Sesa Goa net profit rises 442.42% in the June 2008 quarter
Net profit of Sesa Goa rose 442.42% to Rs 644.72 crore in the quarter ended June 2008 as against Rs 118.86 crore during the previous quarter ended June 2007. Sales rose 175.59% to Rs 1251.68 crore in the quarter ended June 2008 as against Rs 454.18 crore during the previous quarter ended June 2007.
Zee Entertainment Enterprises net profit rises 104.19% in the June 2008 quarter
Net profit of Zee Entertainment Enterprises rose 104.19% to Rs 130.97 crore in the quarter ended June 2008 as against Rs 64.14 crore during the previous quarter ended June 2007. Sales rose 48.52% to Rs 333.32 crore in the quarter ended June 2008 as against Rs 224.43 crore during the previous quarter ended June 2007
Crompton Greaves net profit rises 29.29% in the June 2008 quarter
Net profit of Crompton Greaves rose 29.29% to Rs 88.90 crore in the quarter ended June 2008 as against Rs 68.76 crore during the previous quarter ended June 2007. Sales rose 20.85% to Rs 1082.86 crore in the quarter ended June 2008 as against Rs 896.07 crore during the previous quarter ended June 2007.
Pidilite Industries net profit declines 5.31% in the June 2008 quarter
Mahindra & Mahindra Financial Services net profit rises 24.81% in the June 2008 quarter
SEL Manufacturing Company net profit rises 215.32% in the June 2008 quarter
Infotech Enterprises net profit rises 99.26% in the June 2008 quarter
Kalyani Steels net profit declines 25.44% in the June 2008 quarter
Sterling Tools net profit rises 286.05% in the June 2008 quarter
Mastek net profit rises 205.23% in the June 2008 quarter
J Kumar Infraprojects reports net profit of Rs 7.58 crore in the June 2008 quarter
Sterlite Technologies net profit declines 30.93% in the June 2008 quarter
Lakshmi Machine Works net profit declines 3.09% in the June 2008 quarter
MMTC net profit rises 38.09% in the June 2008 quarter
Aries Agro reports net loss of Rs 0.90 crore in the June 2008 quarter
Source: CM
23 July 2008
Market cheers UPA win: Sensex settles 838 points up
Market cheers UPA win: Sensex settles 5.94 % up
FIIs turn bullish; invest Rs 1,306.56 cr in equities
The government emerging victorious in the confidence motion gave bulls the much needed trigger to trample bears on Wednesday. Buoyant global cues following crude oil's further fall added to the upbeat mood. The confidence vote win in parliament meant that the government could revive stalled economic reforms. It also meant that the country could now go ahead and sign the civilian nuclear deal with the US which has the potential to significantly boost India's nuclear energy production. The euphoria was witnessed across the board. Power and capital goods cashed on to the prospects of the Indo-US nuclear deal while investors fancied banking stocks on expectations of more mergers and restructuring in the sector.
Crucial legislations in insurance and banking sectors and bills for setting up of a pension regulatory body and one for unorganised sector had been pending following opposition from the Left parties that had the government's hands tied down. But the sustainability of the current rally remains a question for many. Analysts cautioned that macro-economic issues, such as soaring inflation and growth slowdown, are likely to peg back sentiment. "It is too early to call it a secular bottom yet. Bear market rallies of such nature are typical. But that does not mean the rally will die in a day or two. In any case, the market was in an oversold territory which is why over the last few it has seen sustained buying.
So this can take it to north of 15,500 quite comfortably. However, gains are likely to be limited as economic worries still persist," said an analyst with a local brokerage. Further, the Reserve Bank of India's monetary policy review is due on July 29. After two surprise rate increases in June, many expect the central bank could either raise its key lending rate again. This could again dampen sentiment.
Bombay Stock Exchange's Sensex settled 5.94 per cent or 838.08 points higher at 14,942.28, just 58 points away from the 15000 mark. It soared to a high of 14,979.90 from a low of 14,568.22. National Stock Exchange's Nifty ended at 4476.80, up 5.58 per cent or 236 points higher. The broader index touched a high of 4491.55 and low of 4246.70 during the day. Secondline stocks also gathered momentum.
BSE Midcap Index gained 5.05 per cent to close at 5,615.94 and BSE Smallcap Index ended 4.23 per cent up at 6,812.64. Reliance Communications (12.12%), ICICI Bank (12.04%), HDFC (11.29%), State Bank of India (11.17%) and BHEL (10.86%) fronted the Sensex rally. Financial stocks were the star performers in Wednesday's trade with index heavyweights ICICI Bank (11.64%), HDFC (10.92%), State Bank of India (10.45%) and HDFC Bank (9.57%) stealing the show.
Other gainers in the 30-share index comprised Reliance Communications (12.2%), BHEL (10.92%), Reliance Infrastructure (10.36%) and DLF (9.12%). Cipla (-2.21%) and Hindustan Unilever (-0.65%) were the only frontline stocks that disappointed. Market breadth was impressive with 2270 advances outnumbering 436 declines on BSE, while on NSE, there were 1176 gainers and 111 losers. Meanwhile, oil continued its retreat on Wednesday, with US crude oil futures down $2.51 at $125.94 a barrel as fears that Hurricane Dolly would hit Gulf of Mexico crude supply faded. The drop in oil prices, which is now down more than $20 after hitting a record above $147, eased recent concerns over inflation and rising costs for companies.
ADAG cos among top traded counters
Oil prices fall past $126 a barrel
Higher FDI in insurance likely soon
Rupee too cheers UPA trust vote victory
Markets greet govt win with relief, stocks hit a month high
Sensex surges 838 pts as bulls go on rampage
Kamat Hotels to expand ecotels
Era Infra bags NATRIP contract
Infotech Enterprises Q1 net up
Sesa Goa Q1 net up at Rs 633 cr
Source:ET,sify
FIIs turn bullish; invest Rs 1,306.56 cr in equities
The government emerging victorious in the confidence motion gave bulls the much needed trigger to trample bears on Wednesday. Buoyant global cues following crude oil's further fall added to the upbeat mood. The confidence vote win in parliament meant that the government could revive stalled economic reforms. It also meant that the country could now go ahead and sign the civilian nuclear deal with the US which has the potential to significantly boost India's nuclear energy production. The euphoria was witnessed across the board. Power and capital goods cashed on to the prospects of the Indo-US nuclear deal while investors fancied banking stocks on expectations of more mergers and restructuring in the sector.
Crucial legislations in insurance and banking sectors and bills for setting up of a pension regulatory body and one for unorganised sector had been pending following opposition from the Left parties that had the government's hands tied down. But the sustainability of the current rally remains a question for many. Analysts cautioned that macro-economic issues, such as soaring inflation and growth slowdown, are likely to peg back sentiment. "It is too early to call it a secular bottom yet. Bear market rallies of such nature are typical. But that does not mean the rally will die in a day or two. In any case, the market was in an oversold territory which is why over the last few it has seen sustained buying.
So this can take it to north of 15,500 quite comfortably. However, gains are likely to be limited as economic worries still persist," said an analyst with a local brokerage. Further, the Reserve Bank of India's monetary policy review is due on July 29. After two surprise rate increases in June, many expect the central bank could either raise its key lending rate again. This could again dampen sentiment.
Bombay Stock Exchange's Sensex settled 5.94 per cent or 838.08 points higher at 14,942.28, just 58 points away from the 15000 mark. It soared to a high of 14,979.90 from a low of 14,568.22. National Stock Exchange's Nifty ended at 4476.80, up 5.58 per cent or 236 points higher. The broader index touched a high of 4491.55 and low of 4246.70 during the day. Secondline stocks also gathered momentum.
BSE Midcap Index gained 5.05 per cent to close at 5,615.94 and BSE Smallcap Index ended 4.23 per cent up at 6,812.64. Reliance Communications (12.12%), ICICI Bank (12.04%), HDFC (11.29%), State Bank of India (11.17%) and BHEL (10.86%) fronted the Sensex rally. Financial stocks were the star performers in Wednesday's trade with index heavyweights ICICI Bank (11.64%), HDFC (10.92%), State Bank of India (10.45%) and HDFC Bank (9.57%) stealing the show.
Other gainers in the 30-share index comprised Reliance Communications (12.2%), BHEL (10.92%), Reliance Infrastructure (10.36%) and DLF (9.12%). Cipla (-2.21%) and Hindustan Unilever (-0.65%) were the only frontline stocks that disappointed. Market breadth was impressive with 2270 advances outnumbering 436 declines on BSE, while on NSE, there were 1176 gainers and 111 losers. Meanwhile, oil continued its retreat on Wednesday, with US crude oil futures down $2.51 at $125.94 a barrel as fears that Hurricane Dolly would hit Gulf of Mexico crude supply faded. The drop in oil prices, which is now down more than $20 after hitting a record above $147, eased recent concerns over inflation and rising costs for companies.
ADAG cos among top traded counters
Oil prices fall past $126 a barrel
Higher FDI in insurance likely soon
Rupee too cheers UPA trust vote victory
Markets greet govt win with relief, stocks hit a month high
Sensex surges 838 pts as bulls go on rampage
Kamat Hotels to expand ecotels
Era Infra bags NATRIP contract
Infotech Enterprises Q1 net up
Sesa Goa Q1 net up at Rs 633 cr
Source:ET,sify
Oil at 6-week low as storm fears ease
Oil at 6-week low as storm fears ease
US STOCKS-Market up as oil's drop trumps earnings; Yahoo up late
NEW YORK (Reuters) - Oil prices fell to a six-week low on Tuesday amid concerns over sliding U.S. energy demand and expectations that a hurricane pushing through the Gulf of Mexico would spare most offshore oil production.
The losses extend a decline from the July 11 peak over $147 a barrel that has marked the steepest price fall in dollar terms in oil's history -- leading some analysts to question how soon the market will resume its six-year rally.
"We've now seen more than a $20 decline in the crude oil market from the highs and this suggests that we've seen enough of a shift in the supply and demand balance on a larger scale to cap the market," said Tim Evans, energy analyst for Citi Futures Perspective in New York.
U.S. crude futures fell $3.09 to settle at $127.95 a barrel after dipping as low as $125.63 -- the lowest level since early June. London Brent crude fell $3.23 to $129.38 a barrel.
Dealers said mounting economic trouble in the United States and continued lackluster energy demand from the world's biggest consumer nation were the key focuses of oil's slide.
Gasoline consumption in the United States is running about 2.2 percent below year-ago levels in a sign drivers stunned by soaring pump prices are curbing their road travel, according to a MasterCard survey released Tuesday.
Even so, oil remains nearly 30 percent higher than at the start of this year, and more than six times higher than in 2002, in a rally driven by startling growth in China and other developing Asian economies.
Oil traders and analysts added that Hurricane Dolly, moving through the western Gulf of Mexico on a path toward the Texas-Mexico border, was unlikely to seriously disrupt the region's oil production. Continued...
------------------------------------
Yahoo profit falls, CFO says 2008 outlook intact
Fannie, Freddie rescue gets big price tag as House vote looms
GE, Abu Dhabi firm in $8 bln joint venture
E*Trade loss deeper than expected; issues warning
United, US Airways, JetBlue post losses on fuel woes
Source: Reuters.com
US STOCKS-Market up as oil's drop trumps earnings; Yahoo up late
NEW YORK (Reuters) - Oil prices fell to a six-week low on Tuesday amid concerns over sliding U.S. energy demand and expectations that a hurricane pushing through the Gulf of Mexico would spare most offshore oil production.
The losses extend a decline from the July 11 peak over $147 a barrel that has marked the steepest price fall in dollar terms in oil's history -- leading some analysts to question how soon the market will resume its six-year rally.
"We've now seen more than a $20 decline in the crude oil market from the highs and this suggests that we've seen enough of a shift in the supply and demand balance on a larger scale to cap the market," said Tim Evans, energy analyst for Citi Futures Perspective in New York.
U.S. crude futures fell $3.09 to settle at $127.95 a barrel after dipping as low as $125.63 -- the lowest level since early June. London Brent crude fell $3.23 to $129.38 a barrel.
Dealers said mounting economic trouble in the United States and continued lackluster energy demand from the world's biggest consumer nation were the key focuses of oil's slide.
Gasoline consumption in the United States is running about 2.2 percent below year-ago levels in a sign drivers stunned by soaring pump prices are curbing their road travel, according to a MasterCard survey released Tuesday.
Even so, oil remains nearly 30 percent higher than at the start of this year, and more than six times higher than in 2002, in a rally driven by startling growth in China and other developing Asian economies.
Oil traders and analysts added that Hurricane Dolly, moving through the western Gulf of Mexico on a path toward the Texas-Mexico border, was unlikely to seriously disrupt the region's oil production. Continued...
------------------------------------
Yahoo profit falls, CFO says 2008 outlook intact
Fannie, Freddie rescue gets big price tag as House vote looms
GE, Abu Dhabi firm in $8 bln joint venture
E*Trade loss deeper than expected; issues warning
United, US Airways, JetBlue post losses on fuel woes
Source: Reuters.com
Market to rally on govt confidence vote win
Market to rally on govt confidence vote win
23 Jul, 2008, 0600 hrs IST, REUTERS
Rupee and stock markets are expected to rise on Wednesday after the government won the confidence vote ensuring its immediate survival, with analysts expecting it could revive some of its stalled economic reforms. But economists expected rallies to be short-lived as concerns about inflation nearing 12 percent, high oil prices, slowing economic growth and rising interest rates are likely to return to the fore now the political uncertainty had faded.
"The markets will be relieved, and now that there is no uncertainty, investors will turn to the fundamentals, like inflation and oil and the global markets. Foreign investors will look at how further reforms take place," said Andrew Holland, head of the strategic risk group at DSP Merrill Lynch in Mumbai. "The stock market is likely to go up by 1-2 percent in the morning, then we will go back to the fundamentals, locally and globally." Ahead of the vote on Tuesday, which the government won by 275 votes to 256, the rupee ended at 42.73/74 per dollar, weaker than Monday's close at 42.68/69, but the 30-share index closed 1.84 percent higher at 14,104.20 points.
The stock market had climbed in anticipation of a government win for four days in a row ahead of the vote, rising off a recent 15-month trough of 12,514.02. American depositary receipts also rose sharply after the vote. The Congress-party led coalition won the confidence vote late on Tuesday with the help of regional parties, after splitting with its communist allies of four years, who pulled their support in protest at a nuclear energy deal with the United States. Analysts said the government should now survive until the end of its term, with elections due by next May, although its joy at the victory was tempered by opposition lawmakers saying they were offered bribes to abstain.
REFORMS
Analysts said the government could now try to sell stakes in some state-run companies to boost revenues as its finances worsen due to oil and food subsidies. Finance Minister Palaniappan Chidambaram said it would work with other parties to take reforms forward. The currency was also likely to gain with the political uncertainty out of the way and a revived reform agenda potentially bringing in foreign investment, economists said. "There will be a knee-jerk positive reaction in the currency market and the rupee may open at today's high of around 42.58 per dollar and may even test 42.50," said Agam Gupta, head of trading at Standard Chartered Bank. The rupee touched a 15-month low earlier in July of 43.50 per dollar, under pressure from a rising trade and current account deficit due to record oil prices. The benchmark 10-year bond yield ended at 9.12 percent on Tuesday, above Monday's close of 9.06 percent. It hit a seven-year high of 9.55 percent this month on concerns about inflation and a rising oil subsidy bill.
..................Continued...Next >>
------------------------------------------------------
Indian ADRs jump after govt wins confidence vote
US stocks jump as crude drops by $3
------------------------------------------------------
23 Jul, 2008, 0600 hrs IST, REUTERS
Rupee and stock markets are expected to rise on Wednesday after the government won the confidence vote ensuring its immediate survival, with analysts expecting it could revive some of its stalled economic reforms. But economists expected rallies to be short-lived as concerns about inflation nearing 12 percent, high oil prices, slowing economic growth and rising interest rates are likely to return to the fore now the political uncertainty had faded.
"The markets will be relieved, and now that there is no uncertainty, investors will turn to the fundamentals, like inflation and oil and the global markets. Foreign investors will look at how further reforms take place," said Andrew Holland, head of the strategic risk group at DSP Merrill Lynch in Mumbai. "The stock market is likely to go up by 1-2 percent in the morning, then we will go back to the fundamentals, locally and globally." Ahead of the vote on Tuesday, which the government won by 275 votes to 256, the rupee ended at 42.73/74 per dollar, weaker than Monday's close at 42.68/69, but the 30-share index closed 1.84 percent higher at 14,104.20 points.
The stock market had climbed in anticipation of a government win for four days in a row ahead of the vote, rising off a recent 15-month trough of 12,514.02. American depositary receipts also rose sharply after the vote. The Congress-party led coalition won the confidence vote late on Tuesday with the help of regional parties, after splitting with its communist allies of four years, who pulled their support in protest at a nuclear energy deal with the United States. Analysts said the government should now survive until the end of its term, with elections due by next May, although its joy at the victory was tempered by opposition lawmakers saying they were offered bribes to abstain.
REFORMS
Analysts said the government could now try to sell stakes in some state-run companies to boost revenues as its finances worsen due to oil and food subsidies. Finance Minister Palaniappan Chidambaram said it would work with other parties to take reforms forward. The currency was also likely to gain with the political uncertainty out of the way and a revived reform agenda potentially bringing in foreign investment, economists said. "There will be a knee-jerk positive reaction in the currency market and the rupee may open at today's high of around 42.58 per dollar and may even test 42.50," said Agam Gupta, head of trading at Standard Chartered Bank. The rupee touched a 15-month low earlier in July of 43.50 per dollar, under pressure from a rising trade and current account deficit due to record oil prices. The benchmark 10-year bond yield ended at 9.12 percent on Tuesday, above Monday's close of 9.06 percent. It hit a seven-year high of 9.55 percent this month on concerns about inflation and a rising oil subsidy bill.
..................Continued...Next >>
------------------------------------------------------
Indian ADRs jump after govt wins confidence vote
US stocks jump as crude drops by $3
------------------------------------------------------
Source: Rediff, ET
Economic Reforms: India Inc's wish list
Economic Reforms: India Inc's wish list
Following are some of the key components of economic reforms which India Inc will now hope the United Progressive Alliance (UPA) will address, having won the trust motion in parliament on Tuesday:
- Divestment of government equity in public sector undertakings
- Privatisation of state-run companies
- Liberal labour policies for corporate sector
- Foreign equity in multi-brand retailing
- Higher equity for foreign companies in single-brand retailing
- Higher foreign equity for foreign companies in insurance sector
- Development of a vibrant corporate bond market
- Easier norms for foreign banks to set up operations in India
- Removal of 10 percent cap on voting rights for investors in non-state banks
- Relaxation of land ceiling for foreign realty developers
- Easier entry norms for credit rating companies
- Higher foreign equity in asset reconstruction companies
- Higher equity for foreign firms in state-run refining projects
- Higher foreign equity in newspapers and current affairs periodicals
- Permission for news and current affairs programming on FM radio
- More liberal policies for foreign equity in commodity exchanges
Source:ET
Following are some of the key components of economic reforms which India Inc will now hope the United Progressive Alliance (UPA) will address, having won the trust motion in parliament on Tuesday:
- Divestment of government equity in public sector undertakings
- Privatisation of state-run companies
- Liberal labour policies for corporate sector
- Foreign equity in multi-brand retailing
- Higher equity for foreign companies in single-brand retailing
- Higher foreign equity for foreign companies in insurance sector
- Development of a vibrant corporate bond market
- Easier norms for foreign banks to set up operations in India
- Removal of 10 percent cap on voting rights for investors in non-state banks
- Relaxation of land ceiling for foreign realty developers
- Easier entry norms for credit rating companies
- Higher foreign equity in asset reconstruction companies
- Higher equity for foreign firms in state-run refining projects
- Higher foreign equity in newspapers and current affairs periodicals
- Permission for news and current affairs programming on FM radio
- More liberal policies for foreign equity in commodity exchanges
Source:ET
Singh is King: UPA govt wins confidence vote
Singh is King: UPA govt wins confidence vote
Indian Prime Minister Manmohan Singh's government won a vote of confidence in parliament on Tuesday, ensuring the immediate survival of the ruling coalition and a civilian nuclear deal with the United States. Earlier the opposition demanded the resignation of the prime minister anyway after three of its lawmakers said they had been bribed to abstain.
The government won 275 votes against 256 for the opposition, the parliamentary speaker Somnath Chatterjee announced. The session was angry and chaotic. The debate was briefly adjourned when opposition lawmakers interrupted the debate to wave wads of cash they said were offered as bribes by the government to abstain.
The vote pitted the Congress-led coalition that negotiated the civilian nuclear deal against its former communist allies and opposition parties led by the Hindu-nationalist Bharatiya Janata Party (BJP). With the vote very close, several MPs who are ill were flown or wheeled in from hospital, and others, in jail for crimes such as murder and extortion, were granted temporary release.
The win means the four-year-old, left-of-centre government will, for the moment, stay in power. It will try and move ahead with a civilian nuclear deal, seen as one of the few legacies of the prime minister. The deal would draw India closer to the West and allow the Asian giant access to foreign civilian nuclear fuel and technology, despite not signing the Non-Proliferation Treaty and conducting nuclear tests in 1974 and 1998.
It could unlock $40 billion in investment over the next 15 years, according to an Indian business lobby group, as India seeks new energy sources to tap its booming, trillion-dollar economy. But it is unclear whether the prime minister will be able to stay in power until elections scheduled by May, 2009, especially if the bribery scandal spirals and involves top government officials.
Investors had hoped the victory would give the government time to battle rising inflation, which has hit the pockets of millions of poor voters, as well as passing some economic reforms in sectors like insurance and pensions. Investors had expected a narrow win for the government, and said the victory could boost markets. The main share index has risen by more than 12 percent in the last four sessions.
The confidence vote was sparked by the withdrawal of the government's communist allies to protest the nuclear deal, which they say will make India's security and energy policies dependent on the United States. Finance Minister Palaniappan Chidambaram, in a speech frequently interrupted by shouting from the opposition benches, defended the government's record and said nuclear power was vital if the country was to emulate the economic success of China. "This government under Dr Manmohan Singh's leadership is charting out a new path which will end India's nuclear isolation, which will pave the way for India becoming an economic superpower," he said. Despite the parliamentary victory, it is still unclear whether there is enough time for the deal to be passed by US.
Congress under the Bush administration. The agreement needs clearance from the governors of the UN atomic watchdog and a 45-nation group that controls sensitive nuclear trade. The government helped secure a parliamentary majority with the support of the regional Samajwadi Party (SP), which replaced the communists as its parliamentary support. The SP will now effectively hold the balance of power in India and the party is expected to give the government more room than the communists to pass economic reforms.
--------------------------------------------------------------
Manmohan 7th PM to win trust vote in three decades
India Inc, investors hail UPA victory
India to check inflation without hurting growth: PM
'N-deal will open opportunities for 400 companies'
After trust win, Kamal Nath heads for Geneva
Cabinet reshuffle on cards?
India Inc relieved as government wins trust vote
PM proves mettle, wins confidence vote
10 horses bolt from BJP stable
The dream team of Congress
You may not love him, but you can't ignore him
FM rubs it in, Left and Right
Cash-on-table a first in Lok Sabha history
Lalu banks on Bollywood songs to score points
Life after the trust vote
'Whistle blowers can face action'
Indian Prime Minister Manmohan Singh's government won a vote of confidence in parliament on Tuesday, ensuring the immediate survival of the ruling coalition and a civilian nuclear deal with the United States. Earlier the opposition demanded the resignation of the prime minister anyway after three of its lawmakers said they had been bribed to abstain.
The government won 275 votes against 256 for the opposition, the parliamentary speaker Somnath Chatterjee announced. The session was angry and chaotic. The debate was briefly adjourned when opposition lawmakers interrupted the debate to wave wads of cash they said were offered as bribes by the government to abstain.
The vote pitted the Congress-led coalition that negotiated the civilian nuclear deal against its former communist allies and opposition parties led by the Hindu-nationalist Bharatiya Janata Party (BJP). With the vote very close, several MPs who are ill were flown or wheeled in from hospital, and others, in jail for crimes such as murder and extortion, were granted temporary release.
The win means the four-year-old, left-of-centre government will, for the moment, stay in power. It will try and move ahead with a civilian nuclear deal, seen as one of the few legacies of the prime minister. The deal would draw India closer to the West and allow the Asian giant access to foreign civilian nuclear fuel and technology, despite not signing the Non-Proliferation Treaty and conducting nuclear tests in 1974 and 1998.
It could unlock $40 billion in investment over the next 15 years, according to an Indian business lobby group, as India seeks new energy sources to tap its booming, trillion-dollar economy. But it is unclear whether the prime minister will be able to stay in power until elections scheduled by May, 2009, especially if the bribery scandal spirals and involves top government officials.
Investors had hoped the victory would give the government time to battle rising inflation, which has hit the pockets of millions of poor voters, as well as passing some economic reforms in sectors like insurance and pensions. Investors had expected a narrow win for the government, and said the victory could boost markets. The main share index has risen by more than 12 percent in the last four sessions.
The confidence vote was sparked by the withdrawal of the government's communist allies to protest the nuclear deal, which they say will make India's security and energy policies dependent on the United States. Finance Minister Palaniappan Chidambaram, in a speech frequently interrupted by shouting from the opposition benches, defended the government's record and said nuclear power was vital if the country was to emulate the economic success of China. "This government under Dr Manmohan Singh's leadership is charting out a new path which will end India's nuclear isolation, which will pave the way for India becoming an economic superpower," he said. Despite the parliamentary victory, it is still unclear whether there is enough time for the deal to be passed by US.
Congress under the Bush administration. The agreement needs clearance from the governors of the UN atomic watchdog and a 45-nation group that controls sensitive nuclear trade. The government helped secure a parliamentary majority with the support of the regional Samajwadi Party (SP), which replaced the communists as its parliamentary support. The SP will now effectively hold the balance of power in India and the party is expected to give the government more room than the communists to pass economic reforms.
--------------------------------------------------------------
Manmohan 7th PM to win trust vote in three decades
India Inc, investors hail UPA victory
India to check inflation without hurting growth: PM
'N-deal will open opportunities for 400 companies'
After trust win, Kamal Nath heads for Geneva
Cabinet reshuffle on cards?
India Inc relieved as government wins trust vote
PM proves mettle, wins confidence vote
10 horses bolt from BJP stable
The dream team of Congress
You may not love him, but you can't ignore him
FM rubs it in, Left and Right
Cash-on-table a first in Lok Sabha history
Lalu banks on Bollywood songs to score points
Life after the trust vote
'Whistle blowers can face action'
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