Economy News  16 Oct: Kotak Sec

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Economy News
 The country's merchandise exports expanded 2.7% over a year earlier to
$28.9bn in September, against $28.1bn the same month last year. The rise
was 2.35% in August. Imports, however, surged almost 26% cent, to a 16-
month high of $43.15bn in September against $34.3bn in the same month
last year. Imports had risen only 2.1% in August. This catapulted the trade
deficit to a 16-month high of $14.25bn in September, more than double
the $6.1bn in the same month last year. (BS)
 Brent crude oil for November delivery has dropped to $83.37, the lowest
intra-day level since November 2010, before recovering a little to $83.95.
The global declining trend has also brought down the price of crude oil
that India imports, to $87.46 a barrel, and is set to reduce the
government's oil subsidy bill for this financial year. (BS)
 As market forces test Reserve Bank of India Governor Raghuram Rajan's
resolve to hold interest rates high in his fight against inflation, the central
bank may be shifting its strategy to intervening in the government bond
market instead of the forward currency market to keep its policy
relevant. (ET)
 In a setback for the country's power sector and the government's
ambitious plans of 24X7 power supply, four major power companies -
Adani Power, Jindal Power, Sterlite Energy and GMR Energy - have pulled
out of the bidding process for ultra-mega power plants (UMPP) to be set
up at Cheyyur in Tamil Nadu and Bhedabahal in Odhisha. (FE)