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Opening Bell 10 June | Metal stocks in the limelight on govt’s moves

LiveMint logoLiveMint 10-06-2014 Krishna Merchant

Mumbai: In India, the National Democratic Alliance (NDA) led by Narendra Modi in a statement of intent promised to reboot India with a slew of reforms related to the economy, rural and urban development, education and foreign affairs and new governance paradigm.

Asian markets were trading marginally higher after China’s central bank announced new steps to increase lending by reducing the required reserve ratio, the amount of cash lenders must hold, by 0.5%, reports Financial Times. China’s Shanghai Composite was up 0.4% after consumer prices rose 2.5% in May. Hong Kong’s Hang Seng and Japan’s Nikkei Stock Average were trading flat.

US markets closed in the green on Monday on prospects of continued policy accommodation from the world’s main central banks and deals announcement in the healthcare sector. The S&P 500 closed flat, Dow Jones Industrial Average was up 0.1% while Nasdaq Composite gained 0.3%.

In India, rainfall between June-September may be worse than expected at 93% of the Long Period Average (LPA), according to the ministry of earth sciences. This could stoke inflation and deepen worries for the economy, read more.

Metal and mining shares will be in focus as the government is looking at significant reform in the coal sector by allowing private firms to mine and sell the mineral since the state-owned monopoly is unable to meet demand, forcing many companies to import coal.

Singapore Airlines Ltd’s Phee Teik Yeoh will be Tata-SIA Airlines Ltd’s chief executive officer after the board cleared his appointment, ahead of its planned launch in October, read more.

Infosys Ltd has issued legal notices of `2,000 crore each against the Economic Times, The Times of India and The Financial Express, alleging that some articles they had published defamed the company.

Reliance Communications Ltdshares will continue to be in the limelight after it launched plans to level roaming, STD and data charges in fixed rentals. The move could spur rival telecom players to dole out attractive plans, especially with Reliance Jio Infocomm set to launch its services later this year.

The government is expected to kick off its plans for reviving the primary markets with an attractively priced IPO of the UTI Asset Management Co. Ltd, reports Economic Times.

Lastly, the banking sector which is already carrying the burden of bad loans from the infrastructure sector is looking to legally end governments’ loan waiver schemes for farmers. A number of banks plan to approach the courts against the Andhra Pradesh government’s waiver of farm loans aggregating to `54,000 crore, reports Economic Times.

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