Sugar mill crisis ends in UP: All you need to know before opening bell

Global cues:

Asian shares edged lower and the dollar gave up some of its recent gains against the yen on Monday, as investors cautiously awaited key US data this week and took heart from a decent reading on China manufacturing.MSCI’s broadest index of Asia-Pacific shares outside Japan was down about 0.1 percent, paring losses after the PMI survey, while Japan’s benchmark Nikkeished 0.2 percent.

The Dow and the S&P 500 dipped in thin holiday trading on Friday, but technology stocks helped lift the Nasdaq to a 13-year high.The Nasdaq got a boost from the technology sector, with Apple up 1.9 percent at $556.07, Microsoft Corp up 1.4 percent at $38.13 and Amazon Inc up 1.8 percent at $393.62.

[caption id=“attachment_1260303” align=“alignright” width=“380”]  Representational Image. Reuters[/caption]

Gold traded in a narrow range below $1,250 an ounce on Wednesday as strong U.S. housing data stoked fears the Federal Reserve would soon begin rolling back stimulus measures and reduce bullion’s appeal as a hedge against inflation.

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Business/Stock news:

Mahindra and Mahindra Ltd. reported an 18% decline in sales at 39,255 units in November. The company said that it does not see any immediate turnaround unless some concrete measures are taken to revive the industry.

Financial Technologies (India) Ltd. posted a 61% drop in stand-alone net profit to Rs.27 crore in the second quarter after making a provision for its investment in embattled subsidiary National Spot Exchange Ltd.

Hit hard by subdued domestic sales, home-grown auto major Tata Motors today reported nearly 39 percent decline in November sales at 40,863 units, its lowest in at least three years. The company had clocked a total sales, including exports, of 66,500 units in November, 2012 and 76,823 units in the same month of the previous year.

Economy news:

Keep an eye on shares of Uttar Pradesh-based sugar mills. The government and mills in the state have temporarily resolved the dispute over cane prices. The mills have agreed to start crushing after the state government allowed them to pay farmers in two tranches and waived some taxes.

India’seconomy grew a better-than-expected 4.8 percent for the quarter ended September, led by strengths in the agriculture and construction sectors. This, however, is the fourth successive quarter of economic growth below 5 percent.