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News Headlines
PM drives govt's effort to find a price-rise fix (BS)
Signalling the seriousness with which his administration views the spike in food
inflation, Prime Minister Manmohan Singh summoned top advisors to review the
situation and suggest a concrete plan of action to tackle rising food prices.
Bankers express concerns over liquidity to central bank (Reuters)
Bankers, worried over the lukewarm pace of deposit growth, have expressed
concerns over the effect of sharp rate increases on credit growth. Indian Banks'
Association asked RBI to cut cash reserve ratio and statutory liquidity ratio.
FM meets industry, may not cut taxes (BS)
Finance Minister Pranab Mukherjee might not cut taxes in the coming Budget and
was likely to continue with current rates till the Goods and Services Tax (GST) was
implemented, said industry representatives after meeting the minister.
SEBI OKs trades in F&Os on foreign stock indices (Reuters)
The Securities and Exchange Board of India (SEBI) said on Tuesday it has permitted
domestic stock exchanges to offer trading in futures and options contracts on foreign
stock indices in the equity derivatives segment
India May Set Up $11 Billion Fund to Upgrade Network (Bloomberg Finance LP)
India may set up an $11 billion fund to help state utilities upgrade their transmission
networks and cut losses from power theft, said B.K. Chaturvedi, a member of the
country’s Planning Commission.
Sugar export put on hold; EGoM to take decision (BS)
In view of high food inflation, the food ministry decided to put on hold the export of
500,000 tons of sugar and referred the matter to an empowered group of ministers.
After subdued November, auto sales pick up in Dec (BS)
Auto sales rose 30.5 per cent as cash discounts and other offers reignited consumer
demand. In November, the industry had posted a 17.8 per cent rise.
Rural demand revives cement sales in Dec (BL)
Cement sales seem to have revived across regions in December after a lull in the
preceding two months. The pick-up in cement demand was attributed to revival of
infrastructure and real estate projects, especially in rural areas.
India's Dec gold ETF volumes soar 74.3 pct on year (Reuters)
Gold volumes in Exchange Traded Funds in India, the world largest consumer, surged
74.3 percent in December, when the yellow metal struck its record high.
Tata Steel share sale to raise up to $800 mln – sources (Reuters)
Tata Steel, the world's No. 7 steelmaker, will raise up to $800 million by the end of
January, sources said after the company said it would launch a follow-on public offer.
Singtel says buys $30 mln worth of shares in Bharti Airtel (Reuters)
Singapore Telecommunications has paid S$39 million ($30 million) for 4.07 million
shares in Bharti Airtel Ltd, pushing up its stake in the Indian firm to 32.15 percent.
India's Indigo Plans Largest-Ever Aircraft Order (Bloomberg Finance LP)
Airbus SAS said Indian carrier IndiGo Airlines plans to buy 180 A320 single-aisle jets
for $15 billion at list price, the largest order in aviation history.
iGate makes open offer for 20.6 pct in Patni (Reuters)
U.S.-listed software firm iGate has made an open offer for 20.6 percent in India's
Patni Computer Systems, the manager to the offer said. On Monday, iGate, backed
by private equity firm Apax Partners, acquired a majority stake in Patni for $1.2 billion.
JLR in new deal to sell 40,000 cars in China (BS)
The Tata Motors-owned Jaguar Land Rover (JLR) has signed a fresh deal with China
to sell 40,000 cars in 2011. The deal is said to be worth more than £1 billion.
China's Currency Reserves Rise to Record, Domestic Lending Exceeds Target
(Bloomberg Finance LP)
China’s foreign-exchange reserves climbed by a record $199 billion last quarter and
lending exceeded the annual target. The currency holdings stand at $2.85 trillion.
Portugal Dismisses Bailout Speculation (Bloomberg Finance LP)
Prime Minister Jose Socrates said Portugal doesn’t need a bailout from the EU and
its 2010 budget deficit will be lower than forecast.
ECB Gains Support From EU Lawmakers in Push to Toughen Euro Budget Rules
(Bloomberg Finance LP)
The European Central Bank picked up allies in its fight against a French-German push
to dilute tougher budget rules meant to avert future euro-area debt crises.
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