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News Headlines
India’s end-March inflation at 5.5 pct (Reuters)
India's annual headline inflation is expected to ease to 5.5 percent by end-March
2011, Prime Minister Manmohan Singh said on Monday. Annual headline inflation in
November eased to a 12-month low of 7.48 percent.
Direct tax mop-up close to Rs 3-lakh-crore mark (BS)
The government’s kitty of direct tax collection in the current financial year swelled by
18 per cent to reach around Rs 3 lakh crore, driven by robust corporation tax
payments, including from advance tax.
Liquidity deficit hits record high (BS)
Short-term rate eases, but one-year rates harden. Despite the Reserve Bank of India’s
(RBI’s) recent policy measures, the liquidity deficit in the system hit record high on
Monday, with banks borrowing nearly Rs 1.6 lakh crore from the repo window.
Global companies may buy more Indian FMCG firms in '11 (ET)
With India becoming the largest and most lucrative consumer destinations in the
world, the economic and consumption power shift is veering towards India.
Life insurers' new business income falls 50% in November (BS)
New Ulip rules hurt, but premium collected by selling new policies rises 39%. The life
insurance ind. recorded a 50% dip in new business premium income in November.
Govt to retain sugar import duty at 60% (BS)
The government is likely to retain an import duty of 60 per cent on import of sugar
from January 1, 2011. In order to facilitate import of sugar last year following
shortage in supply, the duty was slashed to zero in July 2009 till December 31, 2010.
Bharti to hold 97 pct stake in Zambia unit (Reuters)
Bharti Airtel will likely hold a 97 percent stake in its Lusaka-listed Celtel Zambia unit
following a mandatory offer to buy out minority shareholders.
Top 10 advance taxpayers' payout increases 15% (BL)
ONGC has widened its lead over State Bank of India (SBI) in terms of advance tax
payout and is well on course to emerge as the top advance taxpayer for the current
fiscal, dislodging the country's largest commercial bank from the top position.
Reliance Industries plans to shut 200,000 bpd FCC (Reuters)
Reliance Industries plans to shut its fluid catalytic cracker (FCC) of about 200,000
barrels per day (bpd) at its older refinery at Jamnagar at the end of January for about
a month, trade sources said on Monday.
Lanco Infra ties up funding for Maharashtra power project (Reuters)
Lanco Infratech Ltd said on Monday it has secured a debt of 55.49 billion rupees
from a consortium of banks for the 1,320 MW thermal power project, being
developed by its unit Lanco Vidarbha Thermal Power Ltd, in Maharashtra.
Ranbaxy venture wins $133-m HIV drug supply order in S. Africa (BL)
Ranbaxy Laboratories on Monday said that its South Africa-based joint venture, Sonke
Pharmaceuticals, has won Rand 913.5 million order in that country for supplying antiretroviral (ARV) drugs for prevention and treatment of AIDS over the next two years.
Tata Steel to sell S.Africa assets (Reuters)
Tata Steel, the world's No. 7 steel maker, is in talks to sell its South African assets to
raise more than $150 million.
First-Time Solar Producers May Imperil India's Push for Renewable Energy
(Bloomberg Finance LP)
India’s first solar auction, planned to boost clean energy in the world’s fourth-biggest
polluter, may risk failure after winners were selected without experience or proof that
they can keep projects afloat earning low margins.
India May Import Less Thermal Coal Than Target; Hydro Power Output Rises
(Bloomberg Finance LP)
India’s power-station coal imports may be 24 percent less than estimated by the
nation’s Planning Commission after the most rainfall in three years boosted electricity
generation from water, reducing demand for the fuel.
Europe Company Debt Spreads Above U.S. as Growth Diverges: Credit Markets
(Bloomberg Finance LP)
Relative yields on Euro investment-grade co. bonds are the highest ever compared
with U.S. debt as the region’s deficit crisis worsens and the U.S. econ. revives.
Peso Faces Third Year as Worst Latin Currency on Deficit: Argentina Credit
(Bloomberg Finance LP)
Argentina may post a current account deficit for the first time in a decade next year,
raising concern that the peso will weaken further and become Latin America’s worst performing currency for a third-straight years.
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