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News Headlines
Monetary conditions too tight for RBI rate hike (Reuters)
Monetary conditions in the banking system have been so tight that the central bank
will have to refrain from raising rates this week despite inflation being above comfort
levels and at risk of trending higher.
Apr-Nov indirect tax receipt up 42.3 y/y – govt (Reuters)
India's indirect tax receipts rose 42.3 percent on year to 2.08 trillion rupees during
April-November, the federal finance ministry said in a statement on Wednesday.
China, India Seal $16 Billion in Deals as Wen Vows to Erase Trade Surplus
(Bloomberg Finance LP)
Prime Minister Wen Jiabao said China will seek to boost commerce with India while
reducing his country’s $18 billion surplus this year in trade between the world’s two
fastest-growing major economies.
India to decide on more cotton exports this week – minister (Reuters)
Farm Minister Sharad Pawar said on Wednesday a panel of ministers will meet in two
or three days to decide on whether to export more cotton.
Indonesia says Indian firms may invest up to $8 bln in fertilisers (Reuters)
Indian firms are likely to invest $6-$8 billion in fertiliser production in Indonesia,
Indonesia's investment chief Gita Wirjawan told Reuters on Wednesday.
Tata Motors Nov global sales up 6 pct (Reuters)
Tata Motors Ltd said on Wednesday its global vehicle sales in November rose 6
percent from a year ago to 79,959 units. Jaguar and Land Rover sales in the month
rose 22 percent to 22,957 units, it said in a statement.
Sterlite, Hindalco Said to Seek 76% Copper Fee Jump (Bloomberg Finance LP)
Sterlite Industries (India) Ltd. and Hindalco Industries Ltd. , the nation’s biggest
copper producers, are seeking a 76 percent increase in treatment and refining fees as
demand rebounds, said two people familiar with the plans.
SBI pays 18.5 bln rupees advance tax in Oct-Dec (Reuters)
State Bank of India, the country's largest lender, has paid 18.5 billion rupees as
advance tax for the Oct-Dec quarter, an income tax department source.
Tata Tele, RCom agree not to offer 3G video calling (BL)
Security agencies' concern over monitoring third generation services is threatening to
jeopardise mobile operators' billion dollars of investments.
L&T bags Rs 198-cr Chennai Metro contract (BL)
According to an official press release, the depot spread over 26 ha at Koyambedu in
Chennai will berth metro rail trains during non-operational hours, maintenance cycles
and feed the trains into the system.
SAIL share sale by mid-Jan: steel min official (Reuters)
State-run Steel Authority of India's share sale will be launched by mid-January, joint
secretary in the federal steel ministry Daljit Singh said on Wednesday.
ONGC offers Nile Blend crude for export (Reuters)
India's Oil & Natural Corp (ONGC) has offered 600,000 barrels of February Nile Blend
Crude after being absent for about five months, coming at a time when firm diesel
margins have supported crude oil prices, traders said on Wednesday.
Policy soon to support PSU global asset acquisition efforts: PM (BL)
The Prime Minister, Dr Manmohan Singh, on Wednesday said that the Government
was working on a policy to support public sector enterprises (PSEs) in their overseas
raw material assets acquisition efforts.
Govt to back setting up a microchip facility in India (BS)
India is ready to enter the small and elite group of world chipmakers, with the first
such facility in the country receiving strong support from the government of India.
U.S. Econ. Industrial Production Rises, Inflation Slows (Bloomberg Finance LP)
Industrial production in the U.S. increased more than forecast in November and
consumer prices slowed, indicating the recovery is gaining momentum without
generating inflation.
China FDI jumps in Nov, set to attract $100 bln for full year (Reuters)
China attracted $ 91.7 billion in foreign direct investment (FDI) in the first 11 months
of 2010, nearly 18 percent more than in the same period of 2009.
Fed Signals Stronger Econ. Won't Slow $600 Billion Stimulus (Bloomberg
Finance LP)
Federal Reserve policy makers indicated that signs of economic strength won’t deter
them from pumping money into the financial system so long as unemployment
remains elevated.
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