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Monday, November 28, 2011

Apollo Hospitals

Apollo Hospitals

Daily News Roundup - Nov 28 2011

Reliance Industries has scrapped its plan to acquire Bharti’s stake in the life and general insurance joint ventures with French insurer AXA. (ET)

Bharti Retail, a wholly-owned subsidiary of Bharti Enterprises, has said that it will now initiate talks with Walmart for equity partnership in its front-end stores. (FE)

Essar Oil Ltd has renewed a major product sale and purchase agreement with Indian Oil Corporation Ltd. (BS)

Subex is looking to raise US$135mn to pay back foreign currency convertible bond holders and service debt. (ET)

Stability at start!

“True stability results when presumed order and presumed disorder are balanced. A truly stable system expects the unexpected, is prepared to be disrupted, waits to be transformed.” - Tom Robbins.

The markets world over have been waiting to be transformed. For the time being, Investors can look forward to a positive start on the back of a couple of encouraging reports on the debt-stricken eurozone. European leaders have prepared draft operational rules for the European Financial Stability Facility (EFSF). The budget committee of Germany's lower house of parliament is scheduled to vote on the amended guidelines for the euro zone's rescue fund. Eurozone and EU finance chiefs are also scheduled to discuss EFSF terms of reference.

Asian stocks are up amid speculation that the IMF will help Italy financially after the nation’s borrowing costs surged. Belgium, Italy, Spain and France are due to raise money via debt auctions this week. Jobs data and other important statistics from the US will also be in focus this week.

Markets may see a positive start on Europe fund hopes

The Indian markets are likely to begin in the green zone on Europe fund hopes and IMF's Italy assistance report. Positive Asian cues may lift the sentiments.

Headlines for the day:

Petrol may turn cheaper by Re 1

Fitch lowers Dhanlaxmi Bank's outlook to 'stable'

DLF hopes to reduce debt to Rs10,000 crore in two years

Nalco expects 3-fold rise in exports

Lupin eyes Rs780 crore from US market by FY14

Government considering alternatives to SAIL disinvestment

Events for the day:

Results: Escorts, Triveni Engineering & Industries, NELCO

Market may open higher on firm Asian stocks

The market may open higher on firm Asian stocks. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates a gain of 64.50 points at the opening bell. Asian shares jumped on Monday, 28 November 2011, as investors reacted to reports of European and international measures to get a grip on euro-zone debt crisis.

Reliance Industries (RIL) and its associate Reliance Industrial Infrastructure (RIIL) said on Friday that negotiations on contemplated acquisitions by RIL and RIIL of Bharti's 74% shareholding in Bharti AXA Life Insurance Company and Bharti AXA General Insurance Company were jointly terminated as parties were unable to reach agreement on the long-term vision and joint governance of the ventures with AXA. Reliance had said in June that it would buy out Bharti's stakes in joint ventures with France's AXA as it sought to build on moves beyond its core energy business. Bharti Enterprises, which controls leading Indian telecoms firm Bharti Airtel had set up the ventures -- Bharti AXA Life Insurance and Bharti AXA General Insurance -- with AXA, Europe's second biggest insurer, in 2006.