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News Headlines
India Aims to Fight Inflation as It Withdraws Stimulus Further, Basu Says
(Bloomberg Finance LP)
India will further withdraw fiscal stimulus as it strives to tame inflation in an economy
set to return to 9 percent growth.
RBI extends deadline to change base rate method (Reuters)
RBI allowed banks another six months up to June 30 to change the benchmark and
methodology of computation of base rate.
State govts should remove supply bottlenecks (Reuters)
Finance Minister Pranab Mukherjee on Thursday asked the state governments to
remove supply chain bottlenecks at the earliest in the food sector to bring prices
down quickly, even as food inflation accelerated to a one year high.
Securities appellate body may get more powers (BS)
The government is considering a common appellate authority for insurance and all
instruments traded on the stock or commodity exchanges.
Direct tax collections rise 19% in Apr-Dec (BS)
Direct tax collections in the first nine months (April-December) of the current financial
year increased 19.47 per cent to touch Rs 2,98,958 crore, compared with Rs
2,50,232 crore in the corresponding period of 2009-10.
Sales tax collection up 26.5 per cent in Apr-Dec (BS)
The sales tax collection in Orissa in the April-December period has gone up by 26.5
per cent. The sales tax collection in this period stands at Rs 4309.05 crore compared
to the comparative figure of Rs 3406.24 crore in the last fiscal.
IMF favours further rate hikes to tame inflation (BL)
IMF is in favour of further monetary tightening by the RBI to tame “elevated
inflation”, which it sees as one of the near-term challenges confronting India in
sustaining its high-growth momentum.
India poised for big solar power growth (Reuters)
As No. 1 global solar market Germany ratchets down subsidies for solar power this
year, investors looking for the next hot market for the renewable energy source
should be eyeing India, according to a report by Lux Research.
Tata Steel withdraws Dec-qtr performance statement (Reuters)
Tata Steel late on Thursday said it was withdrawing an earlier announcement on its
December quarter performance in India, due to an error in the statement.
IOC's daily revenue loss on fuel sales $33 mln (Reuters)
Oil refiner Indian Oil Corp's daily revenue loss on fuel sales stands at 1.5 billion
rupees ($33.1 million), its finance head said on Thursday.
ONGC's Q3 profit may be hit (Reuters)
Oil Natural Gas Corp's profitability in the December quarter may be hit due to higher
subsidy pay out to refiners and higher global crude oil prices.
SBI to set up 600 financial inclusion centres (BL)
In a bid to give back-end support to business correspondents operating in rural areas
and also exercise administrative control on them, State Bank of India has decided to
set up 600 financial inclusion centres across the country.
L&T unit bags orders worth Rs 1,181 crore (BL)
L&T's Buildings & Factories Company has secured orders totalling Rs 1,181 crore for
construction of residential buildings and factories in the third quarter of this fiscal.
India Allows NTPC to Allot Additional Electricity to States Hosting Plants
(Bloomberg Finance LP)
India allowed NTPC Ltd. to sell more electricity in states where its plants are located,
paving the way for developing projects valued at $28.7 billion. The Union Cabinet
approved an allocation of 50 percent to states that will host large NTPC projects.
Riversdale, Tata to own Mozambique power plant (Reuters)
Riversdale Mining and joint venture partner Tata Steel have reached an agreement
allowing them to fully own the $1 billion Benga power plant project in Mozambique.
With no diesel price hike, refiners face huge cost burden (BL)
With no price hike in diesel expected this fiscal, IndianOil, Hindustan Petroleum
Corporation and Bharat Petroleum Corporation will end up borrowing more and
increasing the cost burden in their books.
China May Report $21 Billion Trade Gap With Obama Set to Press Hu on Yuan
(Bloomberg Finance LP)
China may report a $20.8 billion trade surplus for December, adding to pressure for
yuan gains nine days before Presidents Hu Jintao and Barack Obama meet.
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