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News Headlines
RBI to release mid-qrtr policy review Thursday noon (Reuters)
The RBI said it will release the mid-quarter review of its monetary policy on Thu through a press release posted on its website at noon.
Govt extends DEPB scheme for three months (ET)
The govt said it has extended the popular exports scheme, DEPB, for 3 more months till Sept.
New service tax rule leaves ad agencies fuming (BS)
A new clause under the service tax rules, slated to come into effect from July 1, has upset the Rs 20,000-cr Indian advertising industry.
Pranab wants renewed pressure on tax havens (BS)
As the pressure mounts on the govt to repatriate money illegally stored abroad, FM lambasted some tax havens for persisting with bank secrecy provisions, despite G-20 nations asking for transparency.
Wheat Production in India May Climb to Record (Bloomberg Finance LP)
Wheat production may advance 6.4% to a record for a 4 year after favorable weather and high prices boosted planting, a government official said.
May power output jumps 10.45 pct y/y (Reuters)
Power output rose an annual 10.45% in May, the first double digit growth in almost 2 years, due to better coal availability and as the country built more power plants to help bridge a shortfall, govt data showed.
Pharma exporters to get time leeway on barcoding (BS)
The commerce ministry is to extend the earlier deadline of July 1 given to medicine exporters for affixing of barcodes on all drug shipments. Exporters are likely to get at least a year more.
OilMin to reply to CAG report in two weeks (BS)
The OilMin will respond in 2 weeks to CAG’s draft report, which has alleged that the Min and its upstream regulatory arm, the Directorate General of Hydrocarbons, violated rules to favour at least three private companies.
Currencies
Farm loans up in 2010-11; low enlistment of new borrowers a concern
Farm credit flow has registered a quantum jump during 2010-11, according to the govt, although apprehensions have been expressed that there is urgent to enlist new loanees.
L&T eyes 20% annual growth in electrical, automation space (BS)
L&T is expecting 20 % annual growth in its E&A business over the next 5 years, according to a top company official.
BHEL may invest Rs 9,000-cr surplus in Power projects
Sitting on a huge cash surplus of over Rs 9,000 cr, state-owned power equipment make BHEL is keen to invest in a JV by picking up equity in state power projects, a move that would generate revenues and also additional business for the PSU.
Essar Seeks Abroad to Meet Indian Demand (Bloomberg Finance LP)
Essar Group plans to acquire more coal and iron ore assets in Indonesia, Australia and Africa as it seeks to boost supply to meet domestic Indian needs, CEO said.
Citigroup to cut stake in HDFC in $260-300 mn deal (BS)
Citigroup is likely to reduce its stake in HDFC to below 10%, according to 3 people familiar with the development
JSW to source iron ore from Goa (BS)
JSW has approached 6 small mining companies in Goa to procure enough to feed its existing steel plant and the proposed pig iron project in the state.
Maruti deadlock continues as negotiations fail (BS)
Mauritius, after years of dilly-dallying, has softened its stand on taxing capital gains on investments routed through the island nation to India by third-country investors.
India to lead global economic growth: OECD
India is poised to register strong economic growth in 2011 that will offset the impact of slowdown in some developed economies, Secretary General of the OECD.
ECB Stance on Greece Means Higher Debt Costs for Italy, Spain: Euro Credit (Bloomberg Finance LP)
ECB President’s spat with German FM over Greece threatens to boost yields for the region’s high-deficit nations as they peddle debt this week.
China Lending Unexpectedly Tumbles, Adding to Evidence Economy Is Slowing (Bloomberg Finance LP)
China’s lending tumbled in May and money supply grew at the slowest pace since 2008, adding to signs that the world’s second-biggest economy is cooling.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
News Headlines
RBI to release mid-qrtr policy review Thursday noon (Reuters)
The RBI said it will release the mid-quarter review of its monetary policy on Thu through a press release posted on its website at noon.
Govt extends DEPB scheme for three months (ET)
The govt said it has extended the popular exports scheme, DEPB, for 3 more months till Sept.
New service tax rule leaves ad agencies fuming (BS)
A new clause under the service tax rules, slated to come into effect from July 1, has upset the Rs 20,000-cr Indian advertising industry.
Pranab wants renewed pressure on tax havens (BS)
As the pressure mounts on the govt to repatriate money illegally stored abroad, FM lambasted some tax havens for persisting with bank secrecy provisions, despite G-20 nations asking for transparency.
Wheat Production in India May Climb to Record (Bloomberg Finance LP)
Wheat production may advance 6.4% to a record for a 4 year after favorable weather and high prices boosted planting, a government official said.
May power output jumps 10.45 pct y/y (Reuters)
Power output rose an annual 10.45% in May, the first double digit growth in almost 2 years, due to better coal availability and as the country built more power plants to help bridge a shortfall, govt data showed.
Pharma exporters to get time leeway on barcoding (BS)
The commerce ministry is to extend the earlier deadline of July 1 given to medicine exporters for affixing of barcodes on all drug shipments. Exporters are likely to get at least a year more.
OilMin to reply to CAG report in two weeks (BS)
The OilMin will respond in 2 weeks to CAG’s draft report, which has alleged that the Min and its upstream regulatory arm, the Directorate General of Hydrocarbons, violated rules to favour at least three private companies.
Currencies
Farm loans up in 2010-11; low enlistment of new borrowers a concern
Farm credit flow has registered a quantum jump during 2010-11, according to the govt, although apprehensions have been expressed that there is urgent to enlist new loanees.
L&T eyes 20% annual growth in electrical, automation space (BS)
L&T is expecting 20 % annual growth in its E&A business over the next 5 years, according to a top company official.
BHEL may invest Rs 9,000-cr surplus in Power projects
Sitting on a huge cash surplus of over Rs 9,000 cr, state-owned power equipment make BHEL is keen to invest in a JV by picking up equity in state power projects, a move that would generate revenues and also additional business for the PSU.
Essar Seeks Abroad to Meet Indian Demand (Bloomberg Finance LP)
Essar Group plans to acquire more coal and iron ore assets in Indonesia, Australia and Africa as it seeks to boost supply to meet domestic Indian needs, CEO said.
Citigroup to cut stake in HDFC in $260-300 mn deal (BS)
Citigroup is likely to reduce its stake in HDFC to below 10%, according to 3 people familiar with the development
JSW to source iron ore from Goa (BS)
JSW has approached 6 small mining companies in Goa to procure enough to feed its existing steel plant and the proposed pig iron project in the state.
Maruti deadlock continues as negotiations fail (BS)
Mauritius, after years of dilly-dallying, has softened its stand on taxing capital gains on investments routed through the island nation to India by third-country investors.
India to lead global economic growth: OECD
India is poised to register strong economic growth in 2011 that will offset the impact of slowdown in some developed economies, Secretary General of the OECD.
ECB Stance on Greece Means Higher Debt Costs for Italy, Spain: Euro Credit (Bloomberg Finance LP)
ECB President’s spat with German FM over Greece threatens to boost yields for the region’s high-deficit nations as they peddle debt this week.
China Lending Unexpectedly Tumbles, Adding to Evidence Economy Is Slowing (Bloomberg Finance LP)
China’s lending tumbled in May and money supply grew at the slowest pace since 2008, adding to signs that the world’s second-biggest economy is cooling.
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