25 February 2010

BUDGET 2010

This is what the Economic Survey 2009-10 says

This is what the Economic Survey 2009-10 says!


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A day before the Budget, the Economic Survey on Thursday predicted up to 8.75 per cent growth in 2010-11 while recommending a gradual roll back of stimulus -- a move that could entail hike in excise duty and service tax.

Warning that high double digit food prices could lead to "higher-than-anticipated" general level of inflation, the Survey called for effective steps to be taken to remove supply-side bottlenecks together with other policies.

The Survey said the government policy, other calibrated measures and tax reliefs as contained in the stimulus have helped the economy shrug off effects of slowdown triggered by global financial meltdown in 2008.

The buoyancy in the economy in tandem with reforms would make India possibly the fastest growing economy in the next four years, it said while recommending that there was a need for improving government financial by way of raising tax and non-tax revenues and containing deficit.

Last week, the Prime Minister's Economic Advisory Council too had suggested partial roll back of stimulus measures, including raising excise duty and service tax rates.

The Survey also echoed this view: "The broad-based nature of the recovery creates scope for a gradual rollback, in due course, of some of the measures undertaken over the last 15-18 months. . . so as to put the economy back on to the growth path of nine per cent annually."

The economy is projected to grow by 7.2 per cent this fiscal with industrial and services sectors growing at 8.2 and 8.7 per cent, respectively. Full recovery is likely over the next two fiscals with up to 8.75 per cent growth in 2010-11 and nine per cent the subsequent year.

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Src: Rediff Money

Market Watch: Stocks to open higher ahead of FnO expiry

Market Watch: Stocks to open higher ahead of F&O expiry



MUMBAI: Stocks are expected to open higher on Thursday as global cues are supportive. However, given the F&O expiry due today, volatility is
likely to continue.

“The market is taking time to consolidate and create a base before we head for a big rally. There is not much momentum seen in the markets ahead of the Union Budget and F&O expiry. Every dip in the market should be used as a buying opportunity around the support levels and every rise should be utilized as selling opportunity unless Nifty manages to hold above 4,950.

For today, support for Nifty seen at 4,805-4,785 and stiff resistance at 4,885 level, if Nifty holds above 4,885 then next level could be 4,950. Sensex is facing a stiff resistance at 16,330 level which is a crucial level to watch out,” said Nirmal Bang Securities.

US stocks climbed higher Wednesday on hopes of more cheap money after Federal Reserve Chairman Ben Bernanke reassured lawmakers interest rates will remain low.

The Dow Jones Industrial Average gained 91.75 points, or 0.89 per cent, to 10,374.16. The Standard & Poor's 500 Index rose 10.64 points, or 0.97 per cent, to 1,105.24. The Nasdaq Composite Index advanced 22.46 points, or 1.01 per cent, to 2,235.90.

Asian stocks were trading with minor losses Thursday. The Nikkei edged 0.02 per cent lower, Hang Seng shed 0.75 per cent, Straits Times lost 0.08 per cent and Taiex fell 0.09 per cent.

Back home, markets ended on a flat-to-negative note Wednesday, even as the railway budget was presented. Trade was choppy ahead of expiry of February F&O series Thursday and caution ahead of Union Budget on Friday.

Bombay Stock Exchange’s Sensex ended at 16,255.97, down 30.35 points or 0.19 per cent. It touched a low of 16187.44 and touched a high of 16328.44. National Stock Exchange’s Nifty closed at 4858.60, down 11.45 points or 0.24 per cent. It touched a low of 4834.65 and high of 4880.55. BSE Midcap Index was down 0.41 per cent and BSE Smallcap Index moved 0.61 per cent lower.



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Heard on the Street



Citi MD quits fin market jungle, heads for the wild



Nikhi Nagle, managing director and head of India equities at Citi, is learnt to have put in his papers, less than a year after taking charge of the broking operations in India. Speculation had been rife ever since Keshav Sanghi was hired as deputy head of India equities, that Mr Nagle may move back to the investment bank’s Hong Kong division.

Rated as one of the best traders in Citi, he was managing the bank’s proprietary book out of Hong Kong, before being made head of India equities in February 2009. Buzz on the Street is that the ace trader will devote time to his wildlife NGO for a while, which aims to increase awareness for India’s forests and tribal population.

Stimulus, but of a different kind

The sudden demand for Rural Electrification Corporation (REC) shares from foreign fund houses on the last day of subscription on Tuesday had tongues wagging. It turns out that the merchant bankers to the issue were subjected to some tongue lashing from senior officials in the divestment ministry for not having done a proper job of hard selling the offering.

The government must have been particularly stung by the fact that lesser-known companies were raising funds with ease, while companies with proven track records like NTPC and REC were being made to look ridiculous. Anyway, the “stimulus” seems to have had an immediate effect, with the lead managers going into an overdrive to drum up interest for the issue.

This is not the first time that merchant bankers are taking it on the chin from the government. In 2004, some prominent investment banks had been hauled by the minister for disinvestment, after it transpired that their broking arms were offloading shares of ONGC, which was in the midst of its follow-on issue.

Oricon Enterprises eyes real estate in Mumbai

Buz is that Oricon Enterprises, a logistics, trading and distribution company, is planning to develop its real estate in Mumbai. According to dealers tracking the stock, the company is planning to construct commercial real estate on its 2-acre plot in Worli, a prime location in Mumbai.

According to punters, the move will increase cash position of the company by about Rs 600 crore. Company officials were not available for comment. Shares of Oricon Enterprises ended 0.4% lower at Rs 348.20 on the BSE.

Contributed by Deeptha Rajkumar, Santosh Nair & Shailesh Menon


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Railway Budget 2010-11 Review


Daily Newsletter - Feb 25 2010


Rei Agro


Src: Economictimes, Deadpresident Blog

Yesterday I saw God Playing Cricket, Sachin 200 in ODI

Nothing is impossible: Sachin Tendulkar's unbeaten 200- ET Cetera ...

Sachin Tendulkar’s unbeaten 200 is a testimony to his fitness and commitment even as he heads for his 37th birthday. He is looking as fit as

focused and as formidable as he ever has, and his timing remains untouched by the passing years.

Having played till the age of 39, I know that discipline, good, healthy living and focus can add years to one’s career. What I lost in pace and stamina, I gained in control and guile. In Tendulkar’s case, too, he has smartly sorted out his game. He might not have the eye he had in his late 20s, or the speed — those are the peak years of every batsman. However, Tendulkar has compensated for those areas with excellent shot selection and placement.

I always maintain that Test cricket and one-day cricket are two different areas, one cannot be connected to the other. However, Tendulkar’s rich vein of form in the longer version seems to have relaxed him and given him the freedom to play in an unburdened manner. Though I did not see the knock, the statistics I have got are staggering.

The fact that he got the score in 147 balls itself is a huge achievement and by reaching 200 he bettered one of the best one-day knocks I have seen, by Saeed Anwar. The latter was one of the sweetest timers of the ball, and that knock in Chennai was when he was at the peak of his form. To have bettered that Tendulkar must have really turned on the magic with some scintillating shots.

There may be many who will say that the wicket helped strokeplay and that there was nothing in it for the bowlers. But no matter what the wicket is like, to stand through 50 overs and score 200 is a very, very special effort — an achievement that his contemporaries, Ricky Ponting and Brian Lara, would have been proud of.

If I had had to pick up a guy as the one to score the first one-day double ton, it would have been Virender Sehwag. He is young, belligerent and in unbelievable touch. However, it was his illustrious senior who pipped him at the post. Tendulkar seems to have rediscovered an exuberance and enjoyment which seems to have taken his game to a different level, and India would be hoping that he maintains this rhythm for some time.

This achievement would mean a lot to Tendulkar, even though he has many records to his name because every opener must have had an eye on this record. A double century has only been a theoretical possibility in limited overs so far, so in many ways Tendulkar has achieved something unusual. True, he has many feathers on his cap, but this one is a really special one. An absolutely phenomenal record by a truly phenomenal player.







Tendulkar first to 200 in an ODI



Feels good that I lasted 50 overs' | Manjrekar: 'No one deserved record more' | 'Glad I'm not bowling to him' - Warne | Stats: Utimate ODI innings | Six of the best



MS Dhoni is happy as Sachin Tendulkar reaches 200 in the last over, 2nd ODI, Gwalior, February 24, 2010
Sachin Tendulkar: "Since I was timing the ball well, I could be more aggressive and put pressure on the bowlers" © Associated Press

Sachin Tendulkar, who broke the record for the highest individual ODI score, overtaking Saeed Anwar and Charles Coventry on his way to the format's first double-hundred, has said his ability to bat the entire 50 overs was a testament to his fitness after having played the game for more than 20 years.

"It feels good that I lasted for 50 overs, a good test of my fitness. I'd like to bat another 50 overs at some stage and see that the fitness level doesn't drop," Tendulkar said after his effort helped India take a unassailable 2-0 lead in the series. "The ball was coming onto the bat and I was striking the ball well. So when everything falls into its place, it feels nice. It was one of the innings where I felt I was moving well. Since I was timing the ball well, I could be more aggressive and put pressure on the bowlers."

Tendulkar, while dedicating his feat to the people of India, credited coach Gary Kirsten for the team's success in both forms of the game after the debacle in the World Cup in the Caribbean. "I've enjoyed various challenges; after the 2007 World Cup things have looked different and I'm enjoying the game," he said. "The credit also goes to Gary [Kirsten], he has really held the team beautifully. It's about togetherness and playing for each other. You see during the practice sessions that Gary himself trains as hard as anyone else, or probably harder than anyone else as he's the one giving us practice all the time."

Tendulkar said he sensed an opportunity to break the record and reach a double-century when he had gone past 175 in the 42nd over. The record eventually came in the 46th over, and the 200 in the 50th. "When I was near 175-180, I thought I could get a 200 as there were quite a few overs left," he said. He added that he would prefer his achievement to be upstaged by an Indian. "I don't play for records, I play for enjoyment and play with lots of passion. That's how cricket started. I didn't start playing cricket to break all the records; it's happened along the way. The dream was to play for India and do my best.

"I don't think any record is unbreakable. Records are made to be broken. I hope that if this record is broke, it's done by an Indian."

This was India's third-highest score in ODIs, and Tendulkar said the 400-mark would not have reached if not for some big hitting by Yusuf Pathan and MS Dhoni. "I thought a target of 340-350 would be a good one, but Yusuf Pathan and MS Dhoni came in and hit the big shots and cleared the ropes consistently and helped us pass 400."

Tendulkar added that India were not relaxing despite having put up a mammoth score, for they were aware South Africa were the only team to have chased down a target in excess of 400. "This was the team that chased 434 against Australia. So we didn't get complacent and told ourselves that we had just got through the half-way stage by scoring 401. And what we did in the second half was extremely important. We were aiming at getting early wickets and putting them out of the game."

Dhoni, who witnessed Tendulkar surpass the record from the other end, said: "I think one of the best innings, you can say. It's always good to be on the other side, watching him score 200 runs. When he is tired and can't play the big shots, he was very clever to use the pace of the bowler and it's very difficult for the bowlers as they don't know where exactly to bowl."

India lost Virender Sehwag early, and Tendulkar was assisted in three sizable stands where runs came at a brisk pace, with Dinesh Karthik, Yusuf and Dhoni. "Once Viru got out, it was important to get some kind of a partnership going. They [Tendulkar and Karthik] went on with their innings, and they set a platform after which we were sure we would get 350-plus which would be a difficult target," Dhoni said. "Yusuf was sent up the order and with the talent he's got, he can be a great asset to the side."

Yusuf scored a quickfire 36 and was particularly lethal during the batting Powerplay, while Dhoni proved destructive at the death, bludgeoning 68 off 35 in a century-stand with Tendulkar in just 53 balls. "I have changed my batting a bit, but the situation demanded that kind [attacking] of innings," Dhoni said. "The ground is a small one, and we were a bit worried about the dew factor. But once they lost 3-4 early wickets, it was difficult for them to get back into the game."

For South Africa and their stand-in captain Jacques Kallis, it was a case of the basics gone wrong. "The toss was quite vital. Our basics were just weren't good enough today. We were outplayed," Kallis said. "We lost wickets at crucial stages, our basics let us down. A fantastic innings by Sachin; he took advantage of some good conditions and he played superbly. We let ourselves down in some areas."


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Src: Cricket Websites and ET