Selected Indian business news extracts (October 23, 2008)

The Mumbai Stock Exchange’s benchmark index, Sensex is going down a bottom-less pit. The sensex closed below the 10,000 level, at 9771.7 down by another 398 points. The NSE’s Nifty 50 closed at an unbelievable level of 2943, down by 122 points. There were overall loses in the market. In bullion market, precious metals were also subdued and gold is being quoted at Rs.11,570/10gm and silver at Rs.16,911/kg. Crude prices eased further. Nymex crude was trading low at around 67 US dollars a barrel. Rupee loses further against the dollar. The US dollar was at Rs.49.8.

The inflation is easing and it stood at 11.07% as on October 11, 2008. Aviation industry is expecting fuel price cut in view of the decline in crude oil prices.

IT companies, WIPRO and TCS report increase in profit for Q2.

External Commercial Borrowing (ECB) norms are further liberalized to facilitate telecom License fee for 3G spectrum.

Selected Indian business news extracts (October 13, 2008)

There were overall gains in the stock markets in Mumbai’s Dalal Street. The Mumbai Stock Exchange’s benchmark index, Sensex closed at 11,332, up by 804 points! The NSE’s Nifty 50 closed at 3490.7, up by 210.7 points. India government may ban short-selling of stocks to control market slide.

In bullion market, precious metals were subdued today and gold is being quoted at Rs.13,249/10gm and silver at Rs.18,460 /kg. Nymex crude was trading low at around 81US dollars a barrel. Rupee loses further against the dollar. The US dollar was at Rs.48.1. Cotton declines.

European markets also gain. UK government brings out $64 billion lifeline for banks to build trust and confidence in the banking system. The Indian private banking giant says that the ICICI financial health is stable and there are no loan defaulters in foreign operations.

Selected Indian business news extracts (October 8, 2008)

Stock markets were choppy in Mumbai’s Dalal Street. The stocks crashed further to a new low level. The Mumbai Stock Exchange’s benchmark index, Sensex closed at 11,328, down by another 367 points. The NSE’s Nifty 50 closed at 3513, down by 92.9 points. In bullion market, precious metals flared up and gold is being quoted at Rs.13,892/10gm and silver at Rs.19,735 /kg. Nymex crude was trading low at around 87 US dollars a barrel. Rupee loses further against the dollar. The US dollar was at Rs.48.0.

IMF cuts down India’s GDP forecast for 2008 to 7.9% from 8.0%.

International Airport to come up at Tirupati. Good for NRIs and tourists to India. They can have Balaji’s Darshan first.

Selected Indian business news extracts (October 7, 2008)

Stock markets were choppy in Mumbai’s Dalal Street. The stocks crashed to a new low level. The Mumbai Stock Exchange’s benchmark index, Sensex closed at 11,695, down by another 105 points. The NSE’s Nifty 50 closed at 3606, up by 4.2 points. In bullion market, gold is being quoted at Rs.13,441/10gm and silver at Rs.19,289/kg. Nymex crude was trading low at around 90 US dollars a barrel. Rupee loses further against the dollar. The US dollar was at Rs.47.9.

The Indian stock market regulator, SEBI has removed the restrictions on issuing participatory notes (P-notes) by foreign investors to ease foreign fund inflows.

Tata’s Nano plant is shifting to Ahemdabad, Gujarat. West Bengal’s loss is Gujarat’s gain. Tatas are planning to manufacture 2.5 to 3 lakh cars in the first phase.

Revenue collection by direct taxes in India is up by 32.54% during the first half of the current fiscal. Corporate tax contributed significantly.

Selected Indian business news extracts (October 6, 2008)

Stocks in Asia, Europe plunges. Carnage in Mumbai’s Dalal Street. The stocks crashed to a new low level. The Mumbai Stock Exchange’s benchmark index, Sensex closed at 11,801, down by 724 points! The NSE’s Nifty 50 closed at 3602, down by 216 points. In bullion market, gold is being quoted at Rs.13,193/10gm and silver at Rs.18,949/kg. Nymex crude was trading low at around 90 US dollars a barrel. Rupee loses further against the dollar. The US dollar was at Rs.47.8.

Reserve Bank of India cuts CRR by 50 BPS to infuse some liquidity, to the tune of about Rs.20,000 Crore into the market.

Japan’s Nomura signs a deal to buy-out Lehman’s India operations. 2,000 jobs are safe.

The much awaited comprehensive insurance bill, which seeks to raise foreign direct investment cap in private sector to 49% from 26% is likely to be introduced in the forth-coming session of Indian Parliament.

Global bailout package size to meet the credit crisis world over nears US$2 trillion, roughly double the India’s GDP as on today.