect more than Rs1bn of life insurance premiums during the current fiscal. (BL)
RBI permits take-out financing via ECB for new infra projects. (BS)
Food Inflation rose 12.5% on an annual basis in the week-ended July 10 against 12.8% surge in the previous week. (BL)
The Centre and the States have agreed to leave out alcohol, petroleum products and electricity duty out of the proposed Goods and Services Tax (GST) system. (BL)
The government has decided to rope in the private sector for building rail lines and connectivity projects to create additional rail transport capacity in the country. (ET)
Monsoon rains have been 14% less than normal this season with almost the entire central India receiving deficient rains. (FE)
Earning reports fuel strong rally at Wall Street
Dow components 3M, Caterpillar, and AT&T please investors with their earnings
US stocks started and ended the day with solid gains on Thursday, 22 July 2010. Strong batch of earning reports and upside guidance from a couple of key companies helped stocks zoom right out of the gate since the morning hours. Mixed economic data added further fuel to the rally.
Bullion metals shine
Gold stays below the $1,200 mark for fifth consecutive day
Bullion metal prices ended higher on Thursday, 22 July 2010 at Comex. Prices were boosted following a batch of better than expected earning reports. Gold investors were also waiting to hear the results of European banks' stress tests to be released on Friday.
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