VCcircle.com
KKR Eyes Indian Infrastructure Sector; Current Equity Value $463M
RIL Partners With Vornado For $500-M Real Estate Investment Firm
SEBI Reduces Rights Issue Timelines To 43 Days; QIP Pricing Norms Relaxed
TrueBridge Capital To Invest 25% Of $310-M Fund in India and China
Gopinath Ties Up With GMR For Cargo Hubs In Delhi, Hyderabad Airports
Fortis HealthWorld Acquires Pharma Retail Chain CRS Health
Famy Care Plans To Dilute 15% Stake; In Talks With Mylan, PE Funds
Baring Asia To Pick Up 40% RSP Architects For $100 Million
HarbourVest Raises $1Bn For Its $3Bn Non-US Fund; To Invest $500M In Asia
Tata Capital In Tie Up With Mitsubishi UFJ Securities For I-Banking, Equity Offerings
Indian Angel Network Invests In Legal Outsourcing Firm TechLit
DE Shaw To Increase Stake In Regional Media Group Amar Ujala
56 Hedge Funds Register In July; Stephen Mandel, Samir Arora Among Them
Auto Componet Maker Federal-Mogul To Acquire 51% Stake In Perfect Circle
Tata Capital To Sign Pact With Japan’s Mitsubishi Securities
Greater Pacific To Pick Up 38% In Outsourcing Co Azure For $33 Million
Tesco Finally Gets Indian Partner, Tata’s Trent
Oman Investment Fund, Others Invest $185M In Quippo Telecom
Russell Investments To Increase Exposure To Indian Real Estate
Credit Suisse PE Invests $100 Million In Hydrabad’s Indu Projects
Helion Ventures Invests $4 Million In HummingBird Suites
Australia’s IPGA Buys Into Real Estate Portal RealAcres.com
News Roundup: Pharma Co Bags $35M UNICEF Order, RPG Big On Telecom Towers
-------------------------------------------
IndiaPE.com
Infrastructure is still in for India-specific funds
VCFs may get RBI nod
PEs eye standalone regional hospitals
DFJ to fund education company
SeedFund invested $1 million in Lifeblob
Credit Suisse to invest $113m in Indu Projects
KIMS to raise PE funding for expansion
CMAI arranges $100 mn fund for ecofriendly ICT R&D
Fortis Healthworld acquired CRS Health
HTMT chalks out $100 mn for foreign acquisitions
July was the worst month for M&A this year
Baring to buy 40 pc in RSP Architects
Famy Care may sell 15% to PE funds
GPC to buy 38% in Azure
Credit Suisse invests $100m in Indu Projects
Source: Above sites.
This blog is for providing daily news of Corporate Indian Stories, Corporate Results, Equities, MFs, Banking,Insurance, Brokerages Informations, World Business, Venture Capital, Angel Investors, BSchools, MBAs,Jobs, Politics & something Interesting.Our team will be grateful to the owners of various Indian/world/govt sites to refer their sites to get INFORMATION without objection.Request viewers to make verification about the information. Blog is not responsible for any faulty information.
17 August 2008
A must watch article: Top 100 Tools for Learning
TOP TOOLS
Top 100 Tools for Learning 2008Updated: 16/08/2008
The list is compiled from the contributions of 191 learning professionals (from both education and workplace learning) who shared their Top 10 Tools for Learning both for their own personal learning/ productivity and for creating learning solutions for others. [See the individual contributions here]
THIS LIST IS CONSTANTLY BEING REVISED AS WE RECEIVE NEW OR UPDATED CONTRIBUTIONS.
TOP 20Key to availability: D=download; H=hosted; C=insert code onto page
http://c4lpt.co.uk/recommended/top100.html
Some of them are listed below:
For more: http://c4lpt.co.uk/recommended/top100.html
Other related: http://c4lpt.co.uk/recommended/analysis.html
----------------------------------------
DIRECTORY OF LEARNING TOOLS
This Directory contains over 2,400 tools for learning in two main sections:
for creating, delivering and managing learning and performance support solutions
for managing your own learning and productivity, for sharing resources, as well as group collaboration (also includes some enterprise tools)
The tools in this Directory are both freeware/open source and commercial.
Our recommended E-Learning hosting service
Visit: http://c4lpt.co.uk/Directory/
Source: C4lpt.co.uk.
Index Outlook, Stock Analysis: BusinessLine
Index Outlook
DERIVATIVES MARKETS: Nifty may move in narrow band
Sensex (14724.2)
The markets could not revel in plunging commodity prices for long as the spectre of slowing economic growth manifested itself once more in industrial production and in the economic outlook of the economic advisory council. Rate-sensitive stocks that had begun a merry rally were hammered down once more as investors rushed to lock in their gains.
It was another dull week and the Sensex eased lower after the peak at 15580 on Tuesday. Volumes were low as traders took time off to enjoy the long weekend. Open interest continues to be high, though reduction in Nifty put call ratio implies that short positions are being squared up during declines.
The exhaustion gap formed on Monday was closed in the subsequent session heralding the commencement of a down trend. A 3-wave move has been completed from the trough at 12514 formed on July 16. The dark-cloud pattern in the weekly candlestick chart along with the downward reversal from key level, in the weekly relative strength index, denotes that the medium term up trend from the July trough has ended last week.
But this could be just one part of the corrective up-move in the bear phase from 21206. As explained last week, there are numerous ways in which the rest of this correction can shape. The movement of the Sensex over the next two weeks would help form a better picture of the road ahead. Here are a couple of pointers to the way the index can move in the near term and its implications,
A decline to the zone between 14365 (50-day moving average) and 14420 appears imminent in the near term. A reversal from here would have bullish connotations for the medium term and would signal an impending move towards 17000.
The medium-term outlook will turn neutral on a penetration of 14360. The subsequent supports are at 13700 and then 12514. Such a decline would imply that the correction could result in the index vacillating between 12500 and 15500 for a few more months.
Our outlook for the week ahead is ambivalent, neither negative nor positive. Resistances for the week ahead would be at 15250 and then 15580. Failure to surpass the first resistance would drag the index lower to 14425 or 14063. Fresh trading longs should be avoided below 14425.
Nifty (4430.7)
The Nifty reversed from an intra week peak at 4650 last week. The medium term up-move from 3816 appears to have been completed last week and a decline towards 4300 is possible in the near term. If this level is penetrated, the next support is at 4120. The medium term outlook will turn negative only on a decline below this level.
Conversely an upward reversal from 4300 will underline the bullishness for the near term and pave the way for a rally to 5050. Resistances for the week would be at 4560 and then 4650.Failure to rally beyond the first resistance would be provide a shorting opportunity to traders.
Global Cues
Dow Jones Industrial Average reversed lower from 11867 on Monday. But the near term outlook for the index will stay positive as long as it holds above 11230.
After crude oil, it was the turn of gold to hold everyone spell bound, with the awesome 7 per cent decline last week. The selling cascaded once the key support at $850 was breached on Monday. The metal appears to have commenced a long-term correction of the entire bull market since 2001. The immediate supports on the long-term charts are at $780 and then $730. Investors can watch for a long-term trough around $730. —Lokeshwarri S. K.
Other analysis:
STOCKS: Kalindee Rail Nirman Engineers: BuyInvestments with a two-year perspective can be considered in the stock of Kalindee Rail Nirman Engineers, which is engaged in the business of signalling, telecommunications, gauge conversion and track-laying for the Indian Railways. A direct ...
STOCKS: HDFC Bank: HoldInvestors with a one-year horizon can hold on to the HDFC Bank stock. Though the bank has sound financials, concerns about rising interest rates, higher cost of funds and compressing spreads have cut down valuations for banking stocks. ...
TECHNICAL ANALYSIS: Query Corner: What the charts sayI bought Hexaware Tech at Rs 125 and Graphite India at Rs 56. Kindly let me know the medium and long-term prospects of these stocks. Can I average Hexaware at current ...
STOCKS: Ranbaxy - Open Offer: AcceptShareholders of Ranbaxy may use Daiichi Sankyo’s open offer (slated to begin from August 16) to book profits on the stock as the offer price is attractive. Japanese innovator drug company Daiichi Sankyo, in June this year, agreed to buy ...
STOCK MARKETS: Bull's EyeE-mail your response by Tuesday to:
STOCK MARKETS: Baskets of X
E-mail your guess before Tuesday to:BasketsofX@gmail.com ...
TECHNICAL ANALYSIS:
Tata Steel / SBI / Reliance / Infosys / Unitech / Reliance Infra
STOCKS: Monsanto India: BuyInvestors with a two-three year horizon can buy the stock of Monsanto India, a leading producer and marketer of agricultural ...
MUTUAL FUNDS: Reliance Equity: Hold
MUTUAL FUNDS: Kotak Opportunities: Invest
MUTUAL FUNDS: Fund Talk
MUTUAL FUNDS: Update
Source: BusinessLine
DERIVATIVES MARKETS: Nifty may move in narrow band
Sensex (14724.2)
The markets could not revel in plunging commodity prices for long as the spectre of slowing economic growth manifested itself once more in industrial production and in the economic outlook of the economic advisory council. Rate-sensitive stocks that had begun a merry rally were hammered down once more as investors rushed to lock in their gains.
It was another dull week and the Sensex eased lower after the peak at 15580 on Tuesday. Volumes were low as traders took time off to enjoy the long weekend. Open interest continues to be high, though reduction in Nifty put call ratio implies that short positions are being squared up during declines.
The exhaustion gap formed on Monday was closed in the subsequent session heralding the commencement of a down trend. A 3-wave move has been completed from the trough at 12514 formed on July 16. The dark-cloud pattern in the weekly candlestick chart along with the downward reversal from key level, in the weekly relative strength index, denotes that the medium term up trend from the July trough has ended last week.
But this could be just one part of the corrective up-move in the bear phase from 21206. As explained last week, there are numerous ways in which the rest of this correction can shape. The movement of the Sensex over the next two weeks would help form a better picture of the road ahead. Here are a couple of pointers to the way the index can move in the near term and its implications,
A decline to the zone between 14365 (50-day moving average) and 14420 appears imminent in the near term. A reversal from here would have bullish connotations for the medium term and would signal an impending move towards 17000.
The medium-term outlook will turn neutral on a penetration of 14360. The subsequent supports are at 13700 and then 12514. Such a decline would imply that the correction could result in the index vacillating between 12500 and 15500 for a few more months.
Our outlook for the week ahead is ambivalent, neither negative nor positive. Resistances for the week ahead would be at 15250 and then 15580. Failure to surpass the first resistance would drag the index lower to 14425 or 14063. Fresh trading longs should be avoided below 14425.
Nifty (4430.7)
The Nifty reversed from an intra week peak at 4650 last week. The medium term up-move from 3816 appears to have been completed last week and a decline towards 4300 is possible in the near term. If this level is penetrated, the next support is at 4120. The medium term outlook will turn negative only on a decline below this level.
Conversely an upward reversal from 4300 will underline the bullishness for the near term and pave the way for a rally to 5050. Resistances for the week would be at 4560 and then 4650.Failure to rally beyond the first resistance would be provide a shorting opportunity to traders.
Global Cues
Dow Jones Industrial Average reversed lower from 11867 on Monday. But the near term outlook for the index will stay positive as long as it holds above 11230.
After crude oil, it was the turn of gold to hold everyone spell bound, with the awesome 7 per cent decline last week. The selling cascaded once the key support at $850 was breached on Monday. The metal appears to have commenced a long-term correction of the entire bull market since 2001. The immediate supports on the long-term charts are at $780 and then $730. Investors can watch for a long-term trough around $730. —Lokeshwarri S. K.
Other analysis:
STOCKS: Kalindee Rail Nirman Engineers: BuyInvestments with a two-year perspective can be considered in the stock of Kalindee Rail Nirman Engineers, which is engaged in the business of signalling, telecommunications, gauge conversion and track-laying for the Indian Railways. A direct ...
STOCKS: HDFC Bank: HoldInvestors with a one-year horizon can hold on to the HDFC Bank stock. Though the bank has sound financials, concerns about rising interest rates, higher cost of funds and compressing spreads have cut down valuations for banking stocks. ...
TECHNICAL ANALYSIS: Query Corner: What the charts sayI bought Hexaware Tech at Rs 125 and Graphite India at Rs 56. Kindly let me know the medium and long-term prospects of these stocks. Can I average Hexaware at current ...
STOCKS: Ranbaxy - Open Offer: AcceptShareholders of Ranbaxy may use Daiichi Sankyo’s open offer (slated to begin from August 16) to book profits on the stock as the offer price is attractive. Japanese innovator drug company Daiichi Sankyo, in June this year, agreed to buy ...
STOCK MARKETS: Bull's EyeE-mail your response by Tuesday to:
STOCK MARKETS: Baskets of X
E-mail your guess before Tuesday to:BasketsofX@gmail.com ...
TECHNICAL ANALYSIS:
Tata Steel / SBI / Reliance / Infosys / Unitech / Reliance Infra
STOCKS: Monsanto India: BuyInvestors with a two-three year horizon can buy the stock of Monsanto India, a leading producer and marketer of agricultural ...
MUTUAL FUNDS: Reliance Equity: Hold
MUTUAL FUNDS: Kotak Opportunities: Invest
MUTUAL FUNDS: Fund Talk
MUTUAL FUNDS: Update
Source: BusinessLine
16 August 2008
Hot Careers
Senior Positions
13 August 2008 - Solution Architect One of the Top 3 Companies in the Domestic IT Market
13 August 2008 - Managing Consultant / Sr. Consultant - Consumer / FMCG India’s Leading Executive Search & Management Consultants
13 August 2008 - Managing Consultant / Sr. Consultant - Sales & Marketing India’s Leading Executive Search & Management Consultants
13 August 2008 - Managing Consultant / Sr. Consultant - Finance & Commercial India’s Leading Executive Search & Management Consultants
13 August 2008 - Managing Consultant / Sr. Consultant - Retail India’s Leading Executive Search & Management Consultants
13 August 2008 - Managing Consultant / Sr. Consultant - Banking Financial Services & Insurance (BFSI) India’s Leading Executive Search & Management Consultants
13 August 2008 - Managing Consultant / Sr. Consultant - Media & Entertainment India’s Leading Executive Search & Management Consultants
13 August 2008 - Managing Consultant / Sr. Consultant - Real Estate India’s Leading Executive Search & Management Consultants
---------------------------------------
Marketing/ Sales/ Advertising
13 August 2008 - Area Sales Manager - Software Sales Second Largest IT Products Distributor in Domestic Market
13 August 2008 - Managing Consultant / Sr. Consultant - Consumer / FMCG India’s Leading Executive Search & Management Consultants
13 August 2008 - Managing Consultant / Sr. Consultant - Sales & Marketing India’s Leading Executive Search & Management Consultants
13 August 2008 - Managing Consultant / Sr. Consultant - Retail India’s Leading Executive Search & Management Consultants
13 August 2008 - Managing Consultant / Sr. Consultant - Media & Entertainment India’s Leading Executive Search & Management Consultants
13 August 2008 - Product Manager One of the Top 3 Companies in the Domestic IT Market
13 August 2008 - National Manager One of the Top 3 Companies in the Domestic IT Market
12 August 2008 - Area Sales Manager Rincon India Solutions Pvt. Ltd.
11 August 2008 - Client Engagement Manager One of the Top 3 Companies in the Domestic IT Market
--------------------------------------------
Finance/ Banking
13 August 2008 - Managing Consultant / Sr. Consultant - Finance & Commercial India’s Leading Executive Search & Management Consultants
13 August 2008 - Managing Consultant / Sr. Consultant - Banking Financial Services & Insurance (BFSI) India’s Leading Executive Search & Management Consultants
12 August 2008 - Research Analyst A Growing Global Asset Management Company
11 August 2008 - VP - Credit Card Collections One of the Leading Captive BPOs
11 August 2008 - Economist Fortune 100 Investment Company
11 August 2008 - Relationship Manager A Leading MNC Bank
11 August 2008 - CFO One of the Largest NBFC / AMC in India
11 August 2008 - Director / VP / AVP - PE Infrastructure A Leading Global Private Equity Player
11 August 2008 - Associate - Equity Derivatives Leading Bank & Financial Services Provider in UAE
------------------------------------------------
HR
13 August 2008 - Managing Consultant / Sr. Consultant - Consumer / FMCG India’s Leading Executive Search & Management Consultants
13 August 2008 - Managing Consultant / Sr. Consultant - Sales & Marketing India’s Leading Executive Search & Management Consultants
13 August 2008 - Managing Consultant / Sr. Consultant - Finance & Commercial India’s Leading Executive Search & Management Consultants
13 August 2008 - Managing Consultant / Sr. Consultant - Retail India’s Leading Executive Search & Management Consultants
13 August 2008 - Managing Consultant / Sr. Consultant - Banking Financial Services & Insurance (BFSI) India’s Leading Executive Search & Management Consultants
13 August 2008 - Managing Consultant / Sr. Consultant - Media & Entertainment India’s Leading Executive Search & Management Consultants
13 August 2008 - Managing Consultant / Sr. Consultant - Real Estate India’s Leading Executive Search & Management Consultants
---------------------------------------------
Operations Management/ SCM; Transition/ Operations (BPO/KPO); Operations (Banking)
13 August 2008 - Program Manager - Datacenter One of the Top 3 Companies in the Domestic IT Market
13 August 2008 - Program Manager One of the Top 3 Companies in the Domestic IT Market
13 August 2008 - Service Delivery Manager One of the Top 3 Companies in the Domestic IT Market
13 August 2008 - Executive / Sr. Executive - Corporate Infrastructure Design One of the Big 4 Consulting Organizations
13 August 2008 - National Program Manager One of the Top 3 Companies in the Domestic IT Market
13 August 2008 - Operations Manager One of the Top 3 Companies in the Domestic IT Market
13 August 2008 - Product Manager One of the Top 3 Companies in the Domestic IT Market
13 August 2008 - National Manager One of the Top 3 Companies in the Domestic IT Market
---------------------------------------------
More @ www.Coolavenues.com
From Rediff
• Interested in Japanese Mgmt?• Are you a budding ad-man?
• NITTTR's MTech, ME degrees• Lucknow Univ's MBA courses
• PhD in Management from LIBA• Calcutta Univ's mgmt courses
• IIAS research Fellowships• Associateship in Nuke Physics
• Want to study engg abroad?• Become a physiotherapist
• TAPMI's PG prog in mgmt• IRMA's PGP in Rural Mgmt
• IIM-A's PGP in Agri-business• IIFT's consultancy symposium
• Degree in homoeopathy
Source: Rediff,Coolavenues.com
13 August 2008 - Solution Architect One of the Top 3 Companies in the Domestic IT Market
13 August 2008 - Managing Consultant / Sr. Consultant - Consumer / FMCG India’s Leading Executive Search & Management Consultants
13 August 2008 - Managing Consultant / Sr. Consultant - Sales & Marketing India’s Leading Executive Search & Management Consultants
13 August 2008 - Managing Consultant / Sr. Consultant - Finance & Commercial India’s Leading Executive Search & Management Consultants
13 August 2008 - Managing Consultant / Sr. Consultant - Retail India’s Leading Executive Search & Management Consultants
13 August 2008 - Managing Consultant / Sr. Consultant - Banking Financial Services & Insurance (BFSI) India’s Leading Executive Search & Management Consultants
13 August 2008 - Managing Consultant / Sr. Consultant - Media & Entertainment India’s Leading Executive Search & Management Consultants
13 August 2008 - Managing Consultant / Sr. Consultant - Real Estate India’s Leading Executive Search & Management Consultants
---------------------------------------
Marketing/ Sales/ Advertising
13 August 2008 - Area Sales Manager - Software Sales Second Largest IT Products Distributor in Domestic Market
13 August 2008 - Managing Consultant / Sr. Consultant - Consumer / FMCG India’s Leading Executive Search & Management Consultants
13 August 2008 - Managing Consultant / Sr. Consultant - Sales & Marketing India’s Leading Executive Search & Management Consultants
13 August 2008 - Managing Consultant / Sr. Consultant - Retail India’s Leading Executive Search & Management Consultants
13 August 2008 - Managing Consultant / Sr. Consultant - Media & Entertainment India’s Leading Executive Search & Management Consultants
13 August 2008 - Product Manager One of the Top 3 Companies in the Domestic IT Market
13 August 2008 - National Manager One of the Top 3 Companies in the Domestic IT Market
12 August 2008 - Area Sales Manager Rincon India Solutions Pvt. Ltd.
11 August 2008 - Client Engagement Manager One of the Top 3 Companies in the Domestic IT Market
--------------------------------------------
Finance/ Banking
13 August 2008 - Managing Consultant / Sr. Consultant - Finance & Commercial India’s Leading Executive Search & Management Consultants
13 August 2008 - Managing Consultant / Sr. Consultant - Banking Financial Services & Insurance (BFSI) India’s Leading Executive Search & Management Consultants
12 August 2008 - Research Analyst A Growing Global Asset Management Company
11 August 2008 - VP - Credit Card Collections One of the Leading Captive BPOs
11 August 2008 - Economist Fortune 100 Investment Company
11 August 2008 - Relationship Manager A Leading MNC Bank
11 August 2008 - CFO One of the Largest NBFC / AMC in India
11 August 2008 - Director / VP / AVP - PE Infrastructure A Leading Global Private Equity Player
11 August 2008 - Associate - Equity Derivatives Leading Bank & Financial Services Provider in UAE
------------------------------------------------
HR
13 August 2008 - Managing Consultant / Sr. Consultant - Consumer / FMCG India’s Leading Executive Search & Management Consultants
13 August 2008 - Managing Consultant / Sr. Consultant - Sales & Marketing India’s Leading Executive Search & Management Consultants
13 August 2008 - Managing Consultant / Sr. Consultant - Finance & Commercial India’s Leading Executive Search & Management Consultants
13 August 2008 - Managing Consultant / Sr. Consultant - Retail India’s Leading Executive Search & Management Consultants
13 August 2008 - Managing Consultant / Sr. Consultant - Banking Financial Services & Insurance (BFSI) India’s Leading Executive Search & Management Consultants
13 August 2008 - Managing Consultant / Sr. Consultant - Media & Entertainment India’s Leading Executive Search & Management Consultants
13 August 2008 - Managing Consultant / Sr. Consultant - Real Estate India’s Leading Executive Search & Management Consultants
---------------------------------------------
Operations Management/ SCM; Transition/ Operations (BPO/KPO); Operations (Banking)
13 August 2008 - Program Manager - Datacenter One of the Top 3 Companies in the Domestic IT Market
13 August 2008 - Program Manager One of the Top 3 Companies in the Domestic IT Market
13 August 2008 - Service Delivery Manager One of the Top 3 Companies in the Domestic IT Market
13 August 2008 - Executive / Sr. Executive - Corporate Infrastructure Design One of the Big 4 Consulting Organizations
13 August 2008 - National Program Manager One of the Top 3 Companies in the Domestic IT Market
13 August 2008 - Operations Manager One of the Top 3 Companies in the Domestic IT Market
13 August 2008 - Product Manager One of the Top 3 Companies in the Domestic IT Market
13 August 2008 - National Manager One of the Top 3 Companies in the Domestic IT Market
---------------------------------------------
More @ www.Coolavenues.com
From Rediff
• Interested in Japanese Mgmt?• Are you a budding ad-man?
• NITTTR's MTech, ME degrees• Lucknow Univ's MBA courses
• PhD in Management from LIBA• Calcutta Univ's mgmt courses
• IIAS research Fellowships• Associateship in Nuke Physics
• Want to study engg abroad?• Become a physiotherapist
• TAPMI's PG prog in mgmt• IRMA's PGP in Rural Mgmt
• IIM-A's PGP in Agri-business• IIFT's consultancy symposium
• Degree in homoeopathy
Source: Rediff,Coolavenues.com
15 August 2008
RIL to start crude production from KG basin next month
Reliance submits dev plan for 8 more KG block discoveries
Reliance Industries has submitted development plan for eight more gas discoveries in its prolific eastern offshore KG-D6 block. "The discoveries are adjacent to the Dhirubhai 1 and 3 gas fields that are currently under development," said Canada's Niko Resources, which is Reliance's junior partner in KG-D6.
While Dhirubhai-1 and 3 discoveries are expected to start production by end September, it is intended that the eight satellite discoveries would be tied back to the Dhirubhai-1 and 3 facilities. Numerous other prospects have been identified in deeper water areas of the block where further upside potential would be evaluated, Niko said. Reliance is investing US $ 5.2 bn in bringing to production Dhirubhai 1 and 3 fields, with initial output pegged at 40 mn standard cubic meters per day that would double in one years time.
Of this, US $ 3.28 bn has already been invested by June 30, it said. "Fourteen of the planned 18 Phase-I wells will be tied in after start-up," it added. Reliance would also start pumping out from the MA oil field in the same block within a months time. "The field is estimated to have a peak oil production rate of 40,000 barrels per day." The company is investing USD 2.234 bn in developing the MA oil fields in the predominantly gas-rich block. Niko has 10 per cent stake in the 7,645 sq kms KG-D6 block.
Reliance is the operator with 90 per cent interest. The block was awarded to Reliance-Niko in India's first international bid round in 1999. "Development of the Dhirubhai 1 and 3 natural gas fields and the MA oil field is substantially complete and exploration is ongoing on this block," Niko said.
Reliance may export diesel to Pak
-----------------------------------------------
RIL to start crude production from KG basin next month
Hyderabad, Aug. 12 With a FPSO (Floating, Production, Storage and Offloading) vessel set to stream into Kakinada from Singapore shortly , Reliance Industries Ltd is gearing up to extract crude from its Krishna Godavari basin wells by the second half of September.
This will be the first deepwater well in the country to produce crude. The FPSO managed by Aker of Norway is being built at Jurong Shipyard, Singapore, and is being leased by RIL for a three-year period.
The MA Fields in the D-6 block in the KG basin will produce about 40,000 barrels a day. The crude evacuated through pipeline grid set up will be shipped through tankers to refineries, according to RIL officials.
However, the gas produced from the KG wells will be pumped back into the wells as there is no possibility to store the gas. Meanwhile, the onshore gas processing facility at Gadimoga is nearing completion. “After the FPSO moves to Kakinada shores from Singapore, within a couple of weeks we expect production to commence from these wells. Initially, it could be about 15,000 barrels a day to be gradually ramped up to 40,000 barrels a day,” the official explained.
Asked about the gas production in the KG basin, the official said that most of the installations and pipeline work of 1,400 km from Kakinada to Bharuch had been completed barring small link-ups. The undersea equipment has been procured. It is likely that by the fourth quarter of this year, the gas wells will be ready for production.
Our Mumbai Bureau adds:
Dhirubhai-I, the floating oil production unit chartered by Reliance, has been built by converting a large tanker in Singapore .According to information reaching here from Singapore, the floating unit left Jurong yard last Wednesday and is scheduled to arrive at the eastern coast of India by Friday.
The floating oil unit is on a 10-year charter from the Norwegian company Aker and the initial contract value was $750 million. Aker will also operate and maintain the FPSO under a separate five-year contract.
Once the FPSO is anchored and connected to the oil wells, which is expected to take at least two weeks, oil production from a developed field can commence within a month, said an oil industry expert.Unlike normal tankers, which need dry-docking at least every two years, the FPSO is designed to operate for 10 years without dry-docking.
Dhirubhai-I can process 60,000 barrels of oil and 15 million cu m of gas a day and can store 1.3 million barrels of oil.The 8.86 lakh dwt tanker –S.T.Polar – was originally built in the US. The refitting at the Singapore yard is expected to extend the 25-year-old vessel’s life by 15 years.
Other top news
Two India-origin persons among Forbes top-paid young CEOs list
India's sugar exports soars to 43 LT till first week of Aug
Inflation a concern; growth should not be compromised: PM
Nepal:Reliance close to Highway deal
Insurance to touch Rs 20 bn by 2010
Insurers relax as IRDA defers MTM
Govt may allow duty free steel export
Bonanza for babus
SBI, ICICI Bank in race for rural salary accounts
Hindalco to sweeten rights with 3:7 offer
SCI to buy vessels for up to $3 bn
Tata Steel’s Vietnam deal - a good mining
Satyam rating in Gartner list
L&T consortium bags Rs 3,800-cr orders
Reliance Infratel scraps Rs6,000cr IPO
Source: ET,BL,UTVi,BS.
Reliance Industries has submitted development plan for eight more gas discoveries in its prolific eastern offshore KG-D6 block. "The discoveries are adjacent to the Dhirubhai 1 and 3 gas fields that are currently under development," said Canada's Niko Resources, which is Reliance's junior partner in KG-D6.
While Dhirubhai-1 and 3 discoveries are expected to start production by end September, it is intended that the eight satellite discoveries would be tied back to the Dhirubhai-1 and 3 facilities. Numerous other prospects have been identified in deeper water areas of the block where further upside potential would be evaluated, Niko said. Reliance is investing US $ 5.2 bn in bringing to production Dhirubhai 1 and 3 fields, with initial output pegged at 40 mn standard cubic meters per day that would double in one years time.
Of this, US $ 3.28 bn has already been invested by June 30, it said. "Fourteen of the planned 18 Phase-I wells will be tied in after start-up," it added. Reliance would also start pumping out from the MA oil field in the same block within a months time. "The field is estimated to have a peak oil production rate of 40,000 barrels per day." The company is investing USD 2.234 bn in developing the MA oil fields in the predominantly gas-rich block. Niko has 10 per cent stake in the 7,645 sq kms KG-D6 block.
Reliance is the operator with 90 per cent interest. The block was awarded to Reliance-Niko in India's first international bid round in 1999. "Development of the Dhirubhai 1 and 3 natural gas fields and the MA oil field is substantially complete and exploration is ongoing on this block," Niko said.
Reliance may export diesel to Pak
-----------------------------------------------
RIL to start crude production from KG basin next month
Hyderabad, Aug. 12 With a FPSO (Floating, Production, Storage and Offloading) vessel set to stream into Kakinada from Singapore shortly , Reliance Industries Ltd is gearing up to extract crude from its Krishna Godavari basin wells by the second half of September.
This will be the first deepwater well in the country to produce crude. The FPSO managed by Aker of Norway is being built at Jurong Shipyard, Singapore, and is being leased by RIL for a three-year period.
The MA Fields in the D-6 block in the KG basin will produce about 40,000 barrels a day. The crude evacuated through pipeline grid set up will be shipped through tankers to refineries, according to RIL officials.
However, the gas produced from the KG wells will be pumped back into the wells as there is no possibility to store the gas. Meanwhile, the onshore gas processing facility at Gadimoga is nearing completion. “After the FPSO moves to Kakinada shores from Singapore, within a couple of weeks we expect production to commence from these wells. Initially, it could be about 15,000 barrels a day to be gradually ramped up to 40,000 barrels a day,” the official explained.
Asked about the gas production in the KG basin, the official said that most of the installations and pipeline work of 1,400 km from Kakinada to Bharuch had been completed barring small link-ups. The undersea equipment has been procured. It is likely that by the fourth quarter of this year, the gas wells will be ready for production.
Our Mumbai Bureau adds:
Dhirubhai-I, the floating oil production unit chartered by Reliance, has been built by converting a large tanker in Singapore .According to information reaching here from Singapore, the floating unit left Jurong yard last Wednesday and is scheduled to arrive at the eastern coast of India by Friday.
The floating oil unit is on a 10-year charter from the Norwegian company Aker and the initial contract value was $750 million. Aker will also operate and maintain the FPSO under a separate five-year contract.
Once the FPSO is anchored and connected to the oil wells, which is expected to take at least two weeks, oil production from a developed field can commence within a month, said an oil industry expert.Unlike normal tankers, which need dry-docking at least every two years, the FPSO is designed to operate for 10 years without dry-docking.
Dhirubhai-I can process 60,000 barrels of oil and 15 million cu m of gas a day and can store 1.3 million barrels of oil.The 8.86 lakh dwt tanker –S.T.Polar – was originally built in the US. The refitting at the Singapore yard is expected to extend the 25-year-old vessel’s life by 15 years.
Other top news
Two India-origin persons among Forbes top-paid young CEOs list
India's sugar exports soars to 43 LT till first week of Aug
Inflation a concern; growth should not be compromised: PM
Nepal:Reliance close to Highway deal
Insurance to touch Rs 20 bn by 2010
Insurers relax as IRDA defers MTM
Govt may allow duty free steel export
Bonanza for babus
SBI, ICICI Bank in race for rural salary accounts
Hindalco to sweeten rights with 3:7 offer
SCI to buy vessels for up to $3 bn
Tata Steel’s Vietnam deal - a good mining
Satyam rating in Gartner list
L&T consortium bags Rs 3,800-cr orders
Reliance Infratel scraps Rs6,000cr IPO
Source: ET,BL,UTVi,BS.
Sensex emerges as the best of the world indices
Sensex emerges as the best of the world indices
After suffering the ignominy of languishing among the worst-performing markets for the past few months, matters have slightly improved for India. Outlook on equities continues to remains dismal —barring the occasional surge — but Indian equities have shown better resilience than what most market watchers had expected it to. After a fall in more than a third of its value in the six months of CY2008, the Sensex has rebounded remarkably to become the best-performing index amongst major indices in the last month. Easing of crude prices has provided some relief to the bulls who have been battling a flood of negative newsflow for the past few months. The price of crude has fallen by 20% from its peak of close to $150 a barrel. This has reduced the inflationary pressures to some extent, though experts feel it is too early to celebrate.
Indian shares, one of the worst performers in the first six months of the year, is gradually regaining some of its lost ground. A return to a degree of political stability after the trust vote as well as the strengthening rupee made Sensex the outperformer in the list of major global indices. The BSE Sensex recorded a rise of 18% in the period since July 15 — the day when all global markets were at their latest bottom. Capital goods, banks and realty — the sectors most impacted in the crash propelled the resurgence. Those sectors possess a high beta — indicating a greater correlation to the benchmark index, which entails that these sectors outperform the index in good times.
Slowing crude oil prices have not yet impacted consumer inflation figures, as the US inflation rose at the fastest rate in 17 years on account of energy and food prices. Despite the pessimism, a renewed confidence in the dollar brought cheer to US markets with the Nasdaq and Dow Jones posting positive returns. The exchanges registered returns of 12% and 6%, respectively, with investors anticipating inflation to cool off as reduced oil prices find their way to the inflation index. Whilst a correction in commodity prices brought about a relief to the Indian and American markets, economies dependent on commodities crashed further. The Brazilian Stock Exchange declined as investors grew sceptical on the commodity-driven economy. Commodities account for the entire export revenue growth, allowing for increased imports without worsening the trade balance. BOVESPA, the Brazilian benchmark index, declined by a further 12% in the period since July 17 as investors developed cold feet on the largest Latin American economy.
Lower inflation figures notwithstanding as well as the euphoria over the Olympics, the Shanghai Stock Exchange recorded a further fall of 8% in the past month. Market forecasts that the high producer price inflation figures reflect consumer prices to rise in the coming months in the world’s thirdlargest economy. Other Asian markets like the Nikkei in Japan and Hangseng in Hong Kong remained stable, registering marginal increases. European markets have gained in the past month despite fears of a recession in the UK. The FTSE 100, the London Stock Exchange, surged 8% despite deterioration in economic outlook for the nation. Similarly, despite a contraction in its economy in the last quarter, German markets remained largely positive on the future. The DAX grew 6% on optimism that cooling crude and a weakening euro will boost Europe’s largest economy in the coming months.
Other Stock reports from various sources:
FIIs sell shares worth Rs 1,195 cr this week
Hindalco fixes rights issue price at Rs 96 per share
Religare assigns 'buy' to Sarda Energy & Minerals; target Rs 404
Emkay put 'buy' on Elder Pharma; target of Rs 535
Indirect tax collection up 13.5% in July
FIIs net sell Rs 574cr, DIIs net buy Rs 23cr
Public sector firms must wait till Dec
Sun clears US regulatory hurdle for Taro
Govt allows pvt PFs to invest 15% funds in stock markets
Market runs out of steam after rallying for 5 week...
Time Technoplast /Dividend Stocks
Corporation Bank /United Breweries
IIP Numbers, Panacea Biotec
Bharati Shipyard /Solar Explosives
India Strategy / Value Scanner
Source:ET,deadpresident blog.
After suffering the ignominy of languishing among the worst-performing markets for the past few months, matters have slightly improved for India. Outlook on equities continues to remains dismal —barring the occasional surge — but Indian equities have shown better resilience than what most market watchers had expected it to. After a fall in more than a third of its value in the six months of CY2008, the Sensex has rebounded remarkably to become the best-performing index amongst major indices in the last month. Easing of crude prices has provided some relief to the bulls who have been battling a flood of negative newsflow for the past few months. The price of crude has fallen by 20% from its peak of close to $150 a barrel. This has reduced the inflationary pressures to some extent, though experts feel it is too early to celebrate.
Indian shares, one of the worst performers in the first six months of the year, is gradually regaining some of its lost ground. A return to a degree of political stability after the trust vote as well as the strengthening rupee made Sensex the outperformer in the list of major global indices. The BSE Sensex recorded a rise of 18% in the period since July 15 — the day when all global markets were at their latest bottom. Capital goods, banks and realty — the sectors most impacted in the crash propelled the resurgence. Those sectors possess a high beta — indicating a greater correlation to the benchmark index, which entails that these sectors outperform the index in good times.
Slowing crude oil prices have not yet impacted consumer inflation figures, as the US inflation rose at the fastest rate in 17 years on account of energy and food prices. Despite the pessimism, a renewed confidence in the dollar brought cheer to US markets with the Nasdaq and Dow Jones posting positive returns. The exchanges registered returns of 12% and 6%, respectively, with investors anticipating inflation to cool off as reduced oil prices find their way to the inflation index. Whilst a correction in commodity prices brought about a relief to the Indian and American markets, economies dependent on commodities crashed further. The Brazilian Stock Exchange declined as investors grew sceptical on the commodity-driven economy. Commodities account for the entire export revenue growth, allowing for increased imports without worsening the trade balance. BOVESPA, the Brazilian benchmark index, declined by a further 12% in the period since July 17 as investors developed cold feet on the largest Latin American economy.
Lower inflation figures notwithstanding as well as the euphoria over the Olympics, the Shanghai Stock Exchange recorded a further fall of 8% in the past month. Market forecasts that the high producer price inflation figures reflect consumer prices to rise in the coming months in the world’s thirdlargest economy. Other Asian markets like the Nikkei in Japan and Hangseng in Hong Kong remained stable, registering marginal increases. European markets have gained in the past month despite fears of a recession in the UK. The FTSE 100, the London Stock Exchange, surged 8% despite deterioration in economic outlook for the nation. Similarly, despite a contraction in its economy in the last quarter, German markets remained largely positive on the future. The DAX grew 6% on optimism that cooling crude and a weakening euro will boost Europe’s largest economy in the coming months.
Other Stock reports from various sources:
FIIs sell shares worth Rs 1,195 cr this week
Hindalco fixes rights issue price at Rs 96 per share
Religare assigns 'buy' to Sarda Energy & Minerals; target Rs 404
Emkay put 'buy' on Elder Pharma; target of Rs 535
Indirect tax collection up 13.5% in July
FIIs net sell Rs 574cr, DIIs net buy Rs 23cr
Public sector firms must wait till Dec
Sun clears US regulatory hurdle for Taro
Govt allows pvt PFs to invest 15% funds in stock markets
Market runs out of steam after rallying for 5 week...
Time Technoplast /Dividend Stocks
Corporation Bank /United Breweries
IIP Numbers, Panacea Biotec
Bharati Shipyard /Solar Explosives
India Strategy / Value Scanner
Source:ET,deadpresident blog.
Dow's 30 titans
The 30 titans in Dow Jones' India index
August 14, 2008
Dow Jones has announced a new blue-chip index for India to track stocks that they feel are the largest and most liquid stocks traded in the country. It will be licensed, says News Corp boss Rupert Murdoch (News Corp now owns Dow Jones), to financial institutions as the basis for investment products, such as exchange-traded funds.
The index will be calculated both in terms of the dollar and the Indian rupee and will be reviewed every March.
The India Titans Index, as it has been christened, will track 30 companies. Topping the list -- and this should not come as a surprise to anyone -- is one of India's richest companies, Reliance Industries Limited.
According to the company website, one of every four investors in India is a Reliance shareholder. The company, which has more than 3 million share holders, has reported and annual turnover of $35.9 billion and a profit of $4.85 billion for the year ending March 2008.
Reliance's core competency is the oil business, but it has successfully diversified into many businesses including petroleum products, petrochemicals, textiles, plastics and the retail industry.
Reliance has been listed in Fortune's Global 500 list for the fourth year in a row; it has improved its ranking from 269 last year to 206 this year.
The company, which was launched by Dhirubai Ambani in 1966 and is now led by Chairman and CEO Mukesh Ambani, was also listed among the Top 200 companies in terms of profit and among the top 50 companies when it came to increase in revenue. It has been ranked among the 25 fastest climbers by Fortune and as one of the world's 25 most innovative companies by Business Week.
For full article:Dow's 30 titans
SOurce: Rediff
14 August 2008
Sensex extends losses, ends 369 pts down
Sensex extends losses, ends 369 pts down
It was another day in the red for bank, realty, capital goods and power stocks as participants pressed heavy sales in these sectors amid growing concerns over declining growth. Oil, auto and FMCG stocks too had a weak outing.
Metal stocks opened on a firm note but pared their gains as the session progressed. Select pharma stocks edged higher on stock specific support. Information technology stocks moved up thanks to the rupee's decline against the US dollar.
Stockometer Top gainers Worst losers
Weak US and Asian markets, a surge in crude oil prices and the market regulator SEBI's decision to refrain from altering the guidelines on FII investments through participatory notes were among the factors that contributed to the market's fall today. Also, investors appeared reluctant to pick up stocks ahead of release of inflation data and a long weekend.
While the 30 share BSE sensitive index Sensex, which nosedived to a low of 14,686.66 in late afternoon trade, ended the day with a loss of 368.94 points or 2.44% at 14,724.18, the broader 50 stock Nifty index of the National Stock Exchange settled with a loss of 98.35 points or 2.17% at 4430.70, near its intra-day low of 4421.25.
IT bellwether Infosys Technologies (3.95%) ruled firm right through the session today. Satyam Computer Services gained 1.4%. Tata Consultancy Services edged up by 0.45% while Wipro failed to retain gains and ended in the negative territory.
Tata Power (1.6%), Sterlite Industries (1.2%) and Tata Steel (0.95%) closed on a firm note. Ranbaxy Laboratories edged up marginally. Realty stock DLF went down by 8.65%. Jaiprakash Associates and Reliance Infrastructure lost around 7.75%. State Bank of India eased by 6.2%. ICICI Bank and HDFC Bank lost over 5%.
Capital goods heavyweights Larsen & Toubro (down 4.8%) and BHEL (down 4.45%) posted sharp losses. Reliance Communications slipped by 3.75%. HDFC Bank ended 3.45% down. Maruti Suzuki, ACC, Reliance Industries, Hindalco and NTPC lost 2.5% - 3%.
Hindustan Unilever, ITC, Mahindra & Mahindra, ONGC and Grasim Industries also closed with sharp losses. Tata Motors and Bharti Airtel lost around a quarter per cent each.
Punjab National Bank, Unitech, Tata Communications, Hero Honda, Ambuja Cements, Zee Entertainment, Nalco, Power Grid Corporation, Dr. Reddy's Laboratories, BPCL, Idea Cellular and ABB ended sharply lower today. HCL Technologies, Cairn India, Sun Pharmaceuticals and Cipla closed on a positive note.
As selling pressure took a toll of midcap and smallcap stocks as well, the market breadth was weak today. Out of a total of 2730 stocks traded on BSE, 1849 stocks closed weak. 811 stocks ended higher and 70 stocks closed flat.
---------------------------------------------
Other Top stories:
Windfall pay revision for Central staff
Rate sensitives drive market lower
Reliance Comm adds 1.75 million users in July
Govt nods 21% pay hike
Govt nod for 6th Pay Commission report
Impact on inflation factored in: FM
Analysts' view on wage hike
Pvt PFs can invest 15% assets in shares
3G rollout may be delayed on ministry hurdle
Facebook pips MySpace to become top social networking site
Bharti set to beat BSNL as biggest
BHEL lines up $2.5 bn investment in next 4 years
India most optimistic economy: Report
India Inc logs $27 bn fall in M&As: Report
Cabinet approves Sixth Pay Commission recommendations
Source:Sify,ET,UTV
It was another day in the red for bank, realty, capital goods and power stocks as participants pressed heavy sales in these sectors amid growing concerns over declining growth. Oil, auto and FMCG stocks too had a weak outing.
Metal stocks opened on a firm note but pared their gains as the session progressed. Select pharma stocks edged higher on stock specific support. Information technology stocks moved up thanks to the rupee's decline against the US dollar.
Stockometer Top gainers Worst losers
Weak US and Asian markets, a surge in crude oil prices and the market regulator SEBI's decision to refrain from altering the guidelines on FII investments through participatory notes were among the factors that contributed to the market's fall today. Also, investors appeared reluctant to pick up stocks ahead of release of inflation data and a long weekend.
While the 30 share BSE sensitive index Sensex, which nosedived to a low of 14,686.66 in late afternoon trade, ended the day with a loss of 368.94 points or 2.44% at 14,724.18, the broader 50 stock Nifty index of the National Stock Exchange settled with a loss of 98.35 points or 2.17% at 4430.70, near its intra-day low of 4421.25.
IT bellwether Infosys Technologies (3.95%) ruled firm right through the session today. Satyam Computer Services gained 1.4%. Tata Consultancy Services edged up by 0.45% while Wipro failed to retain gains and ended in the negative territory.
Tata Power (1.6%), Sterlite Industries (1.2%) and Tata Steel (0.95%) closed on a firm note. Ranbaxy Laboratories edged up marginally. Realty stock DLF went down by 8.65%. Jaiprakash Associates and Reliance Infrastructure lost around 7.75%. State Bank of India eased by 6.2%. ICICI Bank and HDFC Bank lost over 5%.
Capital goods heavyweights Larsen & Toubro (down 4.8%) and BHEL (down 4.45%) posted sharp losses. Reliance Communications slipped by 3.75%. HDFC Bank ended 3.45% down. Maruti Suzuki, ACC, Reliance Industries, Hindalco and NTPC lost 2.5% - 3%.
Hindustan Unilever, ITC, Mahindra & Mahindra, ONGC and Grasim Industries also closed with sharp losses. Tata Motors and Bharti Airtel lost around a quarter per cent each.
Punjab National Bank, Unitech, Tata Communications, Hero Honda, Ambuja Cements, Zee Entertainment, Nalco, Power Grid Corporation, Dr. Reddy's Laboratories, BPCL, Idea Cellular and ABB ended sharply lower today. HCL Technologies, Cairn India, Sun Pharmaceuticals and Cipla closed on a positive note.
As selling pressure took a toll of midcap and smallcap stocks as well, the market breadth was weak today. Out of a total of 2730 stocks traded on BSE, 1849 stocks closed weak. 811 stocks ended higher and 70 stocks closed flat.
---------------------------------------------
Other Top stories:
Windfall pay revision for Central staff
Rate sensitives drive market lower
Reliance Comm adds 1.75 million users in July
Govt nods 21% pay hike
Govt nod for 6th Pay Commission report
Impact on inflation factored in: FM
Analysts' view on wage hike
Pvt PFs can invest 15% assets in shares
3G rollout may be delayed on ministry hurdle
Facebook pips MySpace to become top social networking site
Bharti set to beat BSNL as biggest
BHEL lines up $2.5 bn investment in next 4 years
India most optimistic economy: Report
India Inc logs $27 bn fall in M&As: Report
Cabinet approves Sixth Pay Commission recommendations
Source:Sify,ET,UTV
Labels:
ends 369 pts down,
Sensex extends losses
Inflation soars to the high of 12.44 percent
Inflation soars to fresh 13-yr high of 12.44%
Inflation moves up to 12.44%
Showing no sign of reversing its rising graph, inflation soared to a fresh 13-year high of 12.44 per cent for the week ended August 2, on the back of rising food and fuel prices. While the index for fuel items, for instance, rose by 0.9 per cent, the index for food items was also up by 0.9 per cent. Raw rubber rose by 5 per cent and maize 4 per cent. WPI for all commodities was up by 0.3 per cent. Earlier during the day a strong wave of selling towards end of session saw the Sensex end at day’s lows.
The market was abuzz that inflation numbers would be above 12.4 per cent against media expectations of 12.16 per cent. Traders also squared off positions ahead of an extended weekend. Annual inflation based on wholesale prices crossed the 12 per cent mark during the week ended July 26, fuelled by costlier manufactured products, fuel and food items other than vegetables. Vegetable prices showed a decline of 8 per cent from the year-ago period. However food products rose by 0.1 per cent, non-food articles 0.4 per cent and textiles by 0.4 per cent. Similarly, primary articles were up 0.1 per cent and chemical and chemical products 0.5 per cent. Fuel and petroleum remained unchanged.
The RBI recently raised its key lending rate for the third time in two months, taking it to its highest in seven years to quell price pressures, dampen demand and keep inflation expectations in check. The apex bank hiked the benchmark short-term rate by 50 basis points, about 25 bps more than what the market had expected, and the cash reserve ratio, the amount of funds banks must keep on deposit with it, by 25 basis points to 9 per cent to absorb surplus cash in the banking system.
"Bringing down inflation from the current high levels and stabilising inflation expectations assume the highest priority in the stance of monetary policy,” the RBI said in its quarterly review. However, the government’s fiscal and monetary measures have so far failed to tame the rising prices, and another round of monetary tightening is feared. “Inflation may peak in November-December and slip into single-digit by March 2009. Going by the current price situation, there may be another round of monetary tightening,” said Prime Minister’s economic advisory council member Saumitra Choudhury recently. Finance ministry’s chief economic advisor Arvind Virmani, however, is cautiously optimistic. At a recent CII conference in Chennai, he said: “The uncertain oil prices make it difficult to make short-term predictions, but in the next 12 months, the inflation rate would return to normal levels of 5-6 per cent.”
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Source: ET,UTV
Inflation moves up to 12.44%
Showing no sign of reversing its rising graph, inflation soared to a fresh 13-year high of 12.44 per cent for the week ended August 2, on the back of rising food and fuel prices. While the index for fuel items, for instance, rose by 0.9 per cent, the index for food items was also up by 0.9 per cent. Raw rubber rose by 5 per cent and maize 4 per cent. WPI for all commodities was up by 0.3 per cent. Earlier during the day a strong wave of selling towards end of session saw the Sensex end at day’s lows.
The market was abuzz that inflation numbers would be above 12.4 per cent against media expectations of 12.16 per cent. Traders also squared off positions ahead of an extended weekend. Annual inflation based on wholesale prices crossed the 12 per cent mark during the week ended July 26, fuelled by costlier manufactured products, fuel and food items other than vegetables. Vegetable prices showed a decline of 8 per cent from the year-ago period. However food products rose by 0.1 per cent, non-food articles 0.4 per cent and textiles by 0.4 per cent. Similarly, primary articles were up 0.1 per cent and chemical and chemical products 0.5 per cent. Fuel and petroleum remained unchanged.
The RBI recently raised its key lending rate for the third time in two months, taking it to its highest in seven years to quell price pressures, dampen demand and keep inflation expectations in check. The apex bank hiked the benchmark short-term rate by 50 basis points, about 25 bps more than what the market had expected, and the cash reserve ratio, the amount of funds banks must keep on deposit with it, by 25 basis points to 9 per cent to absorb surplus cash in the banking system.
"Bringing down inflation from the current high levels and stabilising inflation expectations assume the highest priority in the stance of monetary policy,” the RBI said in its quarterly review. However, the government’s fiscal and monetary measures have so far failed to tame the rising prices, and another round of monetary tightening is feared. “Inflation may peak in November-December and slip into single-digit by March 2009. Going by the current price situation, there may be another round of monetary tightening,” said Prime Minister’s economic advisory council member Saumitra Choudhury recently. Finance ministry’s chief economic advisor Arvind Virmani, however, is cautiously optimistic. At a recent CII conference in Chennai, he said: “The uncertain oil prices make it difficult to make short-term predictions, but in the next 12 months, the inflation rate would return to normal levels of 5-6 per cent.”
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Source: ET,UTV
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