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02/08/2017

Tech Mahindra looks good for a short term target of 450

12/10/2012

India's industrial output grew 2.7 per cent in August 2012, after barely growing in July, indicating weak domestic and global demand.

The data beat brokerage expectations of a weak 0.7 per cent improvement.

The general index for the month stood at 165.7 as compared to the level in the month of August 2011. The cumulative growth for the period April-August 2012-13 over the corresponding period of the previous year stood at 0.4 per cent, government data showed.

Indices of Industrial Production for the mining, manufacturing and electricity sectors for the month of August 2012 stand at 117.3, 176.6 and 152.2, respectively, with the corresponding growth rates of 2.0 per cent, 2.9 per cent and 1.9 per cent as compared to August 2011

03/10/2012

The rupee rose by 12 paise to fresh over five-month high of 52.28 against the American currency in early trade on Wednesday at the Interbank Foreign Exchange on continued dollar selling by exporters and some banks.

Besides, a higher opening in the equity market also supported the rupee, forex dealers said.

They, however, added that dollar's gains against other currencies overseas capped the local unit's gains.Meanwhile, the BSE benchmark index Sensex rose by 51.16 points, or 0.27 per cent, to 18,875.07.

The rupee had edged up by 45 paise to close at an over five-month high of 52.40 against the dollar in the previous session on Monday on sustained capital inflows.

24/09/2012

Rating agency Standard & Poor's (S&P) today lowered India's GDP growth forecast to 5.5% despite a slew of plocy measures announced by the government last week.

Earlier, Indian rating agency CRISIL too had slashed its forecast for the country's GDP growth to 5.5% from 6.5% earlier for this fiscal. HSBC has also cut growth forecast for fiscal 2012-2013.

India’s Plan panel also lowered annual average economic growth rate to 8.2% in the 12th Five Year Plan (2012-17) from earlier average economic growth rate of 9% due to lower economic growth and lack of appropriate policy measures.

It may, however, be recalled that in the April-June quarter, India's GDP grew at 5.5% (compared to 5.3% in the previous quarter) after eight successive quarterly decline.

S&P had cut its outlook on India's sovereign rating of `BBB-' to negative from stable in April. It had upgraded India to investment grade BBB rating in January 2007, after four years of above nine per cent growth.

Meanwhile, it has also cut China’s GDP growth forecast to 7.5%.

21/09/2012

Walmart Stores Inc has said it is capable of opening stores within 12 to 18 months in India, a media report says.

"The company is capable of opening stores within 12 to 18 months and would be seeking permission to do so from states that have already indicated their willingness to have the US retailer set up shop" Walmart Stores President and CEO for Asia Scott Price said in an interview to The Wall Street Journal.

"Two years would be a reasonable time frame in total," he added.

Price, however, said the company has not yet decided where or how many stores it would like to have in India. But he said the company expects to continue in retail its current partnership with Bharti Enterprises in a chain of 17 cash and carry stores.

Walmart Stores Inc is not in discussions with any other company for a potential retail partnership at present, Price was quoted as saying in the report.

Price told WSJ that he was confident that the reform would be permanent and said the company is committed to India's long-term future.

Showing resolve for reforms, the government yesterday notified its decision to allow global retail giants like Walmart to open stores in India.

With this notification, multinational retailers can invest upto 51 per cent to open stores in 10 states and UTs which, till date, have agreed to implement the decision.

21/09/2012

The BSE Sensex jumped nearly 250 points to reclaim the 18,500 mark while the broader Nifty bounced back above the key 5,600 mark Friday. The strong gains came on the back of positive global cues and the government's notification allowing foreign investment in multi-brand retail, aviation, and broadcast on Thursday. The rupee, too, saw gains and traded at 54.08 to the dollar.

The government implemented its reforms decisions taken last week despite widespread political opposition, which has sent a positive signal to markets. There are hopes that more reform steps may be taken next week.

"There is no need to press the panic button as far as the domestic polity is concern... Markets may rise to 5,650 or 5,900 on account of global liquidity," Mehraboon Irani of Nirmal Bang Securities told NDTV Profit.

Strong buying was seen in aviation and retail stocks. Debt laden Kingfisher Airlines surged 4.5 per cent while SpiceJet traded with over 2.5 per cent gains. Pantaloon Retail shares jumped over 6 per cent.

All groups of stocks traded higher. Banks and capital goods stocks jumped nearly 2 per cent. On the Nifty, 48 of the 50 stocks traded higher.

Reliance Infra was the top Nifty gainer, up 3.5 per cent. Private lender Axis Bank and heavy equipment maker BHEL also traded with 3-3.5 per cent gains.

State-run refiner BPCL and IT major HCL Tech were the only stocks trading lower on the Nifty.

17/09/2012

The Reserve Bank of India on Monday kept the repo rate-the key policy rate-unchanged in its mid quarter monetary policy review, but cut cash reserve ratio by 25 basis points. The central bank's stance indicates that it is worried about the inflationary fallout of the diesel price hike, and would wait for some more time before softening its stance on interest rates. The 25-basis point cut in CRR is expected to release around Rs 17,000 crore into the system.

Earlier in the year, RBI decreased the policy or repo rate by 50 basis points in April. It slashed cash reserve ratio by 125 bps so far in 2012. The central bank was looking for some policy measures from the government, which would give RBI some room to cut the policy rate.

RBI policy actions in 2012:

July 31, 2012
Cut in SLR by 1% to 23%

April 17, 2012
Cut in policy rate by 50 bps to 8%

March 09, 2012
Cut in CRR by 75bps to 4.75%. It infused around Rs 48,000 cr liquidity in the system

January 24, 2012
Cut in CRR by 50 bps to 5.50% . It infused around Rs 32,000 cr liquidity in the system.

14/09/2012

The rupee gained a hefty 71 paise to trade at two-month high of 54.72 against the dollar in early trade today at the Interbank Foreign Exchange as the American currency weakened against euro overseas.

Dollar selling by exporters and banks amid a strong opening in the domestic equity market also supported the local unit, forex dealers said.

The government's decision to hike diesel prices by Rs 5 per litre yesterday, which would help bringing down the fiscal deficit, was another positive factor, they said. Meanwhile, the BSE benchmark index sensex climbed 406.45 points, or 2.26%, to 18,427.61.

Euro rose against the dollar overseas after the US Federal Reserve announced further monetary easing measures aimed at boosting the world's largest economy.

The rupee had lost 22 paise yesterday to close at 55.43 against the dollar on fresh demand for the American currency from banks and importers.

12/09/2012

The government is preparing for a series of announcements later this week - including permitting foreign giants to set up multi-brand retail stores and possibly allow overseas carriers to buy into local airlines - even as it postponed decision on increase in fuel prices on Tuesday.

A senior government official told TOI that the opening up moves are expected after Friday's agenda-heavy cabinet meeting. Although fiscal policy decisions from the finance ministry are still awaited, the commerce and industry ministry is going to be the epicenter of action and the timing ties up with Anand Sharma's indication to industry captains of announcements and notifications around mid-September.

On Monday, civil aviation minister Ajit Singh had told reporters that he hoped that a political consensus would emerge on allowing foreign airlines to buy into Indian carriers, a proposal which has not been listed on the cabinet agenda for several months despite commerce and industry ministry sending the final note to the cabinet secretariat.

11/09/2012

The BSE benchmark Sensex fell by nearly 90 points in early trade on Tuesday after four sessions of gains on emergence of profit-booking by funds and retailers amid a weak trend in Asian markets.

The 30-share barometer, which gained nearly 455 points in the last four sessions, declined by 89.40 points, or 0.50 per cent, to 17,677.38 with metal, banking and capital goods stocks leading the fall.

Similarly, the wide-based National Stock Exchange index Nifty fell by 31.35 points, or 0.58 per cent, to 5,332.10.

16/08/2012

Gold demand fell to its lowest level in more than two years in the second quarter, the World Gold Council said on Thursday, as a drop in buying in major consumers India and China outweighed a record quarter for central bank purchases.

Overall gold consumption fell 7 percent or nearly 76 tonnes to 990 tonnes in the three months to June, its lowest quarterly level since the first three months of 2010, the WGC said in its quarterly Gold Demand Trends report.

Jewellery and investment demand both fell substantially. Jewellery consumption was down 72.3 tonnes at 418.3 tonnes, while investment fell 88.3 tonnes to 302 tonnes.

09/08/2012

The BSE benchmark sensex on Thursday recovered by nearly 99 points in early trade on fresh buying by funds and retailers ahead of industrial output data, amid a firming trend in other Asian bourses.

The 30-share barometer, which shed 1.22 points on Wednesday, rose by 98.96 points, or 0.56 per cent, to 17,699.52.

All the sectoral indices, led by interest-sensitive auto and realty, were trading with gains up to 1.19 per cent.

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