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News Headlines
Food inflation at 9.32 pct y/y on Oct 1 (Reuters)
India's food price index rose 9.32 percent and the fuel price index climbed 15.10
percent in the year to Oct. 1, government data showed. In the previous week, annual
food and fuel inflation stood at 9.41 percent and 14.69 percent, respectively.
Govt unveils export sops in trade policy (BS)
Fearing a slowdown in exports due to external headwinds, the government on
Thursday announced a slew of measures to boost exports from the high-value
engineering, pharma and chemical sectors as well as traditional textile items.
More power to PSUs for overseas buyouts (BS)
The government will facilitate faster acquisition of raw material from abroad for those
central public sector enterprises with a track record of netting profit for three
consecutive years, according to a new policy approved on Thursday.
State cos free to compete with China for mines abroad (Bloomberg Finance LP)
India granted state-run companies greater powers to acquire coal, oil and other
mineral assets overseas without consulting the government as it bids to compete
with China for resources to power its economy.
Oil Ministry allocates 7.23 mmscmd of ONGC gas to power, fertiliser units (ET)
The Oil Ministry has allocated 7.23 million standard cubic metres per day of natural
gas from state-owned Oil and Natural Gas Corp's fields to power and fertiliser firms.
Govt paves way for easy loan recovery by banks (BS)
The Cabinet cleared two Bills paving the way for banks to recover loans from errant
borrowers. The move would also help the financial institutions to reduce their nonperforming assets and release funds for home, retail or corporate credit needs.
Commodity, bullion trade to come under the I-T radar (BS)
The government has decided to bring mining along with bullion and commodity trade
on the income tax radar in the current financial year so as to promptly detect tax
evasion and garner additional revenue.
BRICS exchanges to cross-list indexes (Reuters)
Exchanges from Brazil, Russia, India, Hong Kong and South Africa said they plan to
list contracts based on their flagship equity indexes by June 2012.
Cabinet approves cable digitisation (Reuters)
The cabinet approved an ordinance on digitisation of cable network, in a move that
could boost prospects for cable television service providers and broadcasters.
15% higher rail freight rates to jack up industrial costs (BS)
At a time when the industry is suffering from high inflation, the railways have decided
to go for a more than 15 per cent across-the-board rise in freight rates through the
imposition of an extraneous hike in tariff.
Govt to infuse up to $1.6 bln in SBI by March (Reuters)
The government will infuse 45 billion to 80 billion rupees ($919.7 million to $1.6
billion) of funds in top lender State Bank of India (SBI) by March 2012, D.K. Mittal,
secretary of financial services said on Thursday.
Maruti Suzuki to shut Gurgaon plant 2 days; Manesar strike on (ET)
Maruti Suzuki said it will shut its main plant at Gurgaon for two days starting Friday,
due to component supply constraints from SPIL, where workers support the strike at
Maruti’s Manesar plant. Production of several models is halted.
HCL joins low-cost tablet war (BS)
HCL Infosystems on Thursday launched a new device, the ME-X1, at a competitive
price point of Rs 10,490. The tablet offers "localised content".
ONGC Videsh Limited buys 25% in kazakh oil block (ET)
ONGC Videsh has acquired 25% stake in the highly prospective Satpayev exploration
block in Kazakhstan, which can produce close to 300,000 barrels per day.
S&P downgrades Spain by one notch on weak growth outlook (Reuters)
Ratings agency Standard and Poor's downgraded the long-term credit rating of Spain
by one notch on Friday, knocking the euro down by a third of U.S. cent.
Slovakia clears way for euro zone rescue fund (Reuters)
Slovakia ratified new powers for the euro zone's rescue fund on Thursday, the last
country to do so, clearing the way for a bolder effort to arrest Europe's debt crisis.
Trade Deficit in Is U.S. Little Changed at Four-Month Low of $45.6 Billion
(Bloomberg Finance LP)
The U.S. trade deficit was little changed at a four-month low of $45.6 billion in August
as near- record exports helped keep the economy expanding.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
News Headlines
Food inflation at 9.32 pct y/y on Oct 1 (Reuters)
India's food price index rose 9.32 percent and the fuel price index climbed 15.10
percent in the year to Oct. 1, government data showed. In the previous week, annual
food and fuel inflation stood at 9.41 percent and 14.69 percent, respectively.
Govt unveils export sops in trade policy (BS)
Fearing a slowdown in exports due to external headwinds, the government on
Thursday announced a slew of measures to boost exports from the high-value
engineering, pharma and chemical sectors as well as traditional textile items.
More power to PSUs for overseas buyouts (BS)
The government will facilitate faster acquisition of raw material from abroad for those
central public sector enterprises with a track record of netting profit for three
consecutive years, according to a new policy approved on Thursday.
State cos free to compete with China for mines abroad (Bloomberg Finance LP)
India granted state-run companies greater powers to acquire coal, oil and other
mineral assets overseas without consulting the government as it bids to compete
with China for resources to power its economy.
Oil Ministry allocates 7.23 mmscmd of ONGC gas to power, fertiliser units (ET)
The Oil Ministry has allocated 7.23 million standard cubic metres per day of natural
gas from state-owned Oil and Natural Gas Corp's fields to power and fertiliser firms.
Govt paves way for easy loan recovery by banks (BS)
The Cabinet cleared two Bills paving the way for banks to recover loans from errant
borrowers. The move would also help the financial institutions to reduce their nonperforming assets and release funds for home, retail or corporate credit needs.
Commodity, bullion trade to come under the I-T radar (BS)
The government has decided to bring mining along with bullion and commodity trade
on the income tax radar in the current financial year so as to promptly detect tax
evasion and garner additional revenue.
BRICS exchanges to cross-list indexes (Reuters)
Exchanges from Brazil, Russia, India, Hong Kong and South Africa said they plan to
list contracts based on their flagship equity indexes by June 2012.
Cabinet approves cable digitisation (Reuters)
The cabinet approved an ordinance on digitisation of cable network, in a move that
could boost prospects for cable television service providers and broadcasters.
15% higher rail freight rates to jack up industrial costs (BS)
At a time when the industry is suffering from high inflation, the railways have decided
to go for a more than 15 per cent across-the-board rise in freight rates through the
imposition of an extraneous hike in tariff.
Govt to infuse up to $1.6 bln in SBI by March (Reuters)
The government will infuse 45 billion to 80 billion rupees ($919.7 million to $1.6
billion) of funds in top lender State Bank of India (SBI) by March 2012, D.K. Mittal,
secretary of financial services said on Thursday.
Maruti Suzuki to shut Gurgaon plant 2 days; Manesar strike on (ET)
Maruti Suzuki said it will shut its main plant at Gurgaon for two days starting Friday,
due to component supply constraints from SPIL, where workers support the strike at
Maruti’s Manesar plant. Production of several models is halted.
HCL joins low-cost tablet war (BS)
HCL Infosystems on Thursday launched a new device, the ME-X1, at a competitive
price point of Rs 10,490. The tablet offers "localised content".
ONGC Videsh Limited buys 25% in kazakh oil block (ET)
ONGC Videsh has acquired 25% stake in the highly prospective Satpayev exploration
block in Kazakhstan, which can produce close to 300,000 barrels per day.
S&P downgrades Spain by one notch on weak growth outlook (Reuters)
Ratings agency Standard and Poor's downgraded the long-term credit rating of Spain
by one notch on Friday, knocking the euro down by a third of U.S. cent.
Slovakia clears way for euro zone rescue fund (Reuters)
Slovakia ratified new powers for the euro zone's rescue fund on Thursday, the last
country to do so, clearing the way for a bolder effort to arrest Europe's debt crisis.
Trade Deficit in Is U.S. Little Changed at Four-Month Low of $45.6 Billion
(Bloomberg Finance LP)
The U.S. trade deficit was little changed at a four-month low of $45.6 billion in August
as near- record exports helped keep the economy expanding.
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