A partial breather provided by Securities & Exchange Board of India at the onset of the week with respect to participatory notes boosted the bourses. Expectation of a further cut in interest rate by the US Federal Reserve also aided rally on the domestic bourses last week. The Sensex gained on all the five trading sessions in the week. Securities & Exchange Board of India, on Thursday, 25 October 2007, put restrictions on issue of participatory notes (PN) and directed some exiting PN positions to be wound up within 18 months.
The BSE Sensex rose 1,683.19 points or 9.59% to 19,243.17 in the week ended Friday, 26 October 2007. The S&P CNX Nifty surged 487 points or 9.33% to 5,702.30 in the week.
THE BSE Mid Cap index rose 682.08 points or 9.42% to 7,920.66 and BSE Small Cap index rose 750.63 points or 8.53% to 9,550.95 in the week. Both these indices underperformed Sensex.
BSE Auto index (up 6.04% to 5,616.97), BSE IT (down 1.07% to 4,635.58) and BSE (Oil &Gas) (up 8.41% to 11,103.46) underperformed Sensex.
BSE Bankex (up 16.25% to 10,273.53), BSE Capital Goods index (up 20.16% to 18,540.15), BSE Metal (up 15.64% to 16,744.56), BSE Realty (up 10.68% to 10,020.75) outperformed Sensex.
The BSE Sensex rose 54.01 points or 0.31% to 17,613.99 on Monday, 22 October 2007. The market bounced back after an initial slump caused by worries about the US economic outlook. But while the BSE Sensex managed to post gains, the S&P CNX Nifty settled with losses. Volatility was high due to alternate bouts of buying and selling. European and Asian markets were trading lower on worries about the US economic outlook.
The BSE Sensex posted its biggest ever single day point gain of 878.85 points or 4.99% at 18,492.84 on Tuesday, 23 October 2007. The market spurted after the market regulator Securities Exchange Board of India, after trading hours on Monday, 22 October 2007, provided partial breather to FIIs with respect to proposed restrictions on use of participatory notes and said it would speed up regulatory clearance for foreigners keen to invest transparently.
Sebi on Monday, 23 October 2007, said sub-accounts which intend to covert into foreign institutional investor status have to sent their letter of intent to the regulator within 24-hours. Sebi later said that all the 20 PN issuing FII sub-accounts have expressed intent to convert into foreign institutional investor (FII) status. There are 34 PN issuing entities in the country, of which some are already FIIs. This number was 14 in March 2004.
The BSE Sensex closed higher by 20.07 points, or 0.11% to 18,512.91 on Wednesday, 24 October 2007. The Sensex posted gains as investors flocked to blue-chip shares, inspired by robust set of results posted by them for the quarter ended September 2007. All this came on the back of volatility, which remained high ahead of the expiry of October 2007 derivatives contracts on Thursday, 25 October 2007.
The BSE Sensex gained 257.98 points or 1.39% at 18,770.89 on Thursday, 25 October 2007. The market settled on a firm note on buying in index pivotals. However, trade was choppy towards the fag end of the day ahead of expiry of October 2007 derivatives contracts and ahead of Securities Exchange Board of India (Sebi)'s board meeting to take a decision on recently announced proposals to curb forein inflows through the route of participatory notes. European markets and Asian markets were trading with gains.
The Sensex surged 472.28 points or 2.52% at 19,243.17, an all-time closing high on Friday, 26 October 2007. The market surged on renewed buying interest in index pivotals following healthy rollover of derivative positions from October 2007 to November 2007 on Thursday, 25 October 2007. Global cues were mixed. The market shrugged off concerns arising from possible FII sales after market regulator Securities & Exchange Board of India put restrictions on issue of participatory notes (PN) after trading hours on Thursday, 25 October 2007 and directed some exiting PN positions to be wound up within 18 months.
Securities and Exchange Board of India (Sebi), M Damodaran, chairman said on Thursday, 25 October 2007 that there was no change in the draft regulations announced by the regulator last week on participatory notes (PNs). The draft proposals announced on 16 October 2007, had put restrictions on use of PNs. Damodaran, said Sebi would review the position on the issue from time to time.
While announcing rules to curb issue of participatory notes (PNs) by FIIs, the market regulator Securities & Exchange Board of India (Sebi) on Thursday, 25 October 2007, announecd that PNs can now be issued only to foreign entities which are 'regulated' in their respective jurisdiction and not to those that are merely 'registered' in the jurisdiction as was the norm earlier. This will mean that many hedge funds that are not regulated in their home country will find it difficult to invest in the Indian market.
Finance minister P Chidambaram said on Friday,26 October 2007 the government wanted to moderate capital inflows without hurting growth of the country's economy. The minister's comments come a day after the market regulator, Securities & Exchange Board of India (Sebi), on Thursday, 25 October 2007, tightened investment rules for unregistered FIIs by clamping down on issuance of indirect investment instruments known as participatory notes (P-notes).
ICICI Bank, the country's largest private sector bank in terms of net profit rose 15.66% to Rs 1,184.45. Its net profit rose 32.7% to Rs 1002.60 crore on 41% growth in total income to Rs 9588.41 crore in Q2 September 2007 over Q2 September 2006. The results hit the market after trading hours on Friday, 19 October 2007.
India's largest oil exploration company in terms of market capitalisation Oil and Natural Gas Corporation rose 4.32% to Rs 1056. As per reports that its joint venture firm ONGC-Mittal Energy had acquired a 30% participating interest in an exploration block in Turkmenistan. The report did not disclose the deal value.
India's largest private sector entity by market capitalisation and oil refiner Reliance Industries (RIL) rose 9.03% to Rs 2,692.25. As a part of a restructuring exercise, RIL has reportedly decided to hive off Reliance Fresh into a separate company, Ranger Farm, for single point accountability. Reliance Fresh sells food, fruits and vegetables and consumer products.
India's largest pharma company by sales, Ranbaxy Laboratories (RLL) gained 2.06% to Rs 425.15. Ranbaxy on 22 October 2007, that it has received approval in Canada to manufacture and market Ran-Lisinopril 5, 10 and 20 mili gram oral tablets from Health Canada, Therapeutic Products Directorate (TPD). Lisinopril is indicated for the treatment of hypertension.
India's fourth largest software services exporter Satyam Computer Services gained 3.16% to Rs 474.60. Its net profit rose 7.19% to Rs 417.15 crore on 10.75% rise in sales to Rs 1948.24 crore in Q2 September 2007 over Q1 June 2006. The company declared the results on 23 October 2007. The company revised upwards earnings as well revenue guidance for FY 2008 (year ending 31 March 2008), both in rupee terms and dollar terms.
Satyam Computer Services signed an agreement with Fujitsu Services to provide IT services to Reuters as part of a 10-year, $1 billion internal information systems transformation programme. It also announced that entering into a definitive agreement to acquire 100% stake in Nitor Global Solutions ("NITOR") of the UK, a niche consulting firm providing Infrastructure Management Services (IMS), for up to British pound (GBP) 2.76 million ($ 5.5 million) in cash.
Reliance Energy, the country's second largest power utility company by sales, rose 25.26% to Rs 1,670. The stock's rise follows chairman Anil Ambani's briefing to the media on 23 October 2007, that Reliance Power will be valued nearly two times its holding company, Reliance Energy, after the mega initial public offer.
India's leading bank by net profit State Bank of India jumped 24.97% to Rs 2,083.95. On 23 October 2007, SBI Life Insurance Company posted net profit of Rs 14.09 crore for the first half year ended 30 September 2007 with an 80% increase in its total premium collection. SBI Life Insurance has become the first private sector life insurance company to make profit. A 74:26 joint venture between the State Bank of India and Cardif, a BNP Paribas company, it manages assets over Rs 6000 crore.
India's biggest power generation firm by revenue NTPC advanced 13.61% to Rs 228.75 on reports it formed a joint venture with an Indonesian coal producer to ensure fuel supplies for its projects.
World's sixth largest steel maker, Tata Steel rose 16.31% to Rs 990.60. The stock surged on reports that Tata Steel is looking at investment opportunities in CSN's heartland Brazil. Tata Steel will reportedly in the next few months send a delegation to the Northern Brazilian state of Maranhao in order to evaluate investment opportunities there. Tata Steel's net profit rose 8.11% to Rs 1,190.83 crore on 11.41% rise in total income to Rs 4,879.41 crore in Q2 September 2007 over Q2 September 2006. The company announced the results on 26 October 2007.
India's third largest pharma company by sales, Cipla rose 3.82% to Rs 185.It reported 5.73% rise in net profit to Rs 190.62 crore 25.01% rise in total income to Rs 1140.21 crore in Q2 September 2007 over Q2 September 2006. The results were announced on Wednesday, 24 October 2007.
Dr. Reddy's Laboratories, the nations third largest pharma company by market capitalisation, slipped 0.4% to Rs 611.95.It reported a 4.5% fall in consolidated net profit to Rs 267 crore in Q2 September 2007 over Q2 September 2006. Dr. Reddy's total revenue at Rs 1267 crore was 37% below last year's Rs 2004 crore that included Rs 781 crore of one-time gains from exclusive marketing rights for two drugs. The results were announced on 24 October 2007.
India's largest engineering and construction company Larsen & Toubro (L&T) galloped 28.24% to Rs 3876.80 .It hit an all time high of Rs 3,898 on 26 October 2007. L&T posted 72.95% rise in net profit to Rs 348.02 crore on 43.54% rise in total income to Rs 5,523.27 crore in Q2 September 2007 over Q2 September 2006. The company announced the results on 26 October 2007.
Shares of Bajaj Auto, the country's second largest bike manufacturer by sales were up marginally by 0.16% to Rs 2,515.55. TVS has reportedly filed a Rs 250 crore defamation suit against Bajaj Auto in the Bombay High Court. This is in reaction to Bajaj's allegation that TVS had infringed the latter's patented DTSi (digital twin spark plug ignition) technology.
India's largest cigarette maker in terms of sales ITC rose 3.37% to Rs 180.80. It posted 13.42% rise in net profit to Rs 770.87 crore on 18.2% rise in total income to Rs 3,481.63 crore in Q2 September 2007 over Q2 September 2006. The results were announced on 26 October 2007.
Merrill Lynch expects more money to flow to India and China due to high growth in these two economies. The flow of foreign money into Asia remains strong, Merrill Lynch's recent Investment Strategy Report for Asian Pacific said. Pension funds and insurance companies have missed out on the Asian story so far this decade and are facing diminishing returns elsewhere. They are getting interested in Asia and when they do, it will be large amount of money, the study said.
BSE and NSE will hold a one-hour Diwali Muhurat trading session on beginning of Samavat Year 2064 on Friday, 9 November 20007. Trading will start at 18:00 IST and end at 19:00 IST. The transactions done on the Muhurat trading session will be settled as a separate settlement, BSE has said in a circular.
Commerce minister Kamal Nath said his ministry was preparing a cabinet note on additional tax saving measures for exports. The commerce ministry is looking at "sector specific" measures. Nath is hopeful of meeting the $160 billion export target this year.
According to the state run Spices Board, India's spices export volume expanded 22% to 219,640 tonnes in the April-September 2007. This was due to a healthy demand for chilli and pepper. In value terms, exports jumped 29% to Rs 21 billion.
According to a release issued by the steel ministry on (Tuesday, 23 October 2007) production of finished carbon steel was estimated at 24.80 million tonne in April-September 2007 - a 6.6% growth from 23.256 million tonne in April-September 2006. Output of pig iron improved 7.9% at 2.582 million tonne. Imports of finished carbon steel surged 28.2% to 2.45 million tonne and exports increased 7.4% to 2.60 million tonne in April-September 2007.
According to the Minister of Communications and Information Technology A Raja, IT export turnover is expected to touch the $80-billion mark by end of 2011. The minister was addressing an awards ceremony of Electronics and Computer Software Export Promotion Council (ESC) in New Delhi on Wednesday, 24 October 2007
According to the Telecom Regulatory Authority of India (Trai), gross number of telephones crossed 248.66 million by the end of September 2007 compared with 241.02 million in August this year. A total of 7.64 million telephone connections were added in September 2007. The tele-density reached 21.85% in September 2007 as against 21.20% in August 2007.
The fifth meeting of the United Progressive Alliance (UPA)-Left panel over the Indo-US civilian nuclear cooperation agreement was held in New Delhi on Monday, 22 October 2007. The UPA did not say a definite yes or no on operationising the deal. Earlier in the day, Prime Minister Manmohan Singh had reportedly expressed his embarrassment on the setback in the Indo-US nuclear deal.
Finance Minister Palaniappan Chidambaram while delivering a speech in the Norwegian School of Management on Wednesday, 24 October 2007 observed that India's healthy economic growth has brought forth the challenge of abundant international capital flows and their impact on the domestic economy, particularly on prices and the exchange rate.
The Reserve Bank of India (RBI) extended the timeframe for concessional rates of interest charged by banks on loans obtained by exporters by six months to 30 April 2008. Banks charge interest rates for pre-shipment and post-shipment credit at 2.5% lesser than their prime lending rates (PLR). Lending rates for banks range between 12-14%.
Annual inflation, based on the wholesale price index (WPI), remained unchanged at 3.07% in the week ended 13 October 2007 compared with the week ended 6 October 2007. The market estimate was 3.02%. WPI stood at 5.46% in the corresponding week a year ago. Prices of food articles, like fruits and vegetables, pulses, eggs, meat and fish, climbed up. Manufactured food articles like atta, maida got cheaper.
The BSE Sensex rose 1,683.19 points or 9.59% to 19,243.17 in the week ended Friday, 26 October 2007. The S&P CNX Nifty surged 487 points or 9.33% to 5,702.30 in the week.
THE BSE Mid Cap index rose 682.08 points or 9.42% to 7,920.66 and BSE Small Cap index rose 750.63 points or 8.53% to 9,550.95 in the week. Both these indices underperformed Sensex.
BSE Auto index (up 6.04% to 5,616.97), BSE IT (down 1.07% to 4,635.58) and BSE (Oil &Gas) (up 8.41% to 11,103.46) underperformed Sensex.
BSE Bankex (up 16.25% to 10,273.53), BSE Capital Goods index (up 20.16% to 18,540.15), BSE Metal (up 15.64% to 16,744.56), BSE Realty (up 10.68% to 10,020.75) outperformed Sensex.
The BSE Sensex rose 54.01 points or 0.31% to 17,613.99 on Monday, 22 October 2007. The market bounced back after an initial slump caused by worries about the US economic outlook. But while the BSE Sensex managed to post gains, the S&P CNX Nifty settled with losses. Volatility was high due to alternate bouts of buying and selling. European and Asian markets were trading lower on worries about the US economic outlook.
The BSE Sensex posted its biggest ever single day point gain of 878.85 points or 4.99% at 18,492.84 on Tuesday, 23 October 2007. The market spurted after the market regulator Securities Exchange Board of India, after trading hours on Monday, 22 October 2007, provided partial breather to FIIs with respect to proposed restrictions on use of participatory notes and said it would speed up regulatory clearance for foreigners keen to invest transparently.
Sebi on Monday, 23 October 2007, said sub-accounts which intend to covert into foreign institutional investor status have to sent their letter of intent to the regulator within 24-hours. Sebi later said that all the 20 PN issuing FII sub-accounts have expressed intent to convert into foreign institutional investor (FII) status. There are 34 PN issuing entities in the country, of which some are already FIIs. This number was 14 in March 2004.
The BSE Sensex closed higher by 20.07 points, or 0.11% to 18,512.91 on Wednesday, 24 October 2007. The Sensex posted gains as investors flocked to blue-chip shares, inspired by robust set of results posted by them for the quarter ended September 2007. All this came on the back of volatility, which remained high ahead of the expiry of October 2007 derivatives contracts on Thursday, 25 October 2007.
The BSE Sensex gained 257.98 points or 1.39% at 18,770.89 on Thursday, 25 October 2007. The market settled on a firm note on buying in index pivotals. However, trade was choppy towards the fag end of the day ahead of expiry of October 2007 derivatives contracts and ahead of Securities Exchange Board of India (Sebi)'s board meeting to take a decision on recently announced proposals to curb forein inflows through the route of participatory notes. European markets and Asian markets were trading with gains.
The Sensex surged 472.28 points or 2.52% at 19,243.17, an all-time closing high on Friday, 26 October 2007. The market surged on renewed buying interest in index pivotals following healthy rollover of derivative positions from October 2007 to November 2007 on Thursday, 25 October 2007. Global cues were mixed. The market shrugged off concerns arising from possible FII sales after market regulator Securities & Exchange Board of India put restrictions on issue of participatory notes (PN) after trading hours on Thursday, 25 October 2007 and directed some exiting PN positions to be wound up within 18 months.
Securities and Exchange Board of India (Sebi), M Damodaran, chairman said on Thursday, 25 October 2007 that there was no change in the draft regulations announced by the regulator last week on participatory notes (PNs). The draft proposals announced on 16 October 2007, had put restrictions on use of PNs. Damodaran, said Sebi would review the position on the issue from time to time.
While announcing rules to curb issue of participatory notes (PNs) by FIIs, the market regulator Securities & Exchange Board of India (Sebi) on Thursday, 25 October 2007, announecd that PNs can now be issued only to foreign entities which are 'regulated' in their respective jurisdiction and not to those that are merely 'registered' in the jurisdiction as was the norm earlier. This will mean that many hedge funds that are not regulated in their home country will find it difficult to invest in the Indian market.
Finance minister P Chidambaram said on Friday,26 October 2007 the government wanted to moderate capital inflows without hurting growth of the country's economy. The minister's comments come a day after the market regulator, Securities & Exchange Board of India (Sebi), on Thursday, 25 October 2007, tightened investment rules for unregistered FIIs by clamping down on issuance of indirect investment instruments known as participatory notes (P-notes).
ICICI Bank, the country's largest private sector bank in terms of net profit rose 15.66% to Rs 1,184.45. Its net profit rose 32.7% to Rs 1002.60 crore on 41% growth in total income to Rs 9588.41 crore in Q2 September 2007 over Q2 September 2006. The results hit the market after trading hours on Friday, 19 October 2007.
India's largest oil exploration company in terms of market capitalisation Oil and Natural Gas Corporation rose 4.32% to Rs 1056. As per reports that its joint venture firm ONGC-Mittal Energy had acquired a 30% participating interest in an exploration block in Turkmenistan. The report did not disclose the deal value.
India's largest private sector entity by market capitalisation and oil refiner Reliance Industries (RIL) rose 9.03% to Rs 2,692.25. As a part of a restructuring exercise, RIL has reportedly decided to hive off Reliance Fresh into a separate company, Ranger Farm, for single point accountability. Reliance Fresh sells food, fruits and vegetables and consumer products.
India's largest pharma company by sales, Ranbaxy Laboratories (RLL) gained 2.06% to Rs 425.15. Ranbaxy on 22 October 2007, that it has received approval in Canada to manufacture and market Ran-Lisinopril 5, 10 and 20 mili gram oral tablets from Health Canada, Therapeutic Products Directorate (TPD). Lisinopril is indicated for the treatment of hypertension.
India's fourth largest software services exporter Satyam Computer Services gained 3.16% to Rs 474.60. Its net profit rose 7.19% to Rs 417.15 crore on 10.75% rise in sales to Rs 1948.24 crore in Q2 September 2007 over Q1 June 2006. The company declared the results on 23 October 2007. The company revised upwards earnings as well revenue guidance for FY 2008 (year ending 31 March 2008), both in rupee terms and dollar terms.
Satyam Computer Services signed an agreement with Fujitsu Services to provide IT services to Reuters as part of a 10-year, $1 billion internal information systems transformation programme. It also announced that entering into a definitive agreement to acquire 100% stake in Nitor Global Solutions ("NITOR") of the UK, a niche consulting firm providing Infrastructure Management Services (IMS), for up to British pound (GBP) 2.76 million ($ 5.5 million) in cash.
Reliance Energy, the country's second largest power utility company by sales, rose 25.26% to Rs 1,670. The stock's rise follows chairman Anil Ambani's briefing to the media on 23 October 2007, that Reliance Power will be valued nearly two times its holding company, Reliance Energy, after the mega initial public offer.
India's leading bank by net profit State Bank of India jumped 24.97% to Rs 2,083.95. On 23 October 2007, SBI Life Insurance Company posted net profit of Rs 14.09 crore for the first half year ended 30 September 2007 with an 80% increase in its total premium collection. SBI Life Insurance has become the first private sector life insurance company to make profit. A 74:26 joint venture between the State Bank of India and Cardif, a BNP Paribas company, it manages assets over Rs 6000 crore.
India's biggest power generation firm by revenue NTPC advanced 13.61% to Rs 228.75 on reports it formed a joint venture with an Indonesian coal producer to ensure fuel supplies for its projects.
World's sixth largest steel maker, Tata Steel rose 16.31% to Rs 990.60. The stock surged on reports that Tata Steel is looking at investment opportunities in CSN's heartland Brazil. Tata Steel will reportedly in the next few months send a delegation to the Northern Brazilian state of Maranhao in order to evaluate investment opportunities there. Tata Steel's net profit rose 8.11% to Rs 1,190.83 crore on 11.41% rise in total income to Rs 4,879.41 crore in Q2 September 2007 over Q2 September 2006. The company announced the results on 26 October 2007.
India's third largest pharma company by sales, Cipla rose 3.82% to Rs 185.It reported 5.73% rise in net profit to Rs 190.62 crore 25.01% rise in total income to Rs 1140.21 crore in Q2 September 2007 over Q2 September 2006. The results were announced on Wednesday, 24 October 2007.
Dr. Reddy's Laboratories, the nations third largest pharma company by market capitalisation, slipped 0.4% to Rs 611.95.It reported a 4.5% fall in consolidated net profit to Rs 267 crore in Q2 September 2007 over Q2 September 2006. Dr. Reddy's total revenue at Rs 1267 crore was 37% below last year's Rs 2004 crore that included Rs 781 crore of one-time gains from exclusive marketing rights for two drugs. The results were announced on 24 October 2007.
India's largest engineering and construction company Larsen & Toubro (L&T) galloped 28.24% to Rs 3876.80 .It hit an all time high of Rs 3,898 on 26 October 2007. L&T posted 72.95% rise in net profit to Rs 348.02 crore on 43.54% rise in total income to Rs 5,523.27 crore in Q2 September 2007 over Q2 September 2006. The company announced the results on 26 October 2007.
Shares of Bajaj Auto, the country's second largest bike manufacturer by sales were up marginally by 0.16% to Rs 2,515.55. TVS has reportedly filed a Rs 250 crore defamation suit against Bajaj Auto in the Bombay High Court. This is in reaction to Bajaj's allegation that TVS had infringed the latter's patented DTSi (digital twin spark plug ignition) technology.
India's largest cigarette maker in terms of sales ITC rose 3.37% to Rs 180.80. It posted 13.42% rise in net profit to Rs 770.87 crore on 18.2% rise in total income to Rs 3,481.63 crore in Q2 September 2007 over Q2 September 2006. The results were announced on 26 October 2007.
Merrill Lynch expects more money to flow to India and China due to high growth in these two economies. The flow of foreign money into Asia remains strong, Merrill Lynch's recent Investment Strategy Report for Asian Pacific said. Pension funds and insurance companies have missed out on the Asian story so far this decade and are facing diminishing returns elsewhere. They are getting interested in Asia and when they do, it will be large amount of money, the study said.
BSE and NSE will hold a one-hour Diwali Muhurat trading session on beginning of Samavat Year 2064 on Friday, 9 November 20007. Trading will start at 18:00 IST and end at 19:00 IST. The transactions done on the Muhurat trading session will be settled as a separate settlement, BSE has said in a circular.
Commerce minister Kamal Nath said his ministry was preparing a cabinet note on additional tax saving measures for exports. The commerce ministry is looking at "sector specific" measures. Nath is hopeful of meeting the $160 billion export target this year.
According to the state run Spices Board, India's spices export volume expanded 22% to 219,640 tonnes in the April-September 2007. This was due to a healthy demand for chilli and pepper. In value terms, exports jumped 29% to Rs 21 billion.
According to a release issued by the steel ministry on (Tuesday, 23 October 2007) production of finished carbon steel was estimated at 24.80 million tonne in April-September 2007 - a 6.6% growth from 23.256 million tonne in April-September 2006. Output of pig iron improved 7.9% at 2.582 million tonne. Imports of finished carbon steel surged 28.2% to 2.45 million tonne and exports increased 7.4% to 2.60 million tonne in April-September 2007.
According to the Minister of Communications and Information Technology A Raja, IT export turnover is expected to touch the $80-billion mark by end of 2011. The minister was addressing an awards ceremony of Electronics and Computer Software Export Promotion Council (ESC) in New Delhi on Wednesday, 24 October 2007
According to the Telecom Regulatory Authority of India (Trai), gross number of telephones crossed 248.66 million by the end of September 2007 compared with 241.02 million in August this year. A total of 7.64 million telephone connections were added in September 2007. The tele-density reached 21.85% in September 2007 as against 21.20% in August 2007.
The fifth meeting of the United Progressive Alliance (UPA)-Left panel over the Indo-US civilian nuclear cooperation agreement was held in New Delhi on Monday, 22 October 2007. The UPA did not say a definite yes or no on operationising the deal. Earlier in the day, Prime Minister Manmohan Singh had reportedly expressed his embarrassment on the setback in the Indo-US nuclear deal.
Finance Minister Palaniappan Chidambaram while delivering a speech in the Norwegian School of Management on Wednesday, 24 October 2007 observed that India's healthy economic growth has brought forth the challenge of abundant international capital flows and their impact on the domestic economy, particularly on prices and the exchange rate.
The Reserve Bank of India (RBI) extended the timeframe for concessional rates of interest charged by banks on loans obtained by exporters by six months to 30 April 2008. Banks charge interest rates for pre-shipment and post-shipment credit at 2.5% lesser than their prime lending rates (PLR). Lending rates for banks range between 12-14%.
Annual inflation, based on the wholesale price index (WPI), remained unchanged at 3.07% in the week ended 13 October 2007 compared with the week ended 6 October 2007. The market estimate was 3.02%. WPI stood at 5.46% in the corresponding week a year ago. Prices of food articles, like fruits and vegetables, pulses, eggs, meat and fish, climbed up. Manufactured food articles like atta, maida got cheaper.
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