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Friday, August 19, 2011
Daily News Roundup - Aug 19 2011
Hotel Leelaventure plans to raise about Rs10bn through a share sale to institutions by December to trim its debt pile. (BS)
ICICI Bank will now offer loans that gives a choice of fixed rate for either one or two years, at differential rates for various slabs. (ET)
Mahindra & Mahindra Ltd will roll out a sub-four metre compact model of Verito which is expected to attract only 10% excise duty instead of the earlier 22%. (BS)
Sensex and Nifty slump to 14-month low
Indian equities received a fresh drubbing on Thursday, as investors continued to fret about the possibility of another rate hike next month and worries over the worsening global economic backdrop persisted.
Government data showing a drop in food inflation in the first week of August was of no help, as the BSE Sensex slumped 370 points and the NSE Nifty closed below the psychological level of 5,000 for the first time in 14 months.
Lax leadership… Crisis of confidence
A good leader inspires people to have confidence in the leader, a great leader inspires people to have confidence in themselves.
Leadership is in short supply. Whether it is about tackling corruption and inflation in India, or fiscal troubles in the West, policymakers are increasingly facing a market backlash. In short there appears to be a crisis of confidence on every Street.
A sell-off on cards on weak global cues
The market is likely to open on a weak note as a deteriorating global economic outlook pushed investors away from risk assets. Asian stocks fell after an overnight steep slide in US stocks on Thursday, 18 August 2011. Trading of S&P CNX Nifty on the Singapore stock exchange indicates a slump of 76 points at the opening bell. Pharma major Ranbaxy Labrotoraries may see action on reports it may consider sale of its Lipitor generic rights. Lipitor has a market size of $11 billion in the US.
Asian markets fall
Asian stocks face a battering on Friday, as fears of major economies sliding back into recession gripped investors and sent stocks tumbling.
Poor U.S. data, sovereign debt concerns and worries over the health of banks were seen by man investors as adding up to a bleak economic outlook.
The main Wall Street indices fell between 3.7 percent and 5.2 percent, with technology and bank shares the hardest hit.
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DOW plunges again - is down the only way ?
Just when Wall Street seemed to have settled down, a barrage of bad economic reports collided with fresh worries about European banks Thursday and triggered a global sell-off in stocks.
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