Roundup: S&P +0.67%. Dow +0.39%. Nasdaq +0.78%. London -0.13%. Germany +0.68%. France +1.43%. Gold $1,606.50.
Australia: Iron ore prices will fall to $90 a tonne over the next five years as demand for the steel-making ingredient wanes and a wave of new supply hits the market. Prices hit a two-and-half month low of $132.90 last week. (FT)
The statement that launched a thousand sighs (and an equal number of lawsuits?): “We expect an under-recovery of revenue on certain gold loan portfolios due to correction in the gold price. This may result in reduction in profit numbers for the fourth quarter ending March 31, 2013.” [stockquote]MANAPPURAM[/stockquote]
Is the market being too harsh on Muthoot? [stockquote]MUTHOOTFIN[/stockquote]
If a rating agency, in this case, CARE downgrades a company’s NCDs, in this case HDIL’s, to ‘default’, doesn’t it mean that the equity is worth zero? After all NCDs are higher up in the capital structure, aren’t they? (ET) [stockquote]HDIL[/stockquote]
M&M is shutting down its tractor plants at Jaipur and Rudrapur for five days and two days, respectively, due to inventory pile up amidst falling sales. M&M had reported 2.97% decline in its total tractor sales in February this year, compared to the same period last year. (ET) [stockquote]M&M[/stockquote]