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Thursday, October 04, 2012
Daily News Roundup - Oct 4 2012
Kingfisher Airlines is staring at a prolonged shutdown, as the cash-strapped airline told its employees that it cannot clear immediately the salary backlog of more than half-a-year. (ET) In a major relief to Bharti Airtel, the Delhi High Court granted a stay on a government order seeking mobile phone companies to stop offering 3G services via roaming agreements outside their licensed zones. (ET) State-owned Gujarat State Petroleum Corporation, along with its affiliates, signed definitive agreements to buy a 65.12% stake in Gujarat Gas Company from London-based BG Group. (ET)
Sensex struggles in another muted session
Main Indian stock indices eked out slender gains in yet another lackluster session, as market players remained on the sidelines after pushing the indices to 15-month highs. Investors are also cautious before the start of the quarterly corporate earnings season. Infosys will be the first big company to announce its results on October 12. The same day, the Government will come out with its latest report on the industrial production. Indian markets will also partly be influenced by trend in the global markets. The eurozone debt crisis continues to act as a major overhang for the global economy. The US economy too seems to be losing some steam while China too is grappling with a deeper-than-anticipated slowdown. The monthly US jobs data will have some bearing on global markets in the near term, along with events out of Europe.
Dose of joy!
"If you do a good job for others, you heal yourself at the same time, because a dose of joy is a spiritual cure." - Dietrich Bonhoeffer. Get ready for a ‘fresh’ dose of economic reforms. The Cabinet is set to approve a series of bills aimed at capitalizing on the momentum gained from last month’s reforms. The bills are part of ongoing efforts by the UPA to shore up its scam-tainted image. The bills include the ones that would raise the FDI cap in Insurance and open up the Pension sector to foreign investors. The Cabinet may also consider amendments to the Companies Bill, Competition and the FCRA Bill. The only worry is a few of these bills could face stiff floor test in the Parliament.
FMCG stocks edge higher on favourable outlook for winter crop
Key benchmark indices edged higher for the third straight trading session, with market sentiment was boosted by data showing that foreign institutional investors (FIIs) remained buyers of Indian stocks on Monday, 1 October 2012. The stock market was closed on Tuesday, 2 October 2012, on account of Mahatma Gandhi Jayanti. Intraday recovery in European stocks also supported domestic bourses. The 50-unit S&P CNX Nifty reached its highest closing level in more than 17 months. The barometer index, BSE Sensex, attained its highest closing level in more than over 14 months. The Sensex advanced 45.78 points or 0.24%, off about 35 points from the day's high and up close to 55 points from the day's low. The market breadth was strong.
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