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News Headlines
Cash-strapped finance ministry questions oil subsidy (Reuters)
India is taking a closer look at its fuel subsidy costs by questioning the low refining
margins of its state-run oil firms, a government source said on Wednesday, signalling
a veiled threat of cuts that could hurt the companies' profits.
After SBI's rating cut, govt takes stock of its banks (BS)
After Moody’s Investors Service downgraded the standalone rating of the country’s
largest lender, State Bank of India, the government has swung into action and started
taking stock of capital requirements of the public sector banks and their ratings.
SBI to be fully capitalised: Finance Ministry (ET)
The finance ministry says it is committed to capitalising State Bank of India, while
playing down Moody's downgrade of the country's largest lender on Tuesday. The
bank needs Rs 14,000-21,000 crore for the next five years.
Services PMI shrinks first time in over 2 years (Reuters)
India's service sector has contracted for the first time in more than two years as new
business all but dried up and expectations weakened amid concern over a flagging
world economy, a survey showed on Wednesday.
Fiscal deficit in line with past trends, says FinMin (BS)
Even as the fiscal deficit has touched 66 per cent of Budget estimates in just five
months, the finance ministry asserted this was in line with the average trend of the
past five years. Target of reining in the deficit at 4.6 per cent of GDP would be met.
Credit growth slows, deposits up in first half of FY12 (BS)
Bank credit rose 3.9 per cent in the April-September period, lower than the 5.6 per
cent growth in the same period of the previous financial year. Bankers attribute the
fall to higher lending rates and the slowdown in economic activity this financial year.
Banks breathe easy as liquidity improves (BS)
For the first time since the start of this financial year, liquidity in the banking system
has turned to surplus mode. Most banks have parked funds worth Rs 41,530 crore
with RBI in the last two days under the liquidity adjustment facility.
Mundra Port sole bidder for Chennai port terminal (BS)
Mundra Port and Special Economic Zone, India’s largest private port, has emerged as
the sole bidder for Chennai port’s Rs 3,680-crore mega container terminal project. A
senior official of the Chennai Port said Mundra Port would invest Rs 3,125 crore.
Essar Power to invest $8 billion in thermal power projects in nxt 3 years (ET)
Betting big on power business, Essar Power has earmarked an investment of $8
billion in the next three years for setting up thermal power projects in the country. It
plans to increase its capacity by 8,000 MW power by 2014.
Carlyle buys 9 percent stake in India Infoline (Reuters)
U.S. Private equity giant Carlyle Group has bought 9 percent of financial services firm
India Infoline (IIFL) on the open market, the companies said on Wednesday, building
a stake worth $38 million based on current prices.
SAIL's Visvesvaraya steel plant to get captive iron ore mine (ET)
The mines ministry will soon allot an iron ore lease in Karnataka's Bellary district to
SAIL's Visvesvaraya Iron and Steel Ltd (VISL) plant, ending the company's seven-yearlong wait for a captive mine.
JSW steel to restore full production in 4 weeks (BS)
JSW Steel, which had cut production to 30 per cent of installed capacity at its 10-
million tonnes-per-annum (mtpa) Karnataka unit after the ban on mining and sale of
iron ore, is optimistic of restoring normal output by the end of this month.
Suzlon receives 25.5 MW order from GAIL (BS)
Suzlon Energy Limited, the wind turbine supplier, announced its third consecutive
order from GAIL--the gas utility company.
ECB Keeps Banks Afloat; Governments Act on Greece (Bloomberg Finance LP)
The ECB will reintroduce year-long loans, giving banks access to unlimited cash
through Jan. 2013, and resume purchases of covered bonds to encourage lending.
Bank of England Expands Bond-Purchase Program (Bloomberg Finance LP)
The Monetary Policy Committee raised the ceiling for so-called quantitative easing to
275 billion pounds ($421 billion) from 200 billion pounds.
Volcker Rule Draft Puts U.S. Banks’ Short-Term Trades Under More Scrutiny
(Bloomberg Finance LP)
Banks seeking to gain from or hedge against short-term price movements in
securities and derivatives would face restrictions under a proprietary- trading ban.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
News Headlines
Cash-strapped finance ministry questions oil subsidy (Reuters)
India is taking a closer look at its fuel subsidy costs by questioning the low refining
margins of its state-run oil firms, a government source said on Wednesday, signalling
a veiled threat of cuts that could hurt the companies' profits.
After SBI's rating cut, govt takes stock of its banks (BS)
After Moody’s Investors Service downgraded the standalone rating of the country’s
largest lender, State Bank of India, the government has swung into action and started
taking stock of capital requirements of the public sector banks and their ratings.
SBI to be fully capitalised: Finance Ministry (ET)
The finance ministry says it is committed to capitalising State Bank of India, while
playing down Moody's downgrade of the country's largest lender on Tuesday. The
bank needs Rs 14,000-21,000 crore for the next five years.
Services PMI shrinks first time in over 2 years (Reuters)
India's service sector has contracted for the first time in more than two years as new
business all but dried up and expectations weakened amid concern over a flagging
world economy, a survey showed on Wednesday.
Fiscal deficit in line with past trends, says FinMin (BS)
Even as the fiscal deficit has touched 66 per cent of Budget estimates in just five
months, the finance ministry asserted this was in line with the average trend of the
past five years. Target of reining in the deficit at 4.6 per cent of GDP would be met.
Credit growth slows, deposits up in first half of FY12 (BS)
Bank credit rose 3.9 per cent in the April-September period, lower than the 5.6 per
cent growth in the same period of the previous financial year. Bankers attribute the
fall to higher lending rates and the slowdown in economic activity this financial year.
Banks breathe easy as liquidity improves (BS)
For the first time since the start of this financial year, liquidity in the banking system
has turned to surplus mode. Most banks have parked funds worth Rs 41,530 crore
with RBI in the last two days under the liquidity adjustment facility.
Mundra Port sole bidder for Chennai port terminal (BS)
Mundra Port and Special Economic Zone, India’s largest private port, has emerged as
the sole bidder for Chennai port’s Rs 3,680-crore mega container terminal project. A
senior official of the Chennai Port said Mundra Port would invest Rs 3,125 crore.
Essar Power to invest $8 billion in thermal power projects in nxt 3 years (ET)
Betting big on power business, Essar Power has earmarked an investment of $8
billion in the next three years for setting up thermal power projects in the country. It
plans to increase its capacity by 8,000 MW power by 2014.
Carlyle buys 9 percent stake in India Infoline (Reuters)
U.S. Private equity giant Carlyle Group has bought 9 percent of financial services firm
India Infoline (IIFL) on the open market, the companies said on Wednesday, building
a stake worth $38 million based on current prices.
SAIL's Visvesvaraya steel plant to get captive iron ore mine (ET)
The mines ministry will soon allot an iron ore lease in Karnataka's Bellary district to
SAIL's Visvesvaraya Iron and Steel Ltd (VISL) plant, ending the company's seven-yearlong wait for a captive mine.
JSW steel to restore full production in 4 weeks (BS)
JSW Steel, which had cut production to 30 per cent of installed capacity at its 10-
million tonnes-per-annum (mtpa) Karnataka unit after the ban on mining and sale of
iron ore, is optimistic of restoring normal output by the end of this month.
Suzlon receives 25.5 MW order from GAIL (BS)
Suzlon Energy Limited, the wind turbine supplier, announced its third consecutive
order from GAIL--the gas utility company.
ECB Keeps Banks Afloat; Governments Act on Greece (Bloomberg Finance LP)
The ECB will reintroduce year-long loans, giving banks access to unlimited cash
through Jan. 2013, and resume purchases of covered bonds to encourage lending.
Bank of England Expands Bond-Purchase Program (Bloomberg Finance LP)
The Monetary Policy Committee raised the ceiling for so-called quantitative easing to
275 billion pounds ($421 billion) from 200 billion pounds.
Volcker Rule Draft Puts U.S. Banks’ Short-Term Trades Under More Scrutiny
(Bloomberg Finance LP)
Banks seeking to gain from or hedge against short-term price movements in
securities and derivatives would face restrictions under a proprietary- trading ban.
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