Friday, September 07, 2012
Hero MotoCorp has tied up with a third technology partner to boost its research and development (R&D) efforts – a European firm with "end-to-end" styling and engineering capabilities. Force Motors said that it will invest nearly Rs.10bn for developing new products and capacity expansion in the next three years. Mahindra tractors are fast emerging as a leading player in the US market, providing stiff competition to established names such as John Deere and Kubota. Private companies such as Monnet Ispat and Energy Ltd, Usha Martin, Castron Mining Ltd and Jayaswal Neco Industries Ltd told the inter-ministerial group (IMG) that they were not able to mine coal from captive mines due to regulatory hurdles.
The frontline Indian stock indices ended with modest gains on Thursday amid some choppiness in the afternoon trade as investors remained on guard ahead of the eagerly awaited ECB policy meeting later in the day. Indian markets had opened on a flat note and remained stuck in a narrow trading range in the first half. However, sentiment got a fillip after the European markets opened with smart gains and gained further ground as the day progressed. Nevertheless, the last half an hour of trades and intra-day traders saw traders lock in some gains from the day's high, dragging the Nifty below the 5250 mark.
The longer you have something, the stronger the bond. That's true with people as well as things. - Eric Bana. We’ve been living in a state of inertia for long but global risk-on trade has received a boost, albeit temporarily in the form of the ECB monetary stimulus. ECB president Mario Draghi has launched an unlimited bond-buying programme to help calm the bond markets amid continued economic turmoil.Global markets have given him a ‘thumbs-up’. European stocks galloped. US stocks too sizzled. Wall Street was also driven by encouraging reports on weekly jobless claims, private employment and non-manufacturing PMI.Friday’s August jobs report could have some bearing on next week’s FOMC meet. QE3 could be round the corner going by the recent speech by Mr. Ben Bernanke.
Today’s opening for the Indian markets is likely to be on a positive note on account of supportive global cues. SGX Nifty is trading 49 points higher. Events for the day: Ex date for dividend issue of HSIL, Valecha Engineering. Ex date for final dividend of Bharat Electronics, Blue Chip Tex Industries and Nila Infrastructures.
The market may surge in early trade on rally in Asian stocks. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates a gain of 49 points at the opening bell. Asian shares jumped Friday after the European Central Bank (ECB) unveiled an expansive bond-buying plan to stabilize markets, and as investors looked ahead to a U.S. jobs report with optimism. Closer home, NMDC said after market hours on Thursday that pursuant to approval of the board, the company has incorporated a Joint Venture Company between NMDC and Jharkhand State Mineral Development Corporation Limited (JSMDC) by the name of Jharkhand National Mineral Development Corporation Limited (JNMDC) on August 06, 2012. NMDC is holding 60% of equity in JV Company, namely JNMDC. Bharat Electronics turns ex-dividend today, 7 September 2012, for final dividend of Rs 10.80 per share for the year ending 31 March 2012 (FY 2012).