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Wednesday, August 01, 2012
Daily News Roundup - Aug 1 2012
hutdown of production at the Tata Motors’ car plant in Pune, the second time in six weeks, triggered by a general slowdown in sales of passenger cars has dampened spirits in the region. (BL) Titagarh Wagons Ltd has decided to restructure its various business segments, other than wagon manufacturing, into subsidiaries. (BL) Zydus Cadila said it has received the US health regulator’s approval to market aripiprazole orally disintegrating tablets, used in treating schizophrenia, in the American market. (BL)
Sensex factors in RBI’s move to hold rates steady, ends up 0.5%
The central bank in its first quarter monetary policy review on Tuesday, decided to keep key rates unchanged as it chose to control inflation over supporting growth. Soon after the announcement, the markets did slip a little but recovered to end tad up. The Nifty hit an intra-day low of 5154. The 30-stock BSE Sensex ended at 17,236, up 92 points or 0.5% from the previous close. It touched a day’s high of 17,253 and a day’s low of 17,004. It opened at 17,186.
Power shift!
Nearly all men can stand adversity, but if you want to test a man's character, give him power. - Abraham Lincoln There is a power shift in the Centre as far as ministries are concerned. P Chidambaram is back to where he always perhaps was - the finance ministry. While half of India went without power on Tuesday, there is no full-time Power Minister now as Sushil Kumar Shinde moves to ‘Home.’ Corporate affairs minister Veerappa Moily will have to shoulder additional charge of the power ministry. Reports indicate that a large scale restructuring in portfolio (government) may take place after the monsoon session in September. The stock market didn’t really run out of power. Nifty managed to regain its lost ground to close above 5200 levels. The 5165 level is a critical reversal point.
Markets to begin trade in red on global risk
The start on the Dalal Street is going to be in the red zone led by negative global peers. SGX Nifty is also trading 8 points lower. Events for the day: Results: Adani Ports and Special Economic Zone, Adani Power, Century Textiles & Industries, Engineers India, Federal Bank, Glaxosmithkline Consumer Healthcare, Jaypee Infratech, Manappuram Finance, Voltas.
Market may open slightly lower
The market may open slightly lower on mostly lower Asian stocks. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates a fall of 4.50 points at the opening bell. Asian stocks fell on Wednesday as China's manufacturing expanded at the slowest pace in eight months and South Korea's exports fell. The government on Tuesday, 31 July 2012, announced a key cabinet reshuffle with Home Minister P. Chidambaram named as the new Finance Minister. Power minister Sushilkumar Shinde was named as the new Home Minister. The post of the Finance Minister was left empty after Pranab Mukherjee resigned from the post ahead of the Presidential election. This is the third time that Chidambaram is holding the Finance Ministry portfolio. Minister of Corporate Affairs M. Veerappa Moily has been assigned the additional charge of the Ministry of Power.
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