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Tuesday, July 10, 2012

Market may open slightly lower

Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates a fall of 11 points at the opening bell. Most Asian stocks declined on Tuesday after Chinese trade data pointed to more signs of stress in the global economy. In corporate news, global rating agency Standard & Poor's Ratings Services (S&P) has revised its outlook on Tata Power to negative from stable while affirming its 'BB-' long term corporate credit rating on the power generation major and its 'BB-' issue rating on the company's senior unsecured notes. S&P said it may lower the rating on Tata Power if the company is unable to secure waiver from its lenders on the breach of covenant. Another trigger for the rating downgrade could be increase in expenditure due to the Mundra ultra mega power (UMPP) project or otherwise resulting into substantial weakness in Tata Power's financial risk profile.