 "Wrap up: AI denies pilot strike, Maruti sales down 53% & export slows again")
Confused and intimidated by the amount of news hurtling at you everyday? Well, to make your life easier, here’s a quick round-up of the major local and international business and economic news events that happened today.
MF Global files for bankruptcy
Troubled brokerage firm MF Global filed for bankruptcy late night yesterday and hase decided to sell assets to an derivatives trader Interactive Broker group. The assets could be valued at around $1 billion. However, the Indian counterpart MF Global Sify Securities India Pvt, which is 70 percent held by the US futures broker will continue its business as usual. This was confirmed by the head of the Indian broking firm. Read more about it here.
Greece decides to hold referendum on euro bail out package
What came as a shocking decision to markets world over, Greece decided to hold a referendum to decide on the bail out package offered by the European union.Greek Prime Minister George Papandreou’s announcement made investors look for other havens of investments, leading to tanking of world markets.Read more here.
Corporate results
[caption id=“attachment_120923” align=“alignleft” width=“380” caption=“Photo:moneycontrol.com”]  [/caption]
Punjab National Bank, closed 2.13 percent higher today after announcing better than expected numbers. The bank’s profits on a quarterly basis was up 12 percent as it earned more interests. Get the details here. ACC cement, on the other hand, did not get the deserved accolades from the Street despite better than estimated results. Its net profit went up a whopping 85 percent though the stock closed 2 percent lower. Moneycontrol has more on this.
Air Indian denies any pilot strike
Though Air India had cancelled 10 flights yesterday for pilots reporting sick, the public sector airlines denied its workers going on strike. It issued a public statement saying there is no such addition. It also falsified rumours that pilots are asking for NOCs to change their jobs. Read on.
Impact Shorts
More ShortsHUL continues to gain on higher margins, but for how long?
HUL ended today at 3.52 percent higher at Rs 388, perhaps getting more than its share of applause for commendable results. But competitions is growing, input prices are also sticky, and its moderate ad spends must go up too. Will the stock hold on to its gains? Read on.
Maruti auto sales drop 53 percent, stock still up
Maruti’s October sales has dropped by 53 percent from 1.07 lakh in October 2010 to 55,915 units in October 2011. The company has sad its loss of production was 40,000 units. For September the company posted a sales of 85,595 units. Read more.
India’s export slows for the second month
India’s September exports rose 36 percent to $24.8 billion from a year earlier, while imports for the month rose 17 percent to $34.6 billion, leaving a trade deficit of $9.8 billion, government data showed. Imports grew at a slower pace, rising 17.2% to $34.6 billion, helping narrow the trade deficit to $9.8 billion from $14.0 billion in August. But India’s export growth has been slowing after peaking at 82 percent in July. Wall Street Journal tells you more.
China’s HSBC manufacturing data comes below expectations
China PMI dissapointed at 50.4 for October, missing the analyst targets at 51.6. But analysts are not yet pessimistic as they say the economy is very much in the control of policymakers and is in for a soft landing. Here is the story.
Q2 earnings: profits plunge as costs are up
Though the result season is not over yet, Firstpost takes you through the results till date. The pressure on profit and loss account is clear as profit margins are clearly under pressure. Look here for the details.
HPCl considers petrol price hike again
State run Hindusthan Petroleum Corp is mulling over a rise in petrol prices again as it struggles to cut down on retail losses. The finance director said the company has posted a loss of Rs 3,360 crore and needs to take care of this as soon as possible. Read more
 "Israel targets top Hamas leaders in Doha; Qatar, Iran condemn strike as violation of sovereignty")
 "Nepal: Oli to continue until new PM is sworn in, nation on edge as all branches of govt torched")
 "Who is CP Radhakrishnan, India's next vice-president?")
 "Israel informed US ahead of strikes on Hamas leaders in Doha, says White House")
 "Israel targets top Hamas leaders in Doha; Qatar, Iran condemn strike as violation of sovereignty")
 "Nepal: Oli to continue until new PM is sworn in, nation on edge as all branches of govt torched")
 "Who is CP Radhakrishnan, India's next vice-president?")
 "Israel informed US ahead of strikes on Hamas leaders in Doha, says White House")
](https://images.firstpost.com/wp-content/uploads/2011/11/market_down5_190_79475211.jpg){kind=link}