Monday, June 25, 2012
Prices register weekly losses of more than 5% Crude prices at Nymex ended higher on Friday, 22 June 2012. Prices rose due to a low dollar. Prices also rose as traders mulled over the fact that recent losses in crude price were overdone and that prices will head up from here. Oil briefly touched its lowest in 18 months, before bouncing back, and European stocks fell. Light and sweet crude oil for August delivery rose $1.56, or 2%, to end at $79.76 a barrel on the New York Mercantile Exchange. Prices stayed below $80 for most of the session, capping a week that set prices back 5.4%.
Hotel Leelaventure Ltd is planning to shed some of its properties and be an ‘operator/manager’ in its future expansion projects. (BL) The Odisha Government will soon transfer about 2,000 acres to South Korean Posco to begin work on its US$12-bn project near Paradip in Odisha, stuck for seven years now. (BL) CIL has hiked the prices by an average of 10-15 % for non-coking coal mined from selected blocks in Western Coalfields. (BL)
And by the way, everything in life is writable about, if you have the outgoing guts to do it, and the imagination to improvise...- Sylvia Plath. Outgoing Finance Minister Pranab Mukherjee has promised measures to restore investor confidence in the Indian economy and rescue the sliding rupee. The Prime Minister too has vowed to lift the sagging Indian economy from the current gloom. He has also assured positive movement action on the policy front. So, it remains to be seen what new measures the Government and/or the RBI announce this week to check the freefall in the rupee. Markets will also be keen to know as to who would take charge of the Finance Ministry once Pranab Mukherjee moves to Rashtrapati Bhavan.
Tracking losses in the Asian stocks, the Indian markets may begin the trade on a lower note. SGX Nifty is also trading 26.50 points lower. Events for the day: Ex-date for bonus issue of 8K Miles Software Services, Info Edge (India). Ex-date for final dividend of Granules India.
Market may kickstart trading for the week on a subdued note on negative Asian stocks. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates a fall of 26 points at the opening bell. Asian markets edged lower on Monday as concerns about the global economy and the debt crisis in Europe continued to weigh on investor sentiment. State-run Coal India (CIL) has reportedly hiked the prices by an average of 10-15% for non-coking coal mined from selected blocks in Western Coalfields. The increase in the prices came into effect from midnight of 21 June 2012. Larsen & Toubro is reportedly looking to raise $400-500 million by selling stake in its infrastructure development subsidiary-L&T Infrastructure Development Projects.