 "Gas price hike key trigger: 10 things to know before mkt opens")
Global market cues
US stocksclimbed for a third straight day on Thursday after comments from several Federal Reserve officials soothed concerns that the central bank would begin to reduce its stimulus efforts in the near future. (Reuters)
Asian shares edged higher to extend gains for a third day on Friday, tracking an overnight rise in global equities on easing fears of an early end to US monetary stimulus, but caution remained about the recently volatile Chinese markets.(Reuters)
The dollar hovered just below a four-week peak early in Asia on Friday, having lost only a bit of ground after two more Federal Reserve officials sought to play down fears over the central bank’s plan to gradually reduce stimulus.(Reuters)
Gold fell over 1 percent on Friday to its lowest since August 2010, on persistent worries over the US Federal Reserve’s plan to wind down its monetary stimulus. Bullion, down 15 percent since the beginning of last week, is headed for its worst weekly fall since 1983 and worst quarterly performance since at least 1968. Spot gold fell 1.1 percent to $1,185.90 an ounce by 6:27 a.m, having fallen to a three-year trough of $1,180.71 earlier. US gold fell almost $9 to $1,202.8.(Reuters)
Stock in the news
[caption id=“attachment_912409” align=“alignleft” width=“380”] Reuters[/caption]
ONGC, Reliance Industries and Oil India, after the Cabinet Committee on Economic Affairs (CCEA) approved the proposal to double gas prices to $8.4 per mmBtu from 1 April 2014. Reliance and partner BP have been seeking higher prices even as slumping domestic output forces the country to import expensive gas.
Bloomberg quoted Narayan Nayak, an analyst at Networth Stock Broking as saying that the gas price hike will “boost foreign investment in the energy sector and reduce our dependence on oil imports. It’s very positive not only for companies like Reliance and ONGC but also for the rupee and market sentiment.”
National Fertilizers Ltd, after the CCEA approved disinvestment of 7.64 percent stake in the company.
ING Vysya Bank, after the company raised Rs 1,836 crore via qualified institutional placement and preferential allotment of shares.
State-owned IFCI and financial services provider India Infoline today said their boards have given approval to applying to RBI for bank licences. Also, in a filing to the BSE, Bajaj Finserv said it has submitted application to RBI on June 26, 2013, for a licence to commence banking business.
Policy/ economy news
The government approved near doubling of natural gas prices to $8.4from April 1 next year, a move which will result in rise inpower tariff, urea cost and CNG prices.The new price will apply uniformly to all producers. The pricing as perRangarajan formula will come into effect from April 1, 2014,just when RIL’s KGD6 formula of USD 4.2/mmBtu runs out.
The Reserve Bank of India said the macroeconomic risks to the Indian economy have increased over the last six months due to the fall in growth, external sector developments and subdued performance of the corporate sector.
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