Business News – Newsletter for February 10, 2011

Results of Underwriting Auctions

In the auctions of the securities conducted on February 10, 2011 for Additional Competitive Underwriting (ACU), the Reserve Bank of India has set the cut-off rates for underwriting commission payable to Primary Dealers as given below:

(` in crore)          

Nomenclature of the Security

Notified Amount

Minimum Underwriting Commitment (MUC) Amount

Additional Competitive Underwriting Amount Accepted

Total Amount … Original article on : Results of Underwriting Auctions.

HAL awaits government nod to go public soon

BANGALORE – Indias defence behemoth Hindustan Aeronautics Ltd (HAL) is awaiting the government’s green signal to go public soon to raise funds and improve its corporate governance, an official said Thursday.

Being a fully owned state-run enterprise, it is for the government to decide when to begin the disinvestment process and the quantum of dilution, …. Source  : Gaea News Network.

Devas asserts agreement with ISRO legally binding

BANGALORE – Devas Multimedia, a private company in the eye of a storm over space spectrum allocation, Thursday said its agreement with the Indian Space Research Organisation (ISRO) for S-band spectrum — high value and scarce radio waves — was “legally binding”.

Devas Multimedia has a legally binding agreement dated Jan 28, 2005 with the …. Original article on Gaea Times at  : Devas asserts agreement with ISRO legally binding.

India added 22.62 million mobile users in December

NEW DELHI – India added 22.62 million mobile phone subscribers in December, taking the total number of cellular users in the country to 752.19 million till Dec 31, official data said.

According to the Telecom Regulatory Authority of India (TRAI), the wireless phone user base grew 3.10 percent in December 2010, from 729.57 million in … Original article on : India added 22.62 million mobile users in December.

PM sets up panel to probe ISRO-Devas agreement

NEW DELHI/BANGALORE – Prime Minister Manmohan Singh Thursday formed a two-member commission to probe allegations of revenue losses in the allocation of space spectrum using S-band — high value and scarce radio waves — between the Indian Space Research Organisation’s (ISRO) commercial arm and a private company.

“The prime minister has formed a high-level commission, …. Original article  : PM sets up panel to probe ISRO-Devas agreement.

Food inflation falls to 13.07 percent

NEW DELHI – India’s annual food inflation dropped by nearly four percentage points to 13.07 percent for the week ended Jan 29 — the lowest level in nearly one-and-a-half months — on decline in the prices of pulses, potatoes and wheat, according to official data released Thursday.

Food inflation has declined after two consecutive … Read the original article on Gaea Times at : Food inflation falls to 13.07 percent.

India deepens trade ties with Burkina Faso

ACCRA – Trade between India and the neighbouring west African country of Burkina Faso has gone up over the past three years following an improvement in the bilateral relations between them, a statement by the Indian High Commission in Accra said.

The Indian high commissioner in Accra is concurrently accredited to Ougadougou, the capital of … Read this article on Gaea Times at : India deepens trade ties with Burkina Faso.

India to face challenge of inclusive growth

BHOPAL – Reserve Bank of India (RBI) Governor D. Subbarao has India would face the challenges of inclusive growth in the coming days as the country would move on a higher growth trajectory.

Inaugurating an exhibition named Newsibition here on Wednesday, Subbarao said: “”In the second decade of the new millennium we are going to face …. Source  : Gaea News Network.

RBI Reference Rate for US $ and Euro

The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.58 and the Reference Rate for Euro is ` 62.41 on February 10, 2011. The corresponding rates for the previous day (February 9, 2011) were ` 45.33 and ` 61.86 respectively. Based on the …. Source article  : RBI Reference Rate for US $ and Euro.

Marketcap of Rs.3 lakh crore destroyed by bear cartel: ADAG

NEW DELHI – The Reliance Dhirubhai Ambani Group (R-ADAG) Wednesday said an illegal bear cartel had destroyed market capitalisation worth a whopping Rs.3 lakh crore ($66 billion) in recent days and asked for a thorough probe by concerned agencies.

A series of completely baseless rumours have been circulated yesterday by our corporate rivals. An illegal …. Source article on Gaea Times at  : Marketcap of Rs.3 lakh crore destroyed by bear cartel: ADAG.

Liquidity Adjustment Facility : Auction Results

The results of the RBI Repo/Reverse Repo auctions held on February 10, 2011 are:

Amount  (face value in ` crore)                            

Item

1 day Reverse Repo Auction
(Sale of securities by RBI)

1 day Repo Auction 
… Read more »».

Country’s second-largest paper maker pushes growth

CHENNAI – Tamil Nadu Newsprint and Papers that has set up its Rs.1,000-crore third unit last month is confident of reaching 100-percent production of its capacity of 400,000 tonnes this month and enhancing exports by a third to 90,000 tonnes.

“This month onward, we will achieve a full capacity utilisation. The new machine will …. Source  : Gaea News Network.

Issac presents sixth consecutive Kerala budget

THIRUVANANTHAPURAM – Economist turned politician and senior Communist Party of India-Marxist (CPI-M) leader Thomas Issac Thursday presented his sixth consecutive state budget with special emphasis on infrastructure development.

He began the presentation with a small poem written by Jnanpith Award Winner O.N.V. Kurup, which says that much has been done but a lot more remained. … Original source on Gaea Times at : Issac presents sixth consecutive Kerala budget.

Brazil trims budget by $30 bn

Brasilia, Feb 10 (IANS/EFE) The Brazilian government has announced that it cut the annual budget by 50 billion reais ($30 billion), a figure that doubles the fiscal adjustment made in 2010.

Finance Minister Guido Mantega confirmed the budget cut and ruled out that the measure could lead the country into a recession, according to state-run …. Read the original article  : Brazil trims budget by $30 bn.

Japanese shares mixed on weak machinery orders, profit-taking

TOKYO – Japanese stocks were mixed in Thursday morning trading as machinery orders increased for the first time in four months but came in weaker than expected. Investors also put downward pressure on the market as they sold shares to lock in profits from recent gains.

The benchmark Nikkei 225 Stock Average lost 4.06 …. Read the original article  : Japanese shares mixed on weak machinery orders, profit-taking.

Sensex dull in early trade

MUMBAI – A benchmark index for Indian equities markets Thursday was in a slump in early trade.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,603.29 points, was ruling at 17,565.69 points, down 27.08 points or 0.15 percent from its previous close at 17,592.77 points.
The 50-scrip S&P CNX … Read more »».

Most US stocks lower on concerns of US inflation

NEW YORK – Two out of three major US stock indices fell Wednesday as Federal Reserve Chairman Ben Bernanke was forced to assuage concerns that higher inflation around the world could reach US shores.

Bernanke in testimony before the US Congress said there were no signs that inflation was getting too high in the US, … Read more >>>.

Money Market Operations as on February 09, 2011

…. Original article on Gaea Times at  : Money Market Operations as on February 09, 2011.

Saudi oil stock exaggerated by 40 percent: WikiLeaks

LONDON – The estimated stock of oil in Saudi Arabia was 40 percent higher than the country’s actual reserve, which according to the US is not enough to check the rising fuel prices across the globe, secret diplomatic cables have revealed.

US diplomat was convinced by a Saudi expert that reserves of the world’s largest …. Source  : Gaea News Network.

Madhya Pradesh mobile banking model to be expanded

BHOPAL – Impressed with the mobile banking model in Annupur district which ensures on-the-spot payment of wages under the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS), the Madhya Pradesh government has decided to extended it to all the districts of the state, an official said.

Annupur’s Collector Kavindra Kiyawat said that wages worth Rs.54 … Original source on Gaea Times at : Madhya Pradesh mobile banking model to be expanded.