1. The stock markets today: Stocks continued to be down and most of the stocks including technology, IT, banking, power and communications were trading low. The BSE’s benchmark index, Sensex closed lower at 14,275, down by 502 points. Nifty 50 closed at 4312, down by 122 points. In bullion market, gold is being quoted at Rs.12,750/10gm and silver at Rs.24,690/kg. Nymex crude oil was trading at US$126 a barrel. Rupee was at Rs.42.26 a dollar.
2. Anil Ambani gains: It is reported that the new political combination at the centre will be favoring Anil Ambani group companies due to the support of Samajwadi Party to the UPA government during the crucial trust vote.
3. State-run oil companies running on borrowed money: State-run oil companies such as IOC, HPCL and BPCL have no money to buy crude oil. Typically, Indian Oil Company needs roughly Rs.12,000 Cr every month to buy crude, but loses Rs. 413 Cr daily on fuel sales due to the price control by the government. The company has been borrowing heavily from the banks.
4. Pharma companies are in crisis: The Rs.68,000Cr Indian drugs and pharmaceutical industry claims that it is in the grips of a crisis because of the steep hike in all raw material input costs. The industry is expecting at least 20% hike in drug prices in order to neutralize the hike in in-put costs.
5. Ford Motor reports loss: Ford Motor reported US$8.7 billion loss in the second quarter, largely because of reduction in the value of assets.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment