India
India is joining China as an engine of growth for the Global economy. Expect to read more articles relating to India as a significant driver of global trade.
August 12, 2010 - State Bank of India Profit Beats Analyst Estimates; Shares Rise to Record - State Bank of India, the nation’s largest, jumped to a record after it posted the highest profit growth in four quarters as accelerating economic growth boosted earnings from retail banking.
August 11, 2010 - India's shipping ministry to award 25 port projects this fiscal - Shipping Ministry would award 25 port projects of about Rs 800 crore under the ‘Public Private Partnership’ (PPP) scheme during the current financial year. “We would award 25 PPP port projects in the current fiscal,” a Shipping Ministry official said, adding that the collective value of these contracts would be about Rs 700-800 crore.
August 10, 2010 - India Works to Clear Hundreds of Containers Obstructing Ports - India’s coast guard used chemicals to disperse oil spilled from a listing ship off the Mumbai coast as salvagers worked to clear hundreds of containers that may shut the nation’s busiest cargo-box port for three days.
August 7, 2010 - Indian Oil May Sell New Shares If State Cuts Stake, Chairman Bansal Says - Indian Oil Corp., the nation’s biggest company, may sell new shares if the government reduces its stake in the state-owned refiner to raise money for social spending and to narrow its budget deficit. A price of 450 rupees ($9.78) apiece would be a good level for fresh issuance, Chairman Brij Mohan Bansal said by telephone today. That’s about 23 percent higher than today’s closing price. The company hasn’t heard from the government on a plan to sell shares, Bansal said.
August 6, 2010 - Indian Ports Move 14 Percent More Containers - Container traffic at major ports in India for the April-July period increased 14 percent over the same period last year, the Indian Ports Association said in a statement on Wednesday.
August 6,2010 - Tata Consultancy Leads Drop as India's Sensex Declines for a Second Day - India’s benchmark stock index fell for the second day from the highest level in 30 months as some investors judged recent gains as overdone relative to the earnings outlook. Tata Consultancy Services Ltd., the largest software services exporter, fell 1.5 percent. The stock is trading at 21.5 times estimated profit, compared with the 17.1 times for the Sensex. DLF Ltd., the biggest developer, lost 1 percent, dropping for the first day in five. Mahindra & Mahindra Ltd. climbed after a newspaper reported it will build a factory to produce tractors.
August 5, 2010 - Food Inflation Slows in India to 13-Month Low as Monsoon Rains Intensify - India’s food inflation slowed to a 13-month low as the country received more rainfall than forecast by the weather office, aiding sowing of lentils and rice. An index measuring wholesale prices of farm products compiled by the commerce ministry rose 9.53 percent in the week to July 24 from a year earlier, according to a statement in New Delhi today. It was 9.67 percent the previous week.
August 4, 2010 - India's Smaller Company Shares are Best Bet, Emerging Global's Kang Says - India’s smallest companies may deliver investors the best returns as foreign inflows have pushed the benchmark index’s valuation to the highest among so- called BRIC nations, according to Emerging Global Advisors, LLC.
August 2, 2010 - India's Manufacturing Growth Accelerated Last Month - India’s manufacturing growth accelerated in July, increasing pressure on the central bank to raise interest rates. Bond yields touched a three-month high. The Purchasing Managers’ Index rose to 57.6 from 57.3 in June, HSBC Holdings Plc and Markit Economics said in an emailed statement today. A reading above 50 indicates expansion.
July 31, 2010 - The Reserve Bank of India this week raised interest rates for the fourth time since mid-March, the most by any central bank in Asia, to quell the fastest inflation in the Group of 20 nations. The central bank also raised its forecast for economic growth as strengthening domestic demand trumps concern that the global economy will slow amid Europe’s debt crisis and elevated U.S. unemployment. Growth in India’s $1.2 trillion economy may accelerate to 8.5 percent, faster than the previous estimate of 8 percent, for the year ending March, the bank said.
July 31, 2010 - Bonds Have Second Monthly Loss on Concern Indian Interest Rates to Rise - India’s government bonds completed a second monthly loss on speculation the central bank will raise interest rates further to curb inflation. The yield on the benchmark 10-year bond climbed to the highest level in almost three months after the Reserve Bank of India this week raised interest rates for a fourth time in 2010.
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