Business News – Weekly Newsletter for March 1-7, 2011
Monday, March 7, 2011
221 mn Chinese travelled by train during spring festival
BEIJING – A whopping 221 million people travelled by train during China’s spring festival, which is also the largest migration of people anywhere in the world.
The railway ministry Monday said the trains carried a record 221 million passengers during the 40-day Spring Festival travel rush period that ended Sunday.
The figure represents an increase … Read more : 221 mn Chinese travelled by train during spring festival.
Budget leaves IT sector unimpressed
HYDERABAD – The information technology (IT) sector is disappointed at Finance Minister Pranab Mukherjee’s union budget for 2011-12 for not extending tax incentives and hiking the Minimum Alternate Tax (MAT).
The IT sector in Hyderabad, a key IT hub in the country, feels the finance minister failed to meet its expectations, especially on the demand … Read this article on Gaea Times at : Budget leaves IT sector unimpressed.
Budget conveys strong signal for reforms: Pranab
NEW DELHI – The budget for 2011-12 conveys a “strong signal towards reforms”, especially on taxation and fiscal consolidation, Finance Minister Pranab Mukherjee said Monday.
Through this budget I wanted to convey a strong signal towards reforms, and reforms not just in dramatic announcements but addressing those issues where governance and delivery can improve, Mukherjee …. Original source : Budget conveys strong signal for reforms: Pranab.
RBI releases its IT Vision Document for 2011-17
The Reserve Bank of India has today, placed on its website, the Report of the High Level Committee (HLC) on the IT Vision of Reserve Bank of India 2011-2017 (www.rbi.org.in/scripts/PublicationReportDetails.aspx?UrlPage=&ID=630) . The HLC report includes the IT Vision document for 2011-17 (www.rbi.org.in/scripts/PublicationVisionDocuments.aspx?ID=629) .
Main recommendations in the IT Vision document 2011-17
Focus for …. Source article : RBI releases its IT Vision Document for 2011-17.
Budget remembers Tagore, award to be instituted
NEW DELHI – The government will institute a new international award in memory of Nobel laureate Rabindranath Tagore, whose 150th birth anniversary is May 7 this year, Finance Minister Pranab Mukherjee announced Monday.
The award carrying a purse of Rs.1 crore will be awarded for exemplary contribution to promotion of world peace, brotherhood, amity and …. Original article : Budget remembers Tagore, award to be instituted.
Union Budget eyes upon result oriented economic management system
NEW DELHI – Union Finance Minister Pranab Mukherjee today said that the Union Budget is a transition towards a more transparent and result oriented economic management system in India.
Presenting the budget 2011-12 in the Lok Sabha today, Mukherjee said: “Huge differences between wholesale and retail prices are at the expense of remunerative prices … Read more »»».
RBI launches 23rd Round of Inflation Expectations Survey of Households
The Reserve Bank of India has today launched the 23rd round of Inflation Expectations Survey of Households. January-March 2011 is the reference period for the current survey. M/s Beaumont Consultancy Services, Mumbai has been engaged to conduct this Round of the Survey on behalf of the Reserve Bank of India.
The Reserve …. Source : RBI launches 23rd Round of Inflation Expectations Survey of Households.
World’s first 660 KV power cable in China
BEIJING – A 660-kilovolt direct current power transmission system, said to be the world’s first, began to supply energy Monday to a province that is located over 1,300 km away.
The transmission system began carrying power from northwest China’s Ningxia Hui Autonomous Region to the eastern Shandong Province.
The 10.4-billion-yuan ($1.58 billion) project is part … Read more : World’s first 660 KV power cable in China.
Disinvestment yield target set at Rs.40,000 crore
NEW DELHI – The government aims at raising Rs.40,000 crore from selling its stakes in public sector undertakings during fiscal 2011-12, Finance Minister Pranab Mukherjee said Monday.
I intend to maintain the momentum on disinvestment in 2011-12 by raising Rs.40,000 crore,” Mukherjee said while presenting the budget for 2011-12 in the Lok … Read more >>.
State-run banks get Rs.6,000 crore
NEW DELHI – To strengthen the banking sector in India, the government Monday said it will allocate Rs.6,000 crore to public sector banks and Rs.500 crore to regional rural banks.
“I propose to provide a sum of Rs.6,000 crore for the year 2011-12 to enable public sector banks to maintain a minimum tier I … Original source on Gaea Times at : State-run banks get Rs.6,000 crore.
China has 1.34 bn people
BEIJING – Wondering how many people does the world’s most populous country have? Well, China has a mind-boggling 1.34 billion people, latest official statistics show.
Neighbour India stands second in the global population tally with an estimated figure of 1.2 billion.
China’s National Bureau of Statistics (NBS) Monday said that preliminary data showed the country … Read : China has 1.34 bn people.
Indian stock markets give thumbs up to budget, Sensex soars (Second Lead)
NEW DELHI – Indian equities markets Monday continued to rise well after Finance Minister Pranab Mukherjee presneted the general budget as investors gave their thumbs-up to decisions like allowing foreign investment in mutual funds, and raising the cap on foreign institutional investment in corporate bonds.
Mukherjee raised the limit for funds to be invested by … Read more : Indian stock markets give thumbs up to budget, Sensex soars (Second Lead).
Pranab’s budget has Rs.8,000 crore for Kashmir’s development
NEW DELHI – Finance Minister Pranab Mukherjee Monday said Rs.8,000 crore would be given as special developmental assistance to the troubled Jammu and Kashmir in the current fiscal. This is in addition to the special support of Rs.28,000 crore already earmarked by the central government.
“The governments special support to Jammu and Kashmir is anchored …. Source : Gaea News Network.
Highlights of Pranab Mukherjee’s budget for 2011-12
NEW DELHI – Highlights of the budget for 2011-12 presented by Finance Minister Pranab Mukherjee in the Lok Sabha Monday:
* Expenditure in 2011-12 estimated at Rs.12,57,729 crore, an increase of 13.4 percent.
* Tax receipts in 2010-11 at Rs.932,440 crore, an increase of 24.9 percent; non-tax receipts at Rs.125,435 crore.
* Growth at 8.75 … Original article on : Highlights of Pranab Mukherjee’s budget for 2011-12.
Microsoft launches Microsoft Dynamics AX for retail in India
NEW DELHI – (ANI-Business Wire India): Microsoft India today announced the launch of Microsoft Dynamics AX for Retail, a focused offering for the Indian retail sector.
This solution offers a consolidated, integrated system that promises the capabilities of a stronger profitable retail supply chain and connected retailing to significantly reduce business complexities.
Microsoft Dynamics AX for … Read more »».
11 percent hike in defence budget (Lead, Superseding earlier story)
NEW DELHI – India Monday steeply hiked its defence budget by 11 percent, pegging the 2011-12 allocation at Rs.164,415 crore (nearly $36 billion), to fuel the rapid modernization of the army, navy and the air force.
Finance Minister Pranab Mukherjee, who presented the budget in the Lok Sabha, also increased the capital expenditure to Rs.69,199 …. Source article : 11 percent hike in defence budget (Lead, Superseding earlier story).
Air travel to become costlier
NEW DELHI – Air travel is to become costlier with Finance Minister Pranab Mukherjee increasing service tax on air travel in the federal budget for 2011-12 Monday.
Mukherjee said service tax levy would go up by Rs.50 on domestic travel while it would be increased by Rs.250 on international travel in economy class.
In July …. Source : Air travel to become costlier.
Excise duty exemptions from 130 items to be removed
NEW DELHI – The government has decided to withdraw excise duty exemptions from 130 items, mostly consumer goods, with a view to align the taxation system with the proposed goods and services tax (GST), Finance Minister Pranab Mukherjee said Monday.
“I propose certain changes in the central excise structure to prepare ground …. Original source : Excise duty exemptions from 130 items to be removed.
Mukherjee raises credit flow to farmers by Rs.1 lakh crore
NEW DELHI – In a move to provide better access to affordable loans to the farming community, Finance Minister Pranab Mukherjee in the general budget for 2011-12 Monday said the government was increasing credit flow to farmers by Rs.1 lakh crore.
“For the year 2011-12, I am raising the target of the credit flow …. Read the original article : Mukherjee raises credit flow to farmers by Rs.1 lakh crore.
Rs.9 lakh disability compensation for defence personnel
NEW DELHI – Defence personnel, who have suffered 100 percent disability during the course of their government service, will henceforth get a one-time compensation of Rs.9 lakh on par with paramilitary personnel fighting Maoists.
Finance Minister Pranab Mukherjee announced this benefit for defence personnel in his budget proposals presented in Lok Sabha Monday.
Defence personnel, …. Source article : Rs.9 lakh disability compensation for defence personnel.
China’s US debt holdings at $1.16 trillion
WASHINGTON – China’s holdings of long-term US Treasury securities totalled $1.16 trillion at the end of December 2010, a media report said Tuesday.
The US Treasury Department has revealed the figure in its annual report released Monday, China Daily reported.
China, the largest holder of US Treasury securities, reduced its holdings by $4 billion …. Source : Gaea News Network.
Ford records growth in February sales
CHENNAI – The Indian subsidiary of American auto major Ford recorded a 188 percent sales growth in February over the corresponding period in 2010, mainly driven by Figo, its compact car model, according to a company official.
Ford India sold 9,293 vehicles in February as compared to 3,223 in 2010.
For the past one year, … Read the original article on Gaea Times at : Ford records growth in February sales.
Tokyo Sky Tree becomes world’s tallest tower
TOKYO – The Tokyo Sky Tree, Japan’s new skyscraper under construction for digital terrestrial broadcasting, became the world’s tallest tower Tuesday, topping the 600-metre mark, the operator said.
The tower in central Tokyo surpassed the height of China’s Canton Tower, a 600-metre TV and sightseeing tower, the Tobu Tower Sky Tree Co said.
…. Source : Tokyo Sky Tree becomes world’s tallest tower.
Budget proposals sharply push up Indian equities
MUMBAI – Indian equities were ruling sharply higher Tuesday, a day after the presentation of the federal budget, as investor sentiment was particularly boosted by the steps to attract foreign investors, including overseas funds, to mutual funds.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 17,982.28 points, against the previous …. Original article on Gaea Times at : Budget proposals sharply push up Indian equities.
Late night, little security, they counted Delhi’s homeless
NEW DELHI – Walking into dirty lanes at night, waking up sleeping and sometimes hostile people, thousands of enumerators and volunteers, including women, fanned out across the sprawling national capital to ensure the homeless were counted for India’s Census 2011, deemed the world’s biggest headcount.
The government-appointed census workers fanned out to Delhi’s nooks …. Source article : Late night, little security, they counted Delhi’s homeless.
Left government in Tripura unhappy with budget, protests
AGARTALA – Groups affiliated to Tripura’s ruling Communist Party of India-Marxist (CPI-M) Tuesday organised demonstrations across the state to protest the “deprivation of the northeastern region” in the union budget unveiled the day earlier.
Frontal organisations of Left parties, including the Democratic Youth Federation of India (DYFI), organised protest rallies across the Left-ruled … Read more : Left government in Tripura unhappy with budget, protests.
Hyundai’s February sales down 4.8 percent
NEW DELHI – Automobile major Hyundai Motor India Ltd (HMIL) Tuesday reported a decline of 4.8 percent in its sales for February.
HMILs total sales for February 2011 stood at 52,007 units as against 54,610 units in February 2010, registering a decline of 4.8 percent, the company said in a statement.
Domestic sales picked up … Read more »»».
RBI Reference Rate for US $ and Euro
The Reserve Bank of India’s Reference Rate for the US dollar is ` 45.12 and the Reference Rate for Euro is ` 62.32 on March 1, 2011. The corresponding rates for the previous day (February 28, 2011) were ` 45.18 and ` 62.15 respectively. Based on the Reference Rate for …. Read the original article : RBI Reference Rate for US $ and Euro.
TVS Motor sales up by 24 percent in February
CHENNAI – Two- and three-wheeler maker TVS Motor Company Ltd closed February with 24 percent sales growth over the corresponding period the previous year.
The company sold 177,412 units (two-wheelers 173,200, three-wheelers 4,212 units) last month as against 142,676 units (two-wheelers 140,544 units, three-wheelers 2,132 units) in February 2010.
Within the two-wheeler segment, TVS Motor … Read more »».
Maruti Suzuki’s February sales up 15.5 percent
NEW DELHI – Indian car market leader Maruti Suzuki Tuesday reported a 15.5 percent increase in its sales for February with 1,11,645 units being sold.
Maruti Suzuki India Limited sold a total of 1,11,645 vehicles in February 2011. This includes 10,102 units of exports. The company had sold a total of 96,650 vehicles in February …. Read the original article : Maruti Suzuki’s February sales up 15.5 percent.
India’s merchandise exports up in January, oil imports down
NEW DELHI – India’s merchandise exports were up over 32 percent in January even as oil imports, over which government has expressed worry because of rising global prices, were actually down nearly 8 percent, latest trade data showed Tuesday.
The merchandise exports, as per commerce ministry data, were valued at $20.605 billion in the month …. Source : India’s merchandise exports up in January, oil imports down.
Telangana supporters disrupt train traffic (Second Lead)
HYDERABAD – Rail transport was paralysed in Hyderabad and nine other districts of Telangana region of Andhra Pradesh Tuesday as protesters demanding separate statehood to the region squatted on railway tracks.
All express trains from Hyderabad to various cities in the state and other destinations in India, and all passenger trains in Telangana and to … Original article on : Telangana supporters disrupt train traffic (Second Lead).
Day after budget, Mukherjee warns of challenges ahead
NEW DELHI – A day after presenting the federal budget for the next fiscal, Finance Minister Pranab Mukherjee said the country continued to face both internal and external challenges, like spiralling oil prices, and must remain ever so vigilant.
“The challenge before the government and the Reserve Bank of India has been to support the …. Original source : Day after budget, Mukherjee warns of challenges ahead.
Liquidity Adjustment Facility : Auction Results
The results of the RBI Repo/Reverse Repo auctions held on March 1, 2011 are:
Amount (face value in ` crore)
Item
2 days Reverse Repo Auction
(Sale of securities by RBI)
2 days Repo Auction
… Original source on Gaea Times at : Liquidity Adjustment Facility : Auction Results.
Malaysia allows entry of 45,000 foreign workers
KUALA LUMPUR – The Malaysian government has allowed recruitment of 45,000 foreign workers in at least 13 business sectors hit by manpower shortage. A large number of the workers in these sectors are ethnic Indians.
Workers are urgently required in restaurants, grocery shops and in the textiles industry, which faced difficulty in recruiting local labour. …. Source : Gaea News Network.
Day after budget, Indian equities still rule strong
MUMBAI – Indian equities continued to rule strong Tuesday a day after the presentation of the federal budget as investor sentiment was boosted by the measures to attract foreign investors, including overseas funds, to mutual funds.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 17,982.28 points, against the previous day’s … Read this article on Gaea Times at : Day after budget, Indian equities still rule strong.
India budget will spur investment: US chamber
WASHINGTON – A leading US trade association has praised India’s budget, saying it sets forth clear parameters that will spur and sustain greater investment in the country’s infrastructure sector.
“The sheer confidence this budget represents is worthy of our praise,” said Ron Somers, president of the US-India Business Council (USIBC) that represents about 400 US … Read the original article on Gaea Times at : India budget will spur investment: US chamber.
Help at hand for young entrepreneurs
CHANDIGARH – For those struggling to establish small and medium-scale businesses, there is good news. Hands-on financial and technical aid will be made available to budding entrepreneurs in Commonwealth nations.
The first experiment of the youth entrepreneur programme will be started here soon through the Commonwealth Youth Programme (CYP). It will then be replicated in …. Source article : Help at hand for young entrepreneurs.
Hyderabad, other parts of Telangana hit by rail blockade
HYDERABAD – The rail traffic in Hyderabad and nine other districts of Telangana region of Andhra Pradesh Tuesday came to a grinding halt as protesters demanding separate statehood to the region squatted on railway tracks.
The protesters of various pro-Telangana groups stopped dozens of trains in and around Hyderabad, Nalgonda, Warangal, Nizamabad, Khammam and other … Read this article on Gaea Times at : Hyderabad, other parts of Telangana hit by rail blockade.
US stocks rise on Buffett optimism
NEW YORK – Wall Street stocks gained Monday after investment guru Warren Buffett signalled over the weekend he was ready to begin making acquisitions.
“Our elephant gun has been reloaded, and my trigger finger is itchy,” the closely watched “Oracle of Omaha” wrote Saturday in his annual letter to investors.
High oil prices that had …. Original article : US stocks rise on Buffett optimism.
Political parties to support anti-POSCO movement
BHUBANESWAR – The movement against South Korean steel major POSCO’s $12 billion project in Orissa’s Jagatsinghpur district got a boost with leaders of various political parties Tuesday announcing their support to the agitation led by the people likely to be displaced.
The one-day convention organised by the POSCO Pratirodh Sangram Samiti (PPSS) saw the presence [..] Read the original article: here.
Sensex surges 623 points on budget proposals (Roundup)
MUMBAI – A benchmark index for Indian equities markets surged 623 points Tuesday, a day after the presentation of the budget for 2011-12, as investor sentiment was particularly boosted by the steps to attract foreign investors, including overseas funds and mutual funds.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened …. Original article on Gaea Times at : Sensex surges 623 points on budget proposals (Roundup).
Cold storage, fertiliser classification as agri-infrastructure welcomed
NEW DELHI – Industry lobby Confederation of Indian Industry (CII) Tuesday welcomed the classification of cold chain (storage) and fertiliser industry as agriculture infrastructure in the federal budget 2011-12 presented by Finance Minister Pranab Mukherjee Monday.
“These steps will not only help in reducing wastages and seamlessly integrating the supply chain but at the …. Original article : Cold storage, fertiliser classification as agri-infrastructure welcomed.
Bosch India net up 45 percent on robust growth
BANGALORE – Bosch India Ltd posted Rs.859 crore profit for calendar year 2010, registering a strong 45 percent year-on-year (YoY) growth over 2009, the Indian subsidiary of the global German automotive major said Tuesday.
“Net sales grew nearly 40 percent YoY in 2010 to Rs.6,630 crore (Rs.66.3 billion) over like period previous fiscal, with exports … Read the original article on Gaea Times at : Bosch India net up 45 percent on robust growth.
286 projects await environment clearance: Ramesh
NEW DELHI – A total of 286 projects in various sectors, including construction projects, are awaiting environmental clearance, Environment Minister Jairam Ramesh told parliament Tuesday.
Replying to question in Rajya Sabha, Ramesh said a number of steps have been taken by the ministry to dispose the task.
Of the 286 projects, the highest 34 …. Source article : 286 projects await environment clearance: Ramesh.
Second Liquidity Adjustment Facility : Auction Results
The results of the RBI Repo/Reverse Repo auctions held on March 1, 2011 are:
Amount (face value in ` crore)
Item
2 days Reverse Repo Auction (Sale of securities by RBI)
2 days Repo Auction
(Purchase …. Original article : Second Liquidity Adjustment Facility : Auction Results.
Hero Honda’s February sales up 23 percent
NEW DELHI – Two-wheeler major Hero Honda Motors Monday reported an increase of more than 23 percent in its sales figure for February, which stood at 4,72,055 units over 382,096 units in the corresponding month last year.
Our performance throughout this fiscal has been very consistent and the strong February numbers are a positive … Read more »»».
Some states against FDI in multi-brand retail: Montek
NEW DELHI – Some state governments in India have expressed reservations against foreign direct investment (FDI) in multi-brand retail and said they won’t allow it even if the federal government chose to do so, Planning Commission Deputy Chairman Montek Singh Ahluwalia said Tuesday.
“States are divided on the idea. Some say they have no … Original article on : Some states against FDI in multi-brand retail: Montek.
Indian automobile sector’s February sales soar (Roundup)
NEW DELHI/CHENNAI – The Indian automobile industry Tuesday reported good sales numbers for the month of February, prompted by a growing economy, increasing disposable incomes and low interest rates.
Market leader Maruti Suzuki’s sales increased by 15.5 percent in last month with 1,11,645 units being sold as compared to 96,650 vehicles sold in February 2010.
… Original source on Gaea Times at : Indian automobile sector’s February sales soar (Roundup).
Shri Lodra Nagarik Sahakari Bank Ltd., Lodra, District Gandhinagar ??? Penalised
The Reserve Bank of India has imposed a monetary penalty of ` 1.00 lakh (Rupees one lakh only) on Shri Lodra Nagarik Sahakari Bank Ltd., Lodra, District Gandhinagar, 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 …. Source article : Shri Lodra Nagarik Sahakari Bank Ltd., Lodra, District Gandhinagar ??? Penalised.
Results of Auctions of 10-year State Development Loans, 2021 of Eight Governments
The Results of the auctions of 10-year State Development Loans, 2021 for Eight State Governments held on March 1, 2011.
Table (` in crore)
Assam
Gujarat
Jammu and Kashmir
Madhya Pradesh
Maharashtra
Notified Amount
800.000
750.000
400.000
700.000
950.000
Underwriting Notified Amount
Nil
Nil
Nil
Nil
Nil
Competitive Bids Received
… Read more >>.
Day after budget people wonder if they are really better off
NEW DELHI – A day after the federal budget, people across India wondered if they were really better off and problems on the ground such as high commodity prices and the general fall in living standards will be adequately addressed.
The most tangible measure proposed by Finance Minister Pranab Mukherjee concerning the average tax payer …. Original article : Day after budget people wonder if they are really better off.
Kerala IT team to visit global infotech fair
THIRUVANANTHAPURAM – A high level delegation from Kerala IT, the state government’s nodal infotech agency, will participate in the prestigious global infotech and communications fair CeBIT 2011 in Hanover in Germany, a statement said here Tuesday.
The team will comprise Kerala State IT Mission director Ishita Roy, Technopark’s chief executive officer Mervin Alexander and Infopark … Read more »»».
Oz ATMs eject ‘thousands of dollars’ thanks to malfunction
MELBOURNE – A malfunction in Commonwealth Bank has caused at least 40 ATMs to spill out “thousands of dollars” in Sydney and others in Brisbane.
Anecdotal reports suggest the machines have also been issuing excess cash in Melbourne, but there has been no confirmation.
In Sydney, police have been called to guard affected machines, including one at …. Read the original article : here.
Singhvi withdraws himself from JPC
NEW DELHI – As the Rajya Sabha nominated 10 MPs for the 30-member joint parliamentary committee (JPC) probe into the 2G spectrum scam, Congress member Abhishek Manu Singhvi withdrew himself from the panel saying he had appeared for cellular operators in court as a senior advocate.
“I had appeared as a senior advocate in …. Original source : Singhvi withdraws himself from JPC.
Micra drives up Nissan sales
CHENNAI – The Indian subsidiary of Japanese auto major Nissan recorded sales of 2,081 units in February, up from 44 units in the corresponding period last year, thanks mainly to its Micra model.
The growth is mainly driven by its compact car Micra, which accounted for 2,030 units as against 1,784 units sold in January …. Original source : Micra drives up Nissan sales.
Excise duty on coal to increase cement prices: Birla Corp
KOLKATA – The imposition of excise duty of one percent on coal, proposed in the general budget 2011-12, will push up cement prices, a top executive of leading cement maker Birla Corporation Limited said Tuesday.
“In the budget presented yesterday (Monday), one percent excise duty was imposed on coal. It is a new introduction. It …. Source article on Gaea Times at : Excise duty on coal to increase cement prices: Birla Corp.
182 days Treasury Bills : Auction Result
Date of Auction : March 1, 2011
I.
Notified Amount
` 2000.00 crore
II.
Underwriting notified amount
N.A.
III.
Competitive Bids received
(i)
Number
53
(ii)
Amount
` 6893.00 crore
IV.
Cut-off price
` 96.39 (YTM is 7.5110%)
V.
Competitive bids accepted
(i)
Number
16
(ii)
Amount
` 2000.00 crore
VI.
Partial Allotment Percentage of Competitive Bids
49.06 (7 Bids)
VII.
Weighted Average Price
` 96.40
VIII.
Non-competitive bids received
(i)
Number
Nil
(ii)
Amount
Nil
IX.
Non-competitive bids [..] Read the original article: here.
91 days Treasury Bills : Auction Result
Date of Auction : March 1, 2011
I.
Notified Amount
` 5000.00 crore
II.
Underwriting notified amount
N.A.
III.
Competitive Bids received
(i)
Number
68
(ii)
Amount
` 10928.10 crore
IV.
Cut-off price
` 98.25 (YTM is 7.1443%)
V.
Competitive bids accepted
(i)
Number
37
(ii)
Amount
` 5000.00 crore
VI.
Partial Allotment Percentage of Competitive Bids
81.59 (24 Bids)
VII.
Weighted Average … Read the original article on Gaea Times at : 91 days Treasury Bills : Auction Result.
Tata Motors logs 12 pc sales growth in February
CHENNAI – Indian automobile major Tata Motors Ltd logged 12 percent sales growth in February over the same period last year while its small car wonder Nano logged 101 percent growth.
The company sold 77,543 vehicles (commercial vehicles – CV – 41,130 units and passenger vehicles – PV – 33,751 units including exports) last month … Original source on Gaea Times at : Tata Motors logs 12 pc sales growth in February.
RBI Reference Rate for US $ and Euro
The Reserve Bank of India’s Reference Rate for the US dollar is ` 44.96 and the Reference Rate for Euro is ` 62.33 on March 3, 2011. The corresponding rates for the previous day (March 1, 2011) were ` 45.12 and ` 62.32 respectively. Based on the Reference Rate for US … Original source on Gaea Times at : RBI Reference Rate for US $ and Euro.
Liquidity Adjustment Facility : Auction Results
The results of the RBI Repo/Reverse Repo auctions held on March 3, 2011 are:
Amount (face value in ` crore)
Item
1 day Reverse Repo Auction
(Sale of securities by RBI)
1 day Repo Auction
… Read the original article on Gaea Times at : Liquidity Adjustment Facility : Auction Results.
Money Market Operations as on March 01, 2011
…. Original article on Gaea Times at : Money Market Operations as on March 01, 2011.
Sensex surges 623 points on budget proposals (Second Lead)
MUMBAI – A benchmark index for Indian equities markets surged 623 points Tuesday, a day after the presentation of the federal budget, as investor sentiment was particularly boosted by the steps to attract foreign investors, including overseas funds, to mutual funds.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened in …. Read the original article : Sensex surges 623 points on budget proposals (Second Lead).
Rs.40,000 crore disinvestment target will be met: Patel
NEW DELHI – Despite missing the current financial year’s target, the government is confident of raising Rs.40,000 crore ($9 billion) through the sale of stakes in state-run firms, Heavy Industries and Public Sector Enterprises Minister Praful Patel said Tuesday.
The finance minister has announced that Rs.40,000 crore is to be raised through disinvestment, and I … Original article on : Rs.40,000 crore disinvestment target will be met: Patel.
Shri R. Gandhi takes charge as New ED at RBI
Shri R. Gandhi, assumed charge as Executive Director of the Reserve Bank of India today. As Executive Director, Shri Gandhi will look after Department of Banking Operations and Development, Department of Administration and Personnel Management (including Rajbhasha), Human Resources Development Department and Department of Information Technology.
Prior to his appointment …. Original source : Shri R. Gandhi takes charge as New ED at RBI.
Super senior citizens hail income tax sops
NEW DELHI – A day after the federal budget, senior citizens practising laughter therapy at the Nehru Park in the capital’s diplomatic enclave had real reasons to laugh – at the welcome income tax sops given them.
Finance Minister Pranab Mukherjee in his budget speech Monday proposed a special category of very senior citizens of … Read more »»».
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 February 14, 2011 to February 18, 2011.
All Figures are in USD Millions
Position
Date
MERCHANT
INTER BANK
FCY / INR
FCY / FCY
FCY … Read more : Foreign Exchange Turnover Data.
RBI Reference Rate for US $ and Euro
The Reserve Bank of India’s Reference Rate for the US dollar is ` 44.99 and the Reference Rate for Euro is ` 62.80 on March 4, 2011. The corresponding rates for the previous day (March 3, 2011) were ` 44.96 and ` 62.33 respectively. Based on the Reference Rate for US …. Source article : RBI Reference Rate for US $ and Euro.
Liquidity Adjustment Facility : Auction Results
The results of the RBI Repo/Reverse Repo auctions held on March 4, 2011 are:
Amount (face value in ` crore)
Item
3 days Reverse Repo Auction (Sale of securities by RBI)
3 days Repo Auction
(Purchase of [..] Read the original article: here.
Money Market Operations as on March 03, 2011
…. Source article : Money Market Operations as on March 03, 2011.
RBI publishes Statistical Tables Relating to Banks in India 1979 ??? 2009 (Historical Data for 30 years)
The Reserve Bank of India, has released a publication titled “Statistical Tables Relating to Banks in India 1979 – 2009 (Historical Data for 30 years) (www.rbi.org.in/scripts/OccasionalPublications.aspx?head=Statistical Tables Relating to Banks in India 1979-2009) ”.
The publication provides historical banking data as published in various issues of the Reserve Bank’s annual publication titled “Statistical … Original source on Gaea Times at : RBI publishes Statistical Tables Relating to Banks in India 1979 ??? 2009 (Historical Data for 30 years).
Second Liquidity Adjustment Facility : Auction Results
The results of the RBI Repo/Reverse Repo auctions held on March 3, 2011 are:
Amount (face value in ` crore)
Item
1 day Reverse Repo Auction (Sale of securities by RBI)
1 day Repo Auction
… Read more >>.
Sub-Committee of the Financial Stability Development Council meets today
The first meeting of the Sub-Committee of the Financial Stability Development Council (FSDC) was held today in the Reserve Bank of India, New Delhi. Dr. D. Subbarao, Governor, Reserve Bank of India chaired the meeting. The list of members of the Sub-Committee who participated in the meeting are :
364-day Treasury Bills auction: Rs.3,000 crore under regular auction
The Reserve Bank of India has announced the auction of 364-day Government of India Treasury Bills for notified amount of Rs.3,000 crore. The auction will be conducted on March 9, 2011 using "Multiple Price Auction" method. The allocation to the non-competitive bidders will be outside the notified amount at the discretion …. Read the original article : 364-day Treasury Bills auction: Rs.3,000 crore under regular auction.
91-day Treasury Bills auction: Rs.5,000 crore under regular auction
The Reserve Bank of India has announced the auction of 91-day Government of India Treasury Bills for notified amount of Rs.5,000 crore. The auction will be conducted on March 9, 2011 using "Multiple Price Auction" method. The allocation to the non-competitive bidders will be outside the notified amount at the discretion … Read more : 91-day Treasury Bills auction: Rs.5,000 crore under regular auction.
Investment by FIIs/NRIs/PIOs under PIS : M/s. Compuage Infocom Limited
The Reserve Bank of India has today notified that M/s. Compuage Infocom Limited has agreed to enhance the limit for the purchase of its equity shares and convertible debentures by Foreign Institutional Investors (FIIs)/Non-Resident Indians (NRIs)/Person of Indian Origin (PIOs), through the primary market and stock exchanges, under the portfolio investment …. Source article on Gaea Times at : Investment by FIIs/NRIs/PIOs under PIS : M/s. Compuage Infocom Limited.
Second Liquidity Adjustment Facility : Auction Results
The results of the RBI Repo/Reverse Repo auctions held on March 4, 2011 are:
Amount (face value in ` crore)
Item
3 days Reverse Repo Auction
(Sale of securities by RBI)
3 days Repo Auction
… Read this article on Gaea Times at : Second Liquidity Adjustment Facility : Auction Results.
Madheshwari Urban Development Co-operative Bank Ltd., Madha, Maharashtra ??? Penalised
The Reserve Bank of India has imposed a monetary penalty of `1.00 lakh (Rupees one lakh only) on Madheshwari Urban Development Co-operative Bank Ltd., Madha, 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 (AACS) for … Read more »».
Reserve Bank of India ??? Bulletin Weekly Statistical Supplement ??? Extract
1. Reserve Bank of India – Liabilities and Assets
(` crore)
Item
2010
2011
Variation
Feb. 26
Feb. 18
Feb. 25#
Week
Year
1
2
3
4
5
6
Loans and advances
Central Government
—
—
—
—
—
State Governments
1,067
2,121
1,199
–922
133
2. Foreign Exchange Reserves
Variation over
Item
As on Feb. 25, 2011
Week
End-March 2010
End-December 2010
Year
`
…. Read the original article : Reserve Bank of India ??? Bulletin Weekly Statistical Supplement ??? Extract.
Sulaimani Co-operative Bank Limited, Vadodara, Dist. Vadodara ??? Penalised
The Reserve Bank of India has imposed a monetary penalty of ` 1.00 lakh (Rupees one lakh only) on Sulaimani Co-operative Bank Limited, Vadodara, Dist. Vadodara, 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 (AACS) for …. Source : Sulaimani Co-operative Bank Limited, Vadodara, Dist. Vadodara ??? Penalised.
RBI releases Statistical Tables Relating to Banks in India 2009-10
The Reserve Bank of India today released the Statistical Tables Relating to Banks in India (www.rbi.org.in/scripts/AnnualPublications.aspx?head=Statistical Tables Relating to Banks of India&fromdate=03/03/2011&todate=03/05/2011) – an annual publication that provides key information on banks.
The publication covers bank-wise and bank group-wise information on major items, such as, liabilities and assets, income and …. Source article on Gaea Times at : RBI releases Statistical Tables Relating to Banks in India 2009-10.
Finance Minister meets the Directors of the RBI Central Board
Photographs (bs_viewcontent.aspx?Id=2330)
The customary post-Budget meeting of the Central Board of the Reserve Bank of India with the Finance Minister was held in New Delhi today. Besides Dr. D. Subbarao, Governor of the Reserve Bank, Smt. Shyamala Gopinath, Dr. K.C. Chakrabarty, Dr. Subir Gokarn and Shri Anand Sinha, Deputy Governors of … Read more »»».