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News, Articles, Announcements, Reports related to Indian Economics and Corporate World

Archive for December, 2008

India Economy: 2009 Forecast

Posted by Manish Agrawal on Saturday, 20 December, 2008

2008 started out well enough with growth figures approaching 10%. However, with the massive financial troubles which began towards the end of 2008, 2009 does not look quite as good. The Asian Development Bank (ADB) has projected growth of a mere 6.5%. Previously, it had forecast 7%, down from another earlier estimate of 7.4%. Read the rest of this entry »

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US lawmakers ask Ex-Im to suspend aid to RIL over Iran ties

Posted by Manish Agrawal on Saturday, 20 December, 2008

 A group of US Congressmen have asked the country’s Export-Import Bank to suspend $900 million worth assistance to Reliance Ind, until the Mukesh Ambani-led Indian conglomerate stops business with Iran. 
In a statement issued here, Congressman Brad Sherman said that he along with a “bipartisan group of House colleagues” have sent… letter to the Ex-Im president calling on the bank to suspend assistance for RIL, until it agrees to stop selling gasoline to Iran. 

The letter also calls on Ex-Im to do a better job in the future to ensure that the projects it supports are not in conflict with US national interests. 

Ex-Im has approved two separate loan guarantees worth $900 million, including a $400 million package in August, 2008. 

Reliance has been a major supplier of refined petroleum products to Iran. According to some reports, Reliance has at times provided as much as 30 per cent of oil-rich Iran’s need for imported refined petroleum products. 

Ex-Im’s assistance was approved to help finance the expansion of Reliance’s refining complex at Jamnagar, the very facility that provides Iran with gasoline. 

Reliance’s subsidiary RPL is set to fully commission its 580,000 barrels per day only-for-exports refinery at Jamnagar by March and along with its existing 660,000 barrels per day facility would become the world’s largest single location refinery. 

“I very much support the Export-Import Bank’s mission of supporting US exports. However, we must ensure that when we provide assistance, the corporate recipients are not doing business with our enemies,” said Congressman Brad Sherman. 

Iran imports about 40 per cent of its gasoline. “We could greatly increase our leverage against Tehran in the dispute over its nuclear programme by encouraging those supplying them with gasoline to halt their trade with Iran,” Sherman said Sherman’s letter follows another sent by Senators Lieberman and Kyl in early November. The Lieberman-Kyl letter raised similar concerns about Ex-Im projects. 
Ex-Im’s response to that letter failed to address the critical shortcomings in the approval process for these loans. 

Sherman and his House colleagues are calling on Ex-Im to conduct a more robust investigation of the companies it assists, and to do a better job coordinating with the State Department and other foreign policy agencies to ensure that the assistance provided is in accord with our vital national security concerns.

Source: Economic Times

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No cheer for existing home loan borrowers

Posted by Manish Agrawal on Monday, 15 December, 2008

Existing borrowers will not benefit from the special home loan schemes to be unveiled by state-owned banks as part of the government’s  stimulus package. The reduced loan rates will only be applicable to fresh home purchases. The scheme is likely to be announced by the Indian Bank Association (IBA) on Monday. Read the rest of this entry »

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Market Await Policy Cues To Tide Over Slowdown

Posted by Manish Agrawal on Monday, 15 December, 2008

With shrinking industrial production (IIP) numbers for November intensifying fears of a sharper economic slowdown in India, investors are awaiting suitable policy responses. There is an anticipation of second tranche of fiscal sops from the government and additional interest rate cuts by the central bank. 
In addition to domestic triggers, investors will keep a close watch on the extent of rate cuts in the US, comments on the interest rate outlook by the Federal Reserve on Tuesday and a likely bailout package for the troubled automobile giants. The Fed is expected to cut the benchmark rates by 50 basis points to 0.5% as part of its attempts to revive consumer spending. 

Analysts said the US is unlikely to allow auto giants, including General Motors and Ford, to fail as this will have severe implications on an already-sagging economy. The resurgence of the US is considered to be critical for most emerging markets, including India as it consumes roughly 15% of the world’s exports.  Back home, analysts believe that any measures taken by the government and RBI to protect India from a global recession will assuage nervous investor sentiment only temporarily. There will be no immediate impact on India’s weakening economy. 
“While the government’s fiscal stimulus package and monetary measures are positive, they are unlikely to reverse the slowdown in growth and the downside risk appears to be increasing,” said Citigroup economists Rohini Malkani and Anushka Shah in a report. 
With the market already rebounding 10% off its low and the uncertain investment climate, brokers are advising clients against purchasing aggressively. However, they do not rule out more upsides. 

“The risk-reward ratio is certainly not favourable at the moment. We are advising clients to take it slow,” said an official at brokerage Sharekhan. The markets may correct another 20% from current levels, going by the general perception. 

Credit Suisse expects the Sensex to revisit 9,000 “again and again ahead of the elections in 1H09E (first half of 2009)”. It ended at 9,370.87 on Friday. 

“In 2H09E, the market could rebound sharply if the general elections end with a conclusive result and a reformist government. Otherwise, the Sensex could remain at the bottom-of-range valuations, trading around 9,000 for a while more, as consensus expectations continue to contract,” the investment bank added

Source: Economic Times

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Fall From IntraDay High

Posted by Manish Agrawal on Monday, 15 December, 2008

Check out the companies that have fallen off sharply from their Intraday Highs. You can also see how the Sensex, Nifty, or any other index stocks have performed today

Read the rest of this entry »

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NSE Top Dividend Stocks

Posted by Manish Agrawal on Thursday, 11 December, 2008

Check out stocks offering high dividend yields along with the company’s dividend history. You can view all stocks or filter them according to the BSE group or its sector. Read the rest of this entry »

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Volume Shockers – NSE

Posted by Manish Agrawal on Thursday, 11 December, 2008

Check out stocks that are witnessing a huge surge in volumes traded today as compared to their 5-day average traded volume. You can even modify the search to change the number of days or percentage change in volume, or limit it to any particular BSE group of stocks or sector. Read the rest of this entry »

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Price Shockers – NSE

Posted by Manish Agrawal on Thursday, 11 December, 2008

Check out stocks that have seen a huge spurt in its share price over the last three days. You can even modify the search to view the major gainers over the last 3, 7, or 15 days. You can filter out stocks accordingly to see only those stocks quoting above a certain price or have gained at least a certain percentage. You can restrict the search to any particular BSE/NSE group of stocks or sector. Read the rest of this entry »

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Above 52 Week Lows

Posted by Manish Agrawal on Thursday, 11 December, 2008

 View the top 100 stocks that are trading close to their 52-week lows or have bounced back the most from their 52-week lows. Also compare stocks within any sector and see how they have performed. Read the rest of this entry »

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Off 52 Week Highs

Posted by Manish Agrawal on Thursday, 11 December, 2008

View the top 100 stocks that have fallen the most from their 52-week highs or are trading close to their 52-week highs. Also compare stocks within any sector and see how they have performed. Read the rest of this entry »

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