Tag Archives: India
India cbank to under-take mid-quarter policy reviews
July 27 (Reuters) – India’s central bank will undertake mid-quarter policy reviews, it said in its first quarter review on Tuesday. The mid-cycle reviews, due in June, September, December and March months are intended to take the surprise element out of off-cycle actions, it said. The next mid-quarter policy review will be held on Sept [...]
India cbank:consumer price inflation at elevated levels
July 27 (Reuters) – India’s central bank said on Tuesday consumer price inflation remains at elevated levels and demand-side pressures need to be contained. At its quarterly policy review, the bank also said real policy rates are not consistent with strong economic growth. (Reporting by Jeanette Rodrigues; editing by Surojit Gupta)
JFE says no plans to raise JSW stake further
July 27 (Reuters) – JFE Steel Corp, the world’s fifth-biggest steelmaker, said it had no plans to further raise its stake in India’s JSW Steel Ltd (JSTL.BO) above 14.99 percent. JFE announced earlier that it would spend about $1 billion for a 14.99 percent stake in India’s JSW Steel. [ID:nTOE66Q02R] (Reporting by Yuko Inoue)
India fuel inflation at 14.27 pct y/y as at July 10
July 22 (Reuters) – India’s fuel price index rose 14.27 percent in the year to July 10, while the food price index climbed 12.47 percent, government data released on Thursday showed. Fuel price inflation was flat on the previous week’s annual rise, while the pace of food price inflation accelerated from last week’s 12.81 percent. [...]
ICICI Bank CEO sees 20 pct credit growth in FY11
July 19 (Reuters) – ICICI Bank (ICBK.BO), India’s second-largest lender, expects 20 percent credit growth in this fiscal year to March 2011, its chief executive said on Monday. The bank is not planning to launch the initial public offering of its broking arm, ICICI Securities, during this fiscal year, Chanda Kochhar told reporters. (Reporting by [...]
India mkt regulator panel for hiking open offer trigger
July 19 (Reuters) – India’s market regulator’s takeover panel on Monday recommended hiking the open offer trigger to 25 percent from 15 percent. It also recommended raising the minimum open offer size to 100 percent from 20 percent currently. (Reporting by Prashant Mehra & Aniruddha Basu; editing by Malini Menon)
India’s BHEL gets $567 mln order for power plant
July 19 (Reuters) – Indian energy equipment maker Bharat Heavy Electricals (BHEL.BO) said on Monday it got an order worth 26.65 billion rupees ($567 million) for setting up a 1,200 megawatts thermal power plant from Dainik Bhaskar Power Ltd. ($1=47 rupees) (Reporting by Pratish Narayanan)
India Tata Motors June global sales up 46 pct
July 15 (Reuters) – India’s Tata Motors (TAMO.BO) on Thursday said its global vehicles sales rose 46 percent in June to 91,608 units, compared with a year ago. The figure includes its British luxury unit Jaguar Land Rover, whose sales rose 47 percent in the month to 20,189 units, the company said in a statement. [...]
India fuel inflation at 14.27 pct y/y as at July 3
July 15 (Reuters) – India’s fuel price index rose 14.27 percent in the year to July 3, while the food price index climbed 12.81 percent, government data released on Thursday showed. Fuel price inflation eased from the previous week’s annual rise of 18.02 percent, while the pace of food price inflation edged up marginally from [...]
Goldman cuts India’s HPCL to neutral
July 15 (Reuters) – Goldman Sachs said on Thursday it had downgraded Indian refiner Hindustan Petroleum Corp (HPCL.BO) to “neutral” from “buy”. “Following a sharp rally in the state-owned oil stocks after commencement of fuel pricing reforms, we find the risk-reward for our conviction ideas less compelling than before,” it said in a note. Goldman [...]
India plan panel deputy sees inflation at 5-6 pct by Dec
July 14 (Reuters) – India’s wholesale price inflation will ease to 5 percent to 6 percent by December, deputy chairman of planning commission Montek Singh Ahluwalia told reporters on Wednesday. While India is on track to grow at 8.5 percent in the fiscal year that ends in March 2011, it is grappling with wholesale price [...]
India’s L&T gets $81 mln contract from ONGC
July 14 (Reuters) – Indian construction conglomerate Larsen & Toubro (LART.BO) said on Wednesday it had won a contract worth 3.76 billion rupees ($81 million) to refurbish an offshore rig for state-run explorer Oil and Natural Gas Corp (ONGC.BO). ($1=46.7 rupees) (Reporting by Prashant Mehra)
Tata Steel denies $2 bln fund raising report
July 14 (Reuters) – India’s Tata Steel (TISC.BO), the world’s No. 8 steelmaker, on Wednesday denied a media report the company was planning to raise about $2 billion through fresh equity over the next quarter to help fund expansion. “Nothing at this point,” a Tata Steel spokesman told Reuters when asked about fund raising plans. [...]
India May industrial output up 11.5 pct y/y-govt
July 12 (Reuters) – India’s industrial output INIP=ECI in May rose at a slower-than-expected 11.5 percent from a year earlier, data showed on Monday. The median forecast in a Reuters poll was for an annual rise of 16 percent. Manufacturing output INMFG=ECI rose an annual 12.3 percent, the federal statistics office said in a statement. [...]
Water level in Indian reservoirs higher than yr ago
July 9 (Reuters) – Water level in India’s main reservoirs rose to 15 percent of capacity, higher than 10 percent a year ago, government data showed on Friday. Reservoirs had more water because last year’s June rainfall was about half of the long-term average, while this year the rainfall deficit in the month was 16 [...]
India’s Bharti up about 9 percent after stock upgrade
(Reuters) – Shares in Bharti Airtel (BRTI.BO), India’s leading mobile operator, rose nearly 9 percent on Friday after Credit Suisse upgraded the stock to outperform from neutral. At 10:10 a.m. (12:40 a.m. ET), the stock was trading up 8.4 percent at 304.50 rupees, after hitting 305.65. In comparison, the main Mumbai market .BSESN was up [...]
India sorting out China telco import issue-official
July 9 (Reuters) – India is working to sort out restrictions on Chinese telecom equipment imports, Telecom Secretary P.J. Thomas said on Friday, but did not provide a timeframe for a decision. “We are working on that. We had a discussion with organisations, associations and they have of course helped us with their own suggestions,” [...]