1. The Bombay Stock Exchange (BSE) sensex slid below 17,000 mark to close at 16,737, dropping 343 points. Poor global cues, rising inflationary, weak rupee and record high crude oil prices seem to be main factors for the slide in sensex. In the bullion market, due to demand, gold prices allied on fresh buying to close higher at Rs.11,940/10gm and silver closed at Rs.23,475/kg.
2. Inflation up at 3-year high of 7.61%. The government is taking administrative steps for price control. Oil price topped US$126 a barrel, may reach $150 – 200 a barrel over the next 6 to 24 months period.
3. Czech auto giant Skoda plans 5 new launches in India, including its global small car next year.
4. Citi CEO said that the Citigroup planned to sell about $400 billion in assets in the next 2-3 years. The group expected revenue growth of 10% a year from its core units. Overhauling Citigroup will be a long slog and challenging.
5. World’s luxury brands are at India’s door steps. The global luxury goods market was worth 75 billion pounds in 2006. The growth in India is expected to rise at the rate of 28% in the next 3 years.
6. Japan has committed to give India Rs.8,582 Cr as assistance for developing none infrastructure projects. The phase – II of the Delhi Metro Project will also be funded by Japan.
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