Business News – Newsletter for December 10, 2010

October factory output raises hope for double-digit growth

NEW DELHI – Led by a strong growth in the automobile, manufacturing and power sectors, India’s factory output expansion sped to 10.8 percent in October from just 4.4 percent in the previous month, raising hopes of double-digit growth this fiscal.

“Figures suggest the industrial growth for the past seven months averaged at 10.3 per cent. … Read more : October factory output raises hope for double-digit growth.

India to set up 19 training institutes in Africa

NEW DELHI – A foreign trade institute in Uganda and a diamond centre in Botswana are amongst the 19 training institutes that India will set up across Africa in the next two years.

The two sides have finalised the location of the institutes ahead of India’s second continent-level summit with Africa next year.
They … Original source on Gaea Times at : India to set up 19 training institutes in Africa.

Industrial output up 10.8 percent in October

NEW DELHI – India’s industrial output accelerated to 10.8 percent in October from 4.4 percent in the previous month, led by a healthy growth in manufacturing, automobiles and power sectors.

“Now the seven month average is 10.3 percent. I hope this trend will continue and we will register double digit industrial growth this fiscal,” … Read the original article on Gaea Times at : Industrial output up 10.8 percent in October.

Foreign Exchange Turnover Data

The Reserve Bank of India today released the data showing daily merchant and inter-bank transactions in foreign exchange for the period November 22, 2010 to November 26, 2010.

All Figures are in USD Millions    

MERCHANT

INTER BANK

Position
Date

Spot

FCY/INR Forward

Forward
…. Source  : Foreign Exchange Turnover Data.

SpiceJet orders 15 aircraft from Bombardier for $446 million

TORONTO – In a major deal for the burgeoning Indian aviation market, Bombardier Thursday won a $446-million order from SpiceJet airline for 15 turboprop aircraft.

Though the Canadian company has sold regional jets to Indian companies, it is the first time that it has won an order for Q400 NextGen turboprop aircraft. Compared to big … Read : SpiceJet orders 15 aircraft from Bombardier for $446 million.

Sensex rebounds 140 points on positive industrial output

MUMBAI – A benchmark index of Indian equities rebounded over one percent Friday on better than expected 10.8 percent growth in industrial output in October.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened in the red at 19,201.89 points, was trading nearly one percent higher at 19,390 points …. Original article  : Sensex rebounds 140 points on positive industrial output.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.22 and the Reference Rate for Euro is ` 59.99 on December 10, 2010. The corresponding rates for the previous day (December 9, 2010) were ` 45.17 and ` 60.04 respectively. Based on the Reference Rate for US …. Read the original article  : here.

Sampada Sahakari Bank Ltd., Pune, Maharashtra ??? Penalised

The Reserve Bank of India has imposed a monetary penalty of ` 50000.00 (Rupees Fifty thousand only) on Sampada Sahakari Bank Ltd., Pune, Maharashtra in exercise of powers vested in it under the provisions of Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 for violation of Reserve …. Source  : Sampada Sahakari Bank Ltd., Pune, Maharashtra ??? Penalised.

Italy’s Boggi Milano mulls India as sourcing hub

CHENNAI – Italian menswear brand Boggi Milano, which has a 140 million euro turnover, is planning to source garments from Indian manufacturers for its global markets, a senior official said.

An Italian team is expected to be here in February to take a final call on the matter.
“We are holding discussions with garment …. Source article  : Italy’s Boggi Milano mulls India as sourcing hub.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on December 10, 2010 are:

Amount (face value in ` crore)                            

Item

3 days Reverse Repo Auction (Sale of securities by RBI)

3 days Repo Auction 
…. Original article on Gaea Times at  : Liquidity Adjustment Facility : Auction Results.

Obama cites India deals to propose easing export controls

WASHINGTON – Citing $10 billion worth of “landmark” deals with India and other trade initiatives, US President Barack Obama has proposed easing export controls on technology products for 37 allies, but India does not figure in the first list.

Easing export controls for technology items with military uses would help meet his goal … Read the original article on Gaea Times at : Obama cites India deals to propose easing export controls.

India to get first Super Hercules airlifters next week

WASHINGTON – The first of India’s six C-130J Super Hercules airlifters, considered the world’s most advanced transport aircraft, will be formally delivered Dec 16 at a ceremony in Marietta, Georgia.

Two of the planes purchased from the US in a $1 billion deal, will be flown to India in early 2011, while two more will …. Original article on Gaea Times at  : India to get first Super Hercules airlifters next week.

India-European Union set to expand business ties

BRUSSELS – India and the 27-nation European Union are set to expand economic ties by setting the stage for a major trade and investment deal that is expected to multiply the quantum of business between them. The agreement is expected to generate two-way trade worth about 100 billion euros.

The two sides cleared the decks … Read : India-European Union set to expand business ties.

Money Market Operations as on December 9, 2010

… Read : Money Market Operations as on December 9, 2010.

Tokyo stocks lower on profit-taking

TOKYO – Stocks in Tokyo lost ground in Friday morning trading following profit-taking as the benchmark Nikkei index opened at a seven-month high.

The Nikkei 225 Stock Average was down 44.18 points, or 0.43 percent to trade at 10,241.7, while the broader Topix index declined 2.17 points, or 0.24 percent, to 889.43.
Shares of major … Read this article on Gaea Times at : Tokyo stocks lower on profit-taking.

Master Card Buys Out Travelex

The Wikileaks inspired Anonymous seige has barely affected Mastercard as it would seem. The card major announced today that it was buying pre-paid cash card business of exchange group Travelex for 290 million pounds. Travelex’s prepaid card business’ primary focus on travelers using plastic instead of travelers checks.
MasterCard Chief Executive Ajay Banga says
be an …. Original source  : Master Card Buys Out Travelex.

Billion Dollar Green Tech IPO in 2011 Says John Doerr

John Doerr has been flying off the radar after the Internet Bubble went bust. There is no denying the fact that his backing of a company was considered to make it a goldmine in stock value. He could be seen every where as an investor but of late he has been missing from the … Read more : Billion Dollar Green Tech IPO in 2011 Says John Doerr.

Indian Stocks Struggle For the Third Consecutive Sessions

NEW DELHI, INDIA (GaeaTimes.com) — India’s fortune’s are not going well at the moment, at least no on the share trading front. India’s saw its shares lowered for three consecutive sessions. The investors are shying away from the market owing to the present situation of the Indian politics, which is embroiled in allegations of …. Source article on Gaea Times at  : Indian Stocks Struggle For the Third Consecutive Sessions.

Etihad opens premium lounge at Manchester airport

Abu Dhabi, Dec 9 (IANS/WAM) The UAE’s national carrier Etihad Airways has opened a premium lounge for its passengers at the Manchester airport in Britain, it was announced Thursday.

The airline had signed a three-year deal in 2009 to be the official shirt sponsor and partner of the football club Manchester City FC and the …. Original article  : Etihad opens premium lounge at Manchester airport.

India-EU trade accord on anvil, ‘no compromise’ on IPR (Second Lead)

BRUSSELS -India and Europe are about to conclude a key free trade pact but there would be no compromise on intellectual property rights in the agreement that is expected to give a fillip to business ties between the two sides, official sources said here Thursday.

Essentially the decks have been cleared (for finalising the agreement), … Read this article on Gaea Times at : India-EU trade accord on anvil, ‘no compromise’ on IPR (Second Lead).