 "10 things you need to know before the opening bell")
Global cues:
Japanese shares looked to end a stellar year with a flourish, rising to another six-year peak as the yen skidded to fresh lows for a third straight session, again leaving behind other Asian markets. The market is closed from Tuesday to Friday. Australian stocks rose 0.5 percent .AXJO to bring their gains for the year to 15 percent.
The yen dropped to five-year lows against the dollar on Monday, extending losses to more than 17 percent for the year on a mix of improving sentiment on the global economy, rising investor risk appetite and expectations of more central bank stimulus. The dollar stood at 105.28 yen, having risen to 105.37 yen in early Asian trade, its highest level since October 2008. The yen has been the weakest major currency this year.
The United States’ average daily oil production is on track to surge by 1 million barrels per day this year, the biggest one-year jump in the nation’s history, according to latest official figures. The country has pumped an average of 7.5 million barrels of crude per day in 2013, up from 6.5 million barrels per day in 2012. This breaks last year’s record, when oil production jumped by 837,000 barrels per day year-on-year.
Business/Stock news:
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After the Competition Commission of India (CCI) slapped Etihad with a penalty of Rs 1 crore , the Abu Dhabi airline is now considering paying the entire sum. The CCI had slapped a Rs 1 crore penalty citing non-disclosure of specific information while getting regulatory approvals. The information mentioned was pertaining to the Jet Airways -Etihad deal with respect to the Heathrow slots.
Country’s biggest lender State Bank of India has appointed P Pradeep Kumar as its Managing Director (Corporate Banking). Kumar, as one of the four managing directors, will look after the corporate banking portfolio of the bank.
Reliance Industries and its partners BP Plc of UK and Canada’s Niko Resources may have to provide a maximum of USD 1.2 billion in bank guarantees over three years to get nearly double the rate for natural gas being produced from the main fields in KG-D6 block.
The Foreign Investment Promotion Board will today take a call on Tesco’s proposal to enter India’s multi-brand retail segment and HDFC Bank’s request for raising foreign investment holding limit, among others.
Economy news:
The economic growth rate was expected to be at 7.5-8 percent next year, Deputy Chairman of Planning Commission Montek Singh Ahluwalia said today. Speaking at the ninth V Narayanan Memorial lecture at Sastra University Srinivas Ramanujan Centre here, he said the growth rates shot up in 1960-70s and picked up in 1990s.
Environment Ministry has issued fresh guidelines easing clearance norms for industry and mining of minor minerals. The Ministry, which came under attack from industry over clearance hurdles, has agreed to do exempt mandatory environmental impact assessments and public hearings for some projects relating to thermal power plants with less than 5MW capacity, mining of minor minerals and river sand mining.
The government is likely to allow foreign direct investment in railways, reports Business Standard. According to the report, the cabinet committee on economic affairs is likely to approve a proposal on this early next month.
Heralding a new era of politics of governance, Arvind Kejriwal took over as the Chief Minister of Delhi promising a corruption-free government and appealed to parties including Congress and BJP to support his government.