Daily Reports - June 6 2011
Monday, June 06, 2011
Mixed economic data and weak dollar take prices higher
Red metal price overcame initial weakness and ended higher going into close at Comex on Friday, 03 June 2011. Prices remained volatile due to mixed set of economic data and weak dollar.
Copper for July delivery ended higher by 5 cents (1.2%) to end at $4.13 a pound at Comex on Friday. Earlier during the day, prices dropped following a weak job report from the Labor Department. For the week, the red metal lost 1.4%. Copper ended flat for the month of May.
Bharti Airtel and Trimax Infrastructure bagged a contract of over Rs1bn from the Government of Rajasthan to establish a state wide area network. (BL)
ONGC giving up rights on Rajasthan oilfields questioned by member of the Parliamentary Committee of Petroleum and Natural Gas. (BL)
Reliance Industries targets to be debt free by fiscal end. (BL)
Southern region is to be completely integrated with Power Grid in 3 years to form one of the largest synchronous interconnections in the world. (BL)
Rural Electrification plans to raise up to US$1.75bn through a combination of FCCBs and external commercial borrowings by November this year. (ET)
Problems are the price you pay for progress. ~Branch Rickey
The turn of events at New Delhi with police action on yoga guru Baba Ramdev and his followers has turned the attention on the ruling party. Anna Hazare has now announced a hunger strike on Wednesday in protest against the same.
What the government does to get over this ‘corruption’ issue remains to be seen. Nothing can be expected in a hurry even though sporadic incidents of protest and to some extent violence may be seen.
Today’s start on the Dalal Street is expected to be in the red zone on the back of negative global markets. Uncertainty over global economic recovery is a concern
Headlines for the day:
Maruti workers-management talks to resume today
RIL may lose bellwether status
Hindustan Sanitaryware takes 60% in Garden Polymers
The market may extend two days' losses on weak Asian stocks. Foreign institutional investors (FIIs) bought shares worth Rs 445.26 crore and domestic funds sold shares worth Rs 355.51 crore on Friday, 3 June 2011, as per provisional figures released by the stock exchanges. The key benchmark indices extended losses for the second straight day on Friday, 3 June 2011, on data showing slowdown in growth in the services sector in May 2011.
The police broke up a mass fast against graft led by India's most famous yoga guru Baba Ramdex on Sunday, risking more political headaches for the scandal-tainted government. The campaign by Ramdev, who plans to launch a political party ahead of the 2014 general election, followed allegations of kickbacks at the Commonwealth Games and a telecoms scam that may have cost the government $39 billion. Ramdev accused the police of brutality when they broke up the hunger strike which he and thousands of supporters started in New Delhi on Saturday, 4 June 2011.