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News Headlines
Food Inflation Rises 17.05 Percent (Bloomberg Finance LP)
India’s food inflation accelerated to a one-month high and services growth quickened, bolstering the case for more interest-rate increases. An index measuring wholesale prices of agricultural products rose 17.05 percent in the week ended Jan. 22.
CBI accuses Unitech, Swan in telecoms scam probe (Reuters)
The Central Bureau of Investigation accused for the first time two Indian companies, partly owned by Norway's Telenor and the UAE's Etisalat, of buying mobile licences at unfairly cheap prices.
New telcos add 14% new subscribers in Jan-Nov (BS)
New operators, including Uninor, MTS, STel, Etisalat and Videocon, which were given unified access service (UAS) licences in 2008, have together captured 14 per cent of the incremental share in addition of new subscribers over the last one year.
FDI in India sees first slump since March '03 (ET)
India's foreign direct investment is headed for the first drop since the year ending March 2003. Data show FDI fell 24% to $19 billion between April and November compared with the same period a year earlier.
India services PMI up modestly, input prices at 30-mth high (Reuters)
Business activity in services sector grew at a faster clip in January than in December, boosted by new orders and expectations of solid growth, but costs also soared.
India Creates New Method to Pay for Oil From Iran (Bloomberg Finance LP)
India set up a new mechanism to pay for crude purchased from Iran. Payments will be made in euros by SBI and routed through Europaeisch-Iranische Handelsbank AG.
RBI to tighten oversight norms for portfolio management (BS)
The multi-crore fraud at the Gurgaon branch of Citibank has prompted the banking regulator to review existing norms for the portfolio management services of banks.
NSE, BSE caution against trade in over 1900 securities (ET)
Country's top two stock exchanges asked to be extra careful about trade in over 1,900 securities, sensing a high-level of risk in executing trade on these counters.
UK Sinha to head SEBI for 3 years (BL)
The Centre on Thursday issued an order appointing Mr U.K. Sinha, who is now the chief of fund house UTI Asset Management Company, as the next chairman of SEBI.
India's 2011/12 coal imports to jump 70 pct – minister (Reuters)
India's need for coal imports could jump 70 percent in next fiscal year to 142 million tonnes, Coal Minister said, as domestic output growth faces regulatory hurdles.
India FMCG cos temporarily hit by Egypt crisis (Reuters)
The on-going political turmoil in Egypt has forced many Indian consumer companies to temporarily suspend operations, giving rise to fears that earnings might be affected in case of a protracted crisis.
Vedanta to call off deal if Cairn India tweaks royalty pact (ET)
Vedanta Resources will terminate the $9.6-billion Cairn-Vedanta deal if Cairn India accepts the oil ministry's conditions such as changing the royalty obligations in the Rajasthan block, three persons with direct knowledge of the matter said.
Cummins Q3 net dips 6% (BL)
Cummins India has posted a net profit of Rs 139 crore, during Q3-2011, a six per cent decline from the same quarter of last fiscal.
Motherson Oct-Dec net up 41 pct, to add capacity (Reuters)
Auto parts maker Motherson Sumi Systems posted a forecast-beating 41 percent jump in quarterly profit on strong volumes and cost controls.
U.S. Commerce chief eyes India military, nuclear deals (Reuters)
U.S. Commerce Secretary said he will press India to buy U.S. fighter jets and other advanced technology products when he leads a trade mission in India next week.
Food costs at records, no let up on prices – FAO (Reuters)
The U.N.'s food price index hit a record in January and recent catastrophic weather around the globe could put more pressure on the cost of food.
Trichet Says Prices Warrant `Very Close Monitoring' (Bloomberg Finance LP)
ECB signaled no immediate plans to raise interest rates, although the bank expects inflation to stay above its 2% limit for longer than it predicted three weeks ago.
U.S. Service Industries Expand by Most Since 2005 (Bloomberg Finance LP)
Service industries in the U.S. expanded in January at the fastest pace since August 2005, indicating the economic recovery is broadening.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
News Headlines
Food Inflation Rises 17.05 Percent (Bloomberg Finance LP)
India’s food inflation accelerated to a one-month high and services growth quickened, bolstering the case for more interest-rate increases. An index measuring wholesale prices of agricultural products rose 17.05 percent in the week ended Jan. 22.
CBI accuses Unitech, Swan in telecoms scam probe (Reuters)
The Central Bureau of Investigation accused for the first time two Indian companies, partly owned by Norway's Telenor and the UAE's Etisalat, of buying mobile licences at unfairly cheap prices.
New telcos add 14% new subscribers in Jan-Nov (BS)
New operators, including Uninor, MTS, STel, Etisalat and Videocon, which were given unified access service (UAS) licences in 2008, have together captured 14 per cent of the incremental share in addition of new subscribers over the last one year.
FDI in India sees first slump since March '03 (ET)
India's foreign direct investment is headed for the first drop since the year ending March 2003. Data show FDI fell 24% to $19 billion between April and November compared with the same period a year earlier.
India services PMI up modestly, input prices at 30-mth high (Reuters)
Business activity in services sector grew at a faster clip in January than in December, boosted by new orders and expectations of solid growth, but costs also soared.
India Creates New Method to Pay for Oil From Iran (Bloomberg Finance LP)
India set up a new mechanism to pay for crude purchased from Iran. Payments will be made in euros by SBI and routed through Europaeisch-Iranische Handelsbank AG.
RBI to tighten oversight norms for portfolio management (BS)
The multi-crore fraud at the Gurgaon branch of Citibank has prompted the banking regulator to review existing norms for the portfolio management services of banks.
NSE, BSE caution against trade in over 1900 securities (ET)
Country's top two stock exchanges asked to be extra careful about trade in over 1,900 securities, sensing a high-level of risk in executing trade on these counters.
UK Sinha to head SEBI for 3 years (BL)
The Centre on Thursday issued an order appointing Mr U.K. Sinha, who is now the chief of fund house UTI Asset Management Company, as the next chairman of SEBI.
India's 2011/12 coal imports to jump 70 pct – minister (Reuters)
India's need for coal imports could jump 70 percent in next fiscal year to 142 million tonnes, Coal Minister said, as domestic output growth faces regulatory hurdles.
India FMCG cos temporarily hit by Egypt crisis (Reuters)
The on-going political turmoil in Egypt has forced many Indian consumer companies to temporarily suspend operations, giving rise to fears that earnings might be affected in case of a protracted crisis.
Vedanta to call off deal if Cairn India tweaks royalty pact (ET)
Vedanta Resources will terminate the $9.6-billion Cairn-Vedanta deal if Cairn India accepts the oil ministry's conditions such as changing the royalty obligations in the Rajasthan block, three persons with direct knowledge of the matter said.
Cummins Q3 net dips 6% (BL)
Cummins India has posted a net profit of Rs 139 crore, during Q3-2011, a six per cent decline from the same quarter of last fiscal.
Motherson Oct-Dec net up 41 pct, to add capacity (Reuters)
Auto parts maker Motherson Sumi Systems posted a forecast-beating 41 percent jump in quarterly profit on strong volumes and cost controls.
U.S. Commerce chief eyes India military, nuclear deals (Reuters)
U.S. Commerce Secretary said he will press India to buy U.S. fighter jets and other advanced technology products when he leads a trade mission in India next week.
Food costs at records, no let up on prices – FAO (Reuters)
The U.N.'s food price index hit a record in January and recent catastrophic weather around the globe could put more pressure on the cost of food.
Trichet Says Prices Warrant `Very Close Monitoring' (Bloomberg Finance LP)
ECB signaled no immediate plans to raise interest rates, although the bank expects inflation to stay above its 2% limit for longer than it predicted three weeks ago.
U.S. Service Industries Expand by Most Since 2005 (Bloomberg Finance LP)
Service industries in the U.S. expanded in January at the fastest pace since August 2005, indicating the economic recovery is broadening.
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