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Wednesday, March 14, 2012

Daily News Roundup - March 14 2012

Biocon’s US$350mn pact with global pharmaceutical major Pfizer was called off 18 months after the deal was signed. (BS)

A consortium of 27 banks will soon decide on HCC’s request to be allowed to restructure its loans under the CDR process. (BS)

The CLB asked Unitech to decide by Monday if it wanted to buy its JV partner Telenor’s 67% stake in Uninor or sell its 33% stake to the Norwegian firm. (BS)

Getting on track with big events!

Those who have a one-track mind, their train of thoughts often become derailed – Anonymous.

The first of the ‘big event’ days of the week is here with eyes fixed on Railway Budget and February inflation. The market doesn’t seem to be showing any signs of nervousness and seems to be well on track for now. The key stock indices have rallied quite smartly, belying fears of weakness following Congress’ poor show in the state polls. The grand old party continues to face political heat on several fronts – yet again exposing its chinks.

Strong start likely; Rail Budget in focus

The Indian markets may extend gains today mirroring strong global peers. Railway Budget and February inflation will be eyed.
Headlines for the day
Bajaj Hindusthan to merge two arms to cut costs
Sistema may start proceedings against India after Aug 28
Panel okayed less than half of RIL's expenditure on KG-D6
COAI moves SC against TDSAT order allowing dual technology
NMDC to acquire three assets abroad by June-July

Mixed finish for bullions

Gold loses luster but silver climbs up

Bullion metal prices ended mixed on Tuesday, 13 March 2012 at Comex. Gold prices lost luster but silver prices moved up. A strong dollar, better than expected retail sales data and comments from latest FOMC meet pushed gold prices lower.

Gold for April delivery ended lower by $5.6 or 0.3%, to end at $1,694.2 an ounce on the Comex division of the New York Mercantile Exchange on Tuesday. Prices edged up 0.1% last week. Prices shed 1.7% on the month of February 2012.

On Tuesday, silver prices for May delivery ended higher by $0.17 or 0.5% at $33.58. Last week, silver declined 1%. Silver gained 6.5% during February 2012.

Crude climbs up paring earlier weakness

Prices rise following upbeat retail sales data

Crude prices pared earlier weakness and ended higher on Tuesday, 13 March 2012 at Nymex. Prices were trading a bit lower earlier following strong dollar. But an upbeat retails ales data and latest statements from the Fed pushed prices higher.

Light and sweet crude for April delivery rose $0.37 (0.4%) to $106.71 a barrel on the New York Mercantile Exchange on Tuesday. Prices advanced 0.7% last week. Prices gained 8.7% during February 2012.

Data today featured February retail sales, which increased by 1.1%. Sales less autos increased by 0.9%. Both were better than what had been widely predicted. Business inventories for January hardly generated any buzz among market participants. Inventories reportedly increased by 0.7%, which is slightly greater than the 0.6% increase that had been broadly expected.

Market may extend recent gains on firm Asian stocks

The market may extend recent gains on firm Asian stocks. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates a gain of 74 points at the opening bell.

Railways budget will be presented by the Railways Minister Dinesh Trivedi in the parliament today, 14 March 2012. Shares of companies whose fortunes are linked to orders from Indian Railways will be in focus ahead of the railway budget. Market expectations are that the railways could impose a safety cess on tickets but will not call it a fare hike. Emphasis this time will be on modernisation, infrastructural overhaul and the dedicated freight corridor.

SGX Nifty Live Update - Jumps! - March 14 2012

5548.25 +78.75 (+1.44%)