Stocks to watch: Jet Airways,Videocon,TCS

Stocks are expected to decline for the third consecutive day as global recessionary pressures mount.


World oil prices fell below $ 60 per barrel in Asian trade on fears of slowdown in global economy. New York's main contract, light sweet crude for December delivery briefly traded at $ 59.97 but later regained some ground to trade at $60.52.

Rupee weakened to 47.80 per dollar from the previous close of 47.66/69, on expectations that stocks markets are likely to drag further

India’s two largest private airlines, Kingfisher Airlines and Jet Airways, are likely to cut ticket prices by up to Rs 1,000 on domestic routes by December.

The two carriers are under pressure to act, as the aviation ministry wants them to pass on the benefits of a series of measures announced by the government to bail out the beleaguered industry.

Slackening demand for commercial vehicles has forced Ashok Leyland to cut its working to three days a week until next month. Consequently the company decided to moderate the production plan for the next two months.

Consumer electronics major Videocon Industries has delayed the launch of its direct-to-home venture. The company had earlier said it would start pilot tests in July and launch commercially in August.

With less than two months to go in this year and companies busy finalising their IT budgets, a global survey by investment bank Goldman Sachs has found that budgets could further decline by 5% in 2009 compared with 2008. The drop is the largest decline since the collapse of the dotcom bubble. The investment bank has put a ‘sell’ rating on India’s leading IT providers, Tata Consultancy Services and Wipro, given these sobering findings.

Herbal and nutritional products maker Plethico Pharmaceuticals is picking up around 20% stake in a UAE-based pharma retail chain with operations in the CIS region for around $20-22 million. If the deal goes through, it will be also the first overseas acquisition by an Indian company in the pharma retail space.

Reliance Money, the brokerage company of Reliance Capital, is in advanced stages of negotiations to pick up a majority stake in an upcoming commodity and currency trading exchange in Nigeria. This comes close on the heels of the R-ADAG firm picking up a 15% equity stake in Hong Kong Mercantile Exchange.

NTPC is planning to set up fly-ash-based cement plants across the country and has sought expressions of interest from prospective joint venture partners, say reports.

Source: EconomicTimes