MUMBAI: Stocks are likely to open higher Monday welcoming the cabinet reshuffle late Sunday which will see Prime Minister Manmohan Singh take on the finance portfolio.
Oil prices declined Monday after OPEC decided to delay a cut in oil supplies. US light crude for January delivery fell $1.13 to $53.30 per barrel, after having dipped below $53 earlier.
Indian rupee opened weaker against the dollar. The partially convertible rupee fell 10 paise to 50.17 against the greenback.
Sweden-based electronic products maker LAVA Electronics is in talks with real estate firms Ansal API, Omaxe and Parsvnath for a possible India entry through a franchisee arrangement. The LCD television maker, which gets 60% of its revenues from the B2B segment, is planning to sell its products to large hotel chains.
The domestic steel industry struggling against falling international prices and cheap imports from China is all set to get more help from the government. The Centre, which already imposed import restrictions on a number of steel products, has now initiated anti-dumping investigations on imports of a wide range of stainless steel and steel items from countries including China, Japan, South Korea, the US and the EU.
Tata Motors plans to raise deposits from public to fund its purchase of Jaguar and Land Rover. Tata Motors will pay as much as 11 per cent annual interest on deposits held for three years.
Tata Motors laid off around 3,000 of its temporary staff at its Pimpri plant vehicle sales continued to decline due to economic slowdown.
Sun Pharma lost out on a probable $3-billion business from the US market as one of its competitors got the US regulator’s approval to sell anti-depressant drug, say reports.
United Spirits approved the merger with Balaji Distilleries with effect from April 01, 2009. As per the share exchange ratio, for every 55 shares of Balaji Distilleries, investors will get two shares of United Spirits.
Source : The Economic Times