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Monday, February 28, 2011
Daily News Roundup - Feb 28 2011
Reliance Industries Mukesh Ambani in talks with Japan’s Orix Corporation to acquire its 23.87% stake in IL&FS. (ET)
Hero Investments will pledge its shares in Hero Honda with institutional investors to raise about Rs35bn in short-term debt to buy Honda Motor’s stake in their joint venture. (ET)
Infosys faces tax, visa fraud charges in US. (ET)
Sensex ekes out slim gains...Nifty above 5300
The Indian markets kick started the March F&O series with smart gains even, as Mamata Banerjee's largely populist Railway Budget was countered by an upbeat Economic Survey. But, today's gains didn't come all that easy with the key indices turning highly volatile in the afternoon before finishing marginally higher.
Balancing sentiment
Deficits do not in themselves produce inflation, nor does a balanced budget assure a stable price level. - William Vickrey.
It is Budget Day again and disappointment should be less, as expectations are pretty low. India’s growth engine will continue to roll on at the current pace next year as well, but problem areas still persist. High inflation, a yawning fiscal gap, widening current account deficit, dwindling FDI, less-than-adequate infrastructure, policy logjam and corruption are among the critical ones.
Market may open flat to slightly lower; all eyes on the Budget
The market may open flat to slightly lower on weak Asian stocks. Union Budget 2011-2012 will set the tone for the market later in the day. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates a fall of 3 points at the opening bell. As per provisional figures, foreign funds sold shares worth Rs 561.46 crore and domestic funds bought shares wroth Rs 555.29 crore on Friday, 25 February 2011.
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