Outlook
Our markets are reacting to the global situation in US and Europe.
In addition to this our markets have also started discounting the fears of weak Q2 September 2011 results on not very encouraging advance tax data and also data showing heavy selling by foreign funds have started hitting the sentiments adversely.
The department of telecommunications (DoT) is all set to levy heavy penalties totaling Rs 200 crore on telecom companies Bharti Airtel, Reliance Communications and Idea Cellular, though for different reasons. The paperwork has been completed and is awaiting the return of the telecom secretary and the telecom minister, both of whom are currently overseas.
Banks, NBFCs are allowed to sponsor infra debt funds which will accelerate and enhance the flow of long term debt in infrastructure funds.
Billionaire Mukesh Ambani's Reliance Industries Ltd (RIL) and BP Plc may need three-four years to raise output from India's biggest gas field because the reservoir is harder to tap than previously estimated, may impact the stock price performance.
The Supreme Court's ban on mining and transporting iron ore from Bellary district in Karnataka since end-July as well Chitradurga and Tumkur districts, has been impacting the steel stocks like JSW steel, Jindal Steel and also Sesa Goa which may show not so encouraging Q2 results as volume may get impacted.
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