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Opening Bell 15 May | Markets await outcome of Elections 2014 results

LiveMint logoLiveMint 16-05-2014 R. Sree Ram

Mumbai: The much-awaited election results day is here. Votes polled in the Lok Sabha elections for the last month and a half will be counted today to decide who will form the next government. According to a PTI report, trends will be available by 11am and a final picture on who would be the major parties in the new Lok Sabha could emerge by noon. decisive mandate to one political party or a group will be cheered. A fractured verdict, on the other hand, can disappoint investors.

Cues from the global markets are not encouraging. Overnight, US stocks fell for the second day as small-cap shares extended their retreat and Wal-Mart results disappointed. S&P 500 at 1,870 is down 0.94%. Read the Reuters report.

Asian markets too opened lower. According to a Bloomberg report, bonds are following US treasuries higher amid concerns about stock valuations.

The monsoon, which accounts for 70% of India’s annual rainfall, is expected to arrive at the southern Kerala coast on 5 June, later than the normal onset date of 1 June, the India Meteorological Department (IMD) said. The onset of the south-west monsoon in Kerala marks the beginning of the rainy season in the country. Read more.

The Bharatiya Janata Party (BJP), widely expected to form the next government, is debating scrapping or revising a plan to cut the fiscal deficit to a nine-year low over the next three years, reports Reuters. While the BJP is not bound by the roadmap of outgoing government, sticking to it will help stave off a possible ratings downgrade. market regulator, SEBI, is considering a plan to allow companies to raise money through the public issue and listing of convertibles on exchanges, reports Mint. The regulator is also in discussions with stakeholders to revive the primary market.

The Delhi high court issued notices to the oil ministry and Directorate General of Hydrocarbons, asking them to respond to allegations by ONGC Ltd that Reliance Industries Ltd drew around 18 million cubic metres of natural gas from fields owned by the state-run oil explorer, reports Mint. The court asked the ministry to file its response by 29 May, when the matter will be heard next.

NTPC Ltd released its earnings for the March quarter after trading hours. The company reported a 29% drop in fourth quarter profit. According to Business Standard recovery of dues from a distributor boosted earnings in the earlier period.

Sun Pharmaceutical Industries Ltd settled its litigation with Novartis Pharmaceuticals Corp on a generic version of Gleevec tablets. Under the terms of the settlement agreement, Sun Pharma’s subsidiary may launch its version of generic Gleevec in the US on 1 February, 2016. Gleevec is estimated to have annual sales of about $2 billion in the US. Read more.

A Mumbai court extended police custody of Jignesh Shah, chairman and group chief executive of Financial Technologies (India) Ltd, and Shreekant Javalgekar, former chief executive of Multi Commodity Exchange of India Ltd, till 19 May in connection with payment fraud at National Spot Exchange Ltd, reports Mint. The economic offences wing of Mumbai police arrested Shah and Javalgekar on 7 May.

In a relief for Adani Power Ltd, the Maharashtra Electricity Regulatory Commission allowed the company to charge an additional tariff of `1.01 a unit for 800 megawatts it supplies to the state utility. Read more.

The government may let GVK Power and Infrastructure Ltd. exit the `3,000-crore Shivpuri-Dewas road project, reports Business Standard. According to the report, the board of the National Highways Authority of India had decided to allow the company to end the contract without encashing its bank guarantee. Meanwhile, the Karnataka government approved the hike of user fee at the company run Bangalore airport. Read more.

Lastly, a pet cat saved a boy from dog in America. The child was riding a tricycle near his house when he was suddenly attacked by a dog. The family cat jumped on the dog and chased it off. Read The Telegraph report.

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