Selected Indian business news extracts (November 28, 2008)

Mumbai was under siege yesterday by the terrorists. The stock markets in Mumbai remained closed. However, the city has taken this in its stride and today stock markets somewhat rallied. The Bombay Stock Exchange’s benchmark index, Sensex closed at 9092.7, up by 66 points. The NSE’s Nifty-50 closed at 2755, up by 2.8 points. In bullion market, gold is being quoted at Rs.13,000/10gm and silver at Rs.17,037/kg. Nymex crude was trading at around 53.3 US dollars a barrel. The US dollar was at around Rs.50.

India's inflation eases to 6-month low of 8.84% in the week closing November 15, 2008.

The terrorist attack on two iconic South Mumbai hotels, Oberoi and Taj may impact adversely the hotel business, aviation and tourism industry in general.

Indian-born billionaire Lakshmi Mittal has put on hold his investments in the $10billion refinery-cum-petrochemical project planned in Vizag on fears of a recession.

Selected Indian business news extracts (November 26, 2008)

The Bombay Stock Exchange (BSE)’s benchmark index, Sensex closed with a strong note, at 9026.7, up by 331.2 points. The NSE’s Nifty-50 closed at 2752.2, up by 98.2 points. In bullion market, gold is being quoted at Rs.12,990/10gm and silver at Rs.17,200/kg. Crude prices are getting stabilized. Nymex crude was trading at around 51.6 US dollars a barrel. The US dollar was at around Rs.49.5.

Situation is conductive for fuel price cut, says Indian Petroleum Minister.

The government expects Rs.35,000 Cr from the 3G auction, says Communications Minister.

Mukesh Ambani to start second oil refinery.

Transporters across the country are planning to suspend their operations indefinitely with effect from December 21, 2008. Their demands include reduction in diesel prices, and 6 months moratorium on monthly installments towards repayment of truck finance.

Unfair trade practice by beauty-products manufacturers

For years, the companies such as P & G, Hindustan Unilever, and Ponds have been playing on the consumer’s preference (?) for white skin with false claims in the advertisements. A good example is Fair and Lovely advertisement. One of my friends with dark skin has used the cream for over 2 decades without any change in the color. The latest products to hit the market are: Olay Total Effects (anti-ageing cream) and some Garnier products.

It is high time that the consumers forward their grievances to the industry watchdog Advertising Standards Control of India (ASCI) and prevail upon to take stringent actions against these companies for unsubstantiated claims through the advertisements. In general, such advertisements need to be regulated.

Selected Indian business news extracts (November 25, 2008)

The Bombay Stock Exchange’s benchmark index, Sensex closed at 8695.5, down by 207.6 points. The NSE’s Nifty-50 closed lower at 2654, down by 54.2 points. Weak economic data and recession fears continue to grip the market. In bullion market, gold is again volatile and it is being quoted at Rs.13,123/10gm and silver at Rs.17,560/kg. Crude prices stabilized. Nymex crude was trading higher at around 52.3 US dollars a barrel. The US dollar was at around Rs.50.

Citi gets $306 billion lifeline approval from US Federal regulators. Citi shares jump 60% in NYSE. US government however, puts a cap of 1% per share on the dividend. Citibank India is doing well.

Air India and Kingfisher Airlines are planning to bring down the fare by 12-15%.

India’s largest lender State Bank of India said that it has entered into a joint venture with Insurance Australia Group for its foray into the general insurance business.

Selected Indian business news extracts (November 24, 2008)

The Mumbai Stock Exchange’s benchmark index, Sensex closed at 8903, down by 12.1 points. The NSE’s Nifty 50 closed slightly higher at 2708, up by 14.8 points. Weak economic data and recession fears are gripping the market. In bullion market, gold is volatile and it is being quoted at Rs.13,078/10gm and silver at Rs.16,826/kg. Gold is considered as safe heaven investment. Crude prices eased further. Nymex crude was trading low at around 49.89 US dollars a barrel. The US dollar was at Rs.50.06.

Cobra beer business is up for sale for an estimated 200 million Pounds.

Citi India has equity assets in over 130 companies are worth Rs.8.6 thousand Crores. The Citi Group still holds $20 billion of mortgage-linked securities on its books.

Selected Indian business news extracts (November 14, 2008)

The Mumbai Stock Exchange’s benchmark index, Sensex slipped further down today. The sensex remained below the 10,000 level, at 9385.4, down by 150.9 points. The NSE’s Nifty 50 closed lower at 2810, down by 38 points. Banking, auto and realty stocks were down. In bullion market, gold is being quoted at Rs.11,653/10gm and silver at Rs.16,230/kg. Crude prices eased further. Nymex crude was trading low at around 57.6 US dollars a barrel. The US dollar was at Rs.49.

Inflation in India slowed down to 8.98% in the week ended November 1, 2008. It is the first time in 5 months that the inflation is at single digit.

The government is planning to impress upon the banks to accelerate lending to realty sector which is facing acute shortage of funds.

Global financial think tank,G20 plan to meet this weekend. It is an emergency summit to decide on how to contain the damage from the global financial crisis. Indian Prime Minister will be present at the summit.

Selected Indian business news extracts (November 7, 2008)

The Mumbai Stock Exchange’s benchmark index, Sensex showed upward trend today. However, the sensex remained below the 10,000 level, at 9964.2, up by 230 points. The NSE’s Nifty 50 closed higher at 2973, up by 80.3 points. In bullion market, gold is being quoted at Rs.11,549/10gm and silver at Rs.16,970/kg. Crude prices eased further. Nymex crude was trading low at around 62 US dollars a barrel.The US dollar was at Rs.47.6.

There is slowdown everywhere in the industry. Companies, such as Ashok Leyland, Tata Motors, are reducing production of commercial vehicle.

Home, auto and other loans are set to get cheaper. The public sector banks cut PLR by 75 BPS. This will translate into lowering of EMIs. Slashed rates may boost realty sector.

Selected Indian business news extracts (November 6, 2008)

The Mumbai Stock Exchange’s benchmark index, Sensex showed high volatility today. The sensex closed again below the 10,000 level, at 9734.2, down by another 385.8 points. The NSE’s Nifty 50 closed lower at 2892.6, down by 102.3 points. There were overall loses in the market. In bullion market, precious metals were also subdued and gold is being quoted at Rs.11,519/10gm and silver at Rs.17,046/kg. Crude prices eased further. Nymex crude was trading low at around 64 US dollars a barrel. The US dollar was at Rs.47.66.

Bill Gates says that the recession in US will not last long. It may be there for 6 months.

Foreign and private sector banks expressed their inability to reduce lending rates citing non-availability of liquidity.

Slump in demand for steel forces world’s largest steel maker Arcelor Mittal to cut production by one-third. Commercial vehicles makers cut production. Hyundai feels the heat on the exports of cars as Europe also slips into recession. New auto export hub in Gujrat.

Obama win may boost carbon market. Indian projects could get access to clean technology from the US, depending on how soon the Democrats come up with a plan of action on global warming.