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Economy News
4 Reserve Bank of India increased key policy rates by a quarter point – the
eighth increase in a year – warning that rising oil prices will put more
pressure on the already high inflation. The repo rate – RBI’s short-term
lending rate – has gone up from 6.5 per cent to 6.75 per cent with
immediate effect. The reverse repo rate – its short-term borrowing rate
– has risen from 5.5 per cent to 5.75 per cent. (BS)
4 An agreement for ensuring supply of additional gas to the power projects
in Andhra Pradesh was signed today in New Delhi. The agreement was
signed between GAIL, RIL, RGTIL and power plants in Andhra Pradesh.
This would enable additional power production of almost 600 MW in
Andhra Pradesh (12 million units per day), which is critical for the State in
summer months. (PIB)
4 The finance ministry has given a gift to the 47.2 million Employees
Provident Fund (EPF) subscribers. The ministry on Thursday cleared the
proposal for paying 9.5 per cent interest on EPF deposits for 2010-11. (BS)
4 Property sales registrations in Mumbai fell on an annual basis, for the
seventh month in succession, as realty prices remained high in the
country’s commercial capital. Mumbai saw registration of 4,716 sale deed
agreements in February 2011, down 22 per cent compared to the same
month in 2010 and seven per cent lower than those registered in January
2010. (BS)
4 The Reserve Bank of India today allowed non-banking finance companies
(NBFC) to classify credit extended to 'telecom tower' companies as
infrastructure loans. (BS)
Corporate News
4 Qualcomm is in an advanced stage of talks with Bharti Airtel to sell its
broadband wireless access (BWA) licences in India. BWA spectrum enables
high-speed 4G services, called long-term evolution (LTE), with speeds of 5-
15 mbps, many times faster than 3G networks. (BS)
4 Oil marketing companies (OMCs), hit by a surging crude oil price and
inability to raise prices of diesel, kerosene and liquefied petroleum gas
(LPG), are breathing a sigh of relief, as the northward rally in crude has
stopped. The Indian basket of crude is at a three-week low of $106.68
per barrel. The high under-recoveries on these products are expected to
come down in the next fortnight. (BS)
News Round-up
` In its mid-quarter monetary policy review, RBI increased key policy rates by a quarter
point, the eight increase in a year, warning that rising oil prices will put more
pressure in the already high inflation. The RBI's short-term lending rate has gone up
from 6.5% to 6.75% with immediate effect. The reverse repo, its short term
borrowing rate has risen from 5.5% to 5.75%. (BSTD)
` Reliance Ind. (RIL IN), GAIL (GAIL IN) & Andhra power producers have signed
agreements involving swapping of gas to ensure additional gas supply for generating
600mw power in the state. (BSTD)
` GAIL (India) Ltd (GAIL IN), Reliance Industries Ltd (RIL IN), Reliance Gas transportation
Infrastructure Ltd (RGTIL), and power plants in Andhra Pradesh have agreed to swap
Krishna Godavari Basin D6 gas with imported gas. (THBL)
` The govt. may revoke allocation of 31 coal blocks held by Tata Steel (TATA IN), JSW
Steel (JSTL IN), NTPC (NATP IN), Jindal Power & Steel (JSP IN), Hindalco (HNDL IN) &
21 other firms for their failure to make required progress several years after
allotment. (ECNT)
` The govt. cleared a bill to empower itself to effectively manage the affairs of
subsidiary banks of SBI (SBIN IN). The move will also help facilitate the merger of five
subsidiaries with SBI, for which the govt. has indicated a timeframe of 12-18 months
(TTOI)
` Bank of India's (BOI IN) shareholders had approved capital infusion of over USD
222.22mn from the govt. by way of preferential issue of shares. (BSTD)
` United Bank of India (UNTDB IN) is expecting the govt. to infuse USD 68.44 by the
end of this month. (BSTD)
` Qualcomm is in talks with Bharti Airtel (BHARTI IN) to sell its broadband wireless
access licences in India. (BSTD)
` RCom (RCOM IN) has drawn the first tranche of USD 666.66mn of the USD 1.93bn
loan facility it had signed with China Development Bank. (BSTD)
` Siemens (SIEM IN) seeks RBI nod for its non-banking financial services arm to start
operations in the country. (BSTD)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line.
4 The Prime Minister's Economic Advisory Council (PMEAC) today said the
government would wait for inflationary pressure to calm down before
freeing the diesel prices. (BS)
4 Banks have committed to refinance nearly half of the Rs 95 Bn debt on
the books of Ispat Industries, said sources. (BS)
4 Mumbai-based utility and tractor major Mahindra & Mahindra (M&M)
is targeting sales of 121,000 SsangYong vehicles this year, an increase of
50 per cent over last year, when the brand saw sales of 81,000 units. (BS)
4 Reliance Infrastructure (R-Infra) on Thursday said that it received a Rs
72 Bn order for engineering, procurement and construction (EPC) from
Reliance Power (R-Power). (BS)
4 Hotel Leela venture today said it plans to raise its borrowing limit to Rs
50 Bn from Rs 40 Bn, for which it has shareholders' approval through a
postal ballot. (BS)
4 Bank of India today said its shareholders have approved capital; infusion
of over Rs 10
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Economy News
4 Reserve Bank of India increased key policy rates by a quarter point – the
eighth increase in a year – warning that rising oil prices will put more
pressure on the already high inflation. The repo rate – RBI’s short-term
lending rate – has gone up from 6.5 per cent to 6.75 per cent with
immediate effect. The reverse repo rate – its short-term borrowing rate
– has risen from 5.5 per cent to 5.75 per cent. (BS)
4 An agreement for ensuring supply of additional gas to the power projects
in Andhra Pradesh was signed today in New Delhi. The agreement was
signed between GAIL, RIL, RGTIL and power plants in Andhra Pradesh.
This would enable additional power production of almost 600 MW in
Andhra Pradesh (12 million units per day), which is critical for the State in
summer months. (PIB)
4 The finance ministry has given a gift to the 47.2 million Employees
Provident Fund (EPF) subscribers. The ministry on Thursday cleared the
proposal for paying 9.5 per cent interest on EPF deposits for 2010-11. (BS)
4 Property sales registrations in Mumbai fell on an annual basis, for the
seventh month in succession, as realty prices remained high in the
country’s commercial capital. Mumbai saw registration of 4,716 sale deed
agreements in February 2011, down 22 per cent compared to the same
month in 2010 and seven per cent lower than those registered in January
2010. (BS)
4 The Reserve Bank of India today allowed non-banking finance companies
(NBFC) to classify credit extended to 'telecom tower' companies as
infrastructure loans. (BS)
Corporate News
4 Qualcomm is in an advanced stage of talks with Bharti Airtel to sell its
broadband wireless access (BWA) licences in India. BWA spectrum enables
high-speed 4G services, called long-term evolution (LTE), with speeds of 5-
15 mbps, many times faster than 3G networks. (BS)
4 Oil marketing companies (OMCs), hit by a surging crude oil price and
inability to raise prices of diesel, kerosene and liquefied petroleum gas
(LPG), are breathing a sigh of relief, as the northward rally in crude has
stopped. The Indian basket of crude is at a three-week low of $106.68
per barrel. The high under-recoveries on these products are expected to
come down in the next fortnight. (BS)
News Round-up
` In its mid-quarter monetary policy review, RBI increased key policy rates by a quarter
point, the eight increase in a year, warning that rising oil prices will put more
pressure in the already high inflation. The RBI's short-term lending rate has gone up
from 6.5% to 6.75% with immediate effect. The reverse repo, its short term
borrowing rate has risen from 5.5% to 5.75%. (BSTD)
` Reliance Ind. (RIL IN), GAIL (GAIL IN) & Andhra power producers have signed
agreements involving swapping of gas to ensure additional gas supply for generating
600mw power in the state. (BSTD)
` GAIL (India) Ltd (GAIL IN), Reliance Industries Ltd (RIL IN), Reliance Gas transportation
Infrastructure Ltd (RGTIL), and power plants in Andhra Pradesh have agreed to swap
Krishna Godavari Basin D6 gas with imported gas. (THBL)
` The govt. may revoke allocation of 31 coal blocks held by Tata Steel (TATA IN), JSW
Steel (JSTL IN), NTPC (NATP IN), Jindal Power & Steel (JSP IN), Hindalco (HNDL IN) &
21 other firms for their failure to make required progress several years after
allotment. (ECNT)
` The govt. cleared a bill to empower itself to effectively manage the affairs of
subsidiary banks of SBI (SBIN IN). The move will also help facilitate the merger of five
subsidiaries with SBI, for which the govt. has indicated a timeframe of 12-18 months
(TTOI)
` Bank of India's (BOI IN) shareholders had approved capital infusion of over USD
222.22mn from the govt. by way of preferential issue of shares. (BSTD)
` United Bank of India (UNTDB IN) is expecting the govt. to infuse USD 68.44 by the
end of this month. (BSTD)
` Qualcomm is in talks with Bharti Airtel (BHARTI IN) to sell its broadband wireless
access licences in India. (BSTD)
` RCom (RCOM IN) has drawn the first tranche of USD 666.66mn of the USD 1.93bn
loan facility it had signed with China Development Bank. (BSTD)
` Siemens (SIEM IN) seeks RBI nod for its non-banking financial services arm to start
operations in the country. (BSTD)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line.
4 The Prime Minister's Economic Advisory Council (PMEAC) today said the
government would wait for inflationary pressure to calm down before
freeing the diesel prices. (BS)
4 Banks have committed to refinance nearly half of the Rs 95 Bn debt on
the books of Ispat Industries, said sources. (BS)
4 Mumbai-based utility and tractor major Mahindra & Mahindra (M&M)
is targeting sales of 121,000 SsangYong vehicles this year, an increase of
50 per cent over last year, when the brand saw sales of 81,000 units. (BS)
4 Reliance Infrastructure (R-Infra) on Thursday said that it received a Rs
72 Bn order for engineering, procurement and construction (EPC) from
Reliance Power (R-Power). (BS)
4 Hotel Leela venture today said it plans to raise its borrowing limit to Rs
50 Bn from Rs 40 Bn, for which it has shareholders' approval through a
postal ballot. (BS)
4 Bank of India today said its shareholders have approved capital; infusion
of over Rs 10
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