Roundup: Dow -0.88% to 12820. S&P -1.24% to 1377. Nasdaq -1.41%. Gold +1.12% to $1733.15. Stoxx 50 +0.1%. Italy, -0.8%. London -0.27%. Germany -0.39%. France -0.06%.
U.S. stock markets undercut their 50-day moving average lines, which marked support for most of the summer, and are now serving as resistance to any gains.
Sell a liquor company to save an airline? Liquor major Diageo and Vijay Mallya are widely believed to have clinched a transaction giving the British company complete control over India’s largest spirits producer. (ET) [stockquote]MCDOWELL-N[/stockquote]
Domestic mutual funds continue to be net sellers in the Indian equity market. Redemption pressures in equity schemes and profit booking in portfolios have culminated in funds selling close to Rs 300 crore over the last two months. (ET)
Companies that fail to comply with public shareholding rules may soon be moved to the ‘trade-for-trade’ basket. By June 2013, all listed private sector firms must have a minimum 25% public shareholding, while by next August, all state-owned units will have to ensure that at least 10% of equity is with the public. (ET)
Orient Express has rejected a takeover bid by the Tata-owned Indian Hotels. If a 40% premium to the existing share price couldn’t do it, I wonder what would. (ET) [stockquote]INDHOTEL[/stockquote]
Fifty drunk and disorderly elephants ransacked a shop, three houses and ruined crops in the eastern village of Dumurkota, India. 18 containers of mahua would do that for you. (Metro)