CRIME Commodity Boost with Deregulated Foreign Capital Inflow!Sensex, Nifty attain 33-month closing highs!
IMF warns against currency war, dollar heads lower
US in fight for future with India, China: Obama
India to launch six nulcear reactors in next 2-3 years
Six ministries to decide on FDI retail
Govt may open $1 bn overseas core-loan window
Indian Holocaust My Father`s Life and Time - FIVE Hundred One
Palash Biswas
http://indianholocaustmyfatherslifeandtime.blogspot.com/
Reality Show in India is as much as scripted as the Political Drama! On Tues Day Night, I had to watch Big Boss Season Four which housed a Super Thief and an Ex Dacait from Chambal. The Super Thief have been ejected of the house at the very first day and the Ex Dacoit is all set to go out next. But the purpose is achieved to market CRIME. Crime is most saleable Commodity in India nowadays. Forget all the detective stories and classics dealing with Crime which condemned Crime and Justified Truth! But the Marketable CRIME today is justified in more than one ways without any Guilt Consciousness!
The Super Thief has been ICONISED with a Bolywood Film and his abusing Behaviour was tele casted Live to glamourise Crime. The Dacoit declares that she may KILL anyone anytime even verbally! It is nothing new! With the advance of electronic Media and IT Mediums, CRIME has become the most saleable commodity as the BLUE Culture and its almighty sensuousness have killed Romance, Imagination and Creativity and it is only a Hard Core affair. At the same time the Politics and Economy both are CRIMINALISED beyond limit.
Since the Crime in politics as well as Economy has to be justified, the CRIMINAL Instinct is INJECTED in the Psyche of Society!
Meanwhile. the Finance Minister Pranab Mukherjee confirmed that Foreign Capital Inflow is DEREGUALTED as the Prime Minister emphasise to continue the Momentum!
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Finance minister Pranab Mukherjee has ruled out any control on overseas fund flows for now as asset markets are not in a bubble zone yet, even as economists worry about a widening current account deficit and its effect on soaring prices.
Policymakers would be vigilant to prevent any destabilisation, but would not rush to decisions that would compromise economic expansion even if short-term factors hurt exporters, and the poor in the form of high food prices.
"We are watching the inflow of funds," said Mr Mukherjee in an interview with ET NOW, this paper's news channel. "But I do not think it's time to put any restriction on it. I feel we do not need to be panicky but should be careful and cautious."
India has received the highest inflow of foreign funds—nearly $19 billion—into equities this year since it opened the doors to overseas investors nearly two decades ago. Citigroup forecasts it to rise to $25 billion as yield-chasing investors are lured by the 8.5% economic growth, a far cry in developed nations. But that has forced the rupee to appreciate against the dollar, hurting exports and boosting imports, leading some to fear about a possible currency volatility.
The inflows have, however, helped benchmark Indian equity indices to scale near-record levels even as many emerging market peers such as China and Russia are still a distance away from their all-time-high levels. The Sensex, after rising 81% last year, is up about 17% this year, probably the highest among major developing economies.
This gain has triggered some fears that the markets, including real estate, may be in a bubble, which if it bursts could blow the hopes of sustaining 8.5% economic growth.
"Always the fear of having some sort of a bubble would remain,'' said Mr Mukherjee. "I do not think that it's time to put any restriction on it. One of the reasons of this upswing is that robust recovery expected in North America and Europe has not yet taken place and IMF forecast has also been revised.''
Although the equity markets have roared in developed markets since the credit crisis in 2008, the real economy seems to be faltering with economists such as New York University's Nouriel Roubini fearing a double-dip recession.
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Six ministries to decide on FDI retail
6 Oct, 2010, 08.31AM IST, Anindya Upadhyay,ET BureauNEW DELHI: An inter-ministerial panel will decide on the contentious issue of opening organised retail to foreign investment after examining stakeholder feedback to the discussion paper put out by the government.
"A panel of six ministries was constituted on September 27, which will be chaired by Kewal Ram, senior economic advisor in the consumer affairs ministry," a government official told ET.
The committee will have representation from the department of industrial policy and promotion, department of commerce, department of economic affairs, agriculture ministry and ministry of micro, small and medium enterprises.
All concerned departments have been involved considering the sensitivity of the issue. "It is an important step in the formation of a Cabinet note on allowing FDI in multi-brand retail," he said adding that the committee will begin deliberations in a week. The DIPP had floated a discussion paper, raising various points of concern on the issue in July and had asked for stakeholders' comments on the same.
Global retail players like Bharti-Walmart have endorsed 100% opening of the sector without any caps adding, "recognising the government's stand to adopt a calibrated approach, we would endorse a position where as a first step, multi-brand retail is opened up at 49%."
At present, foreign investment is not allowed in multi-brand retail and a decision has been difficult for the fear that it could affect small retailers.
"Any cap or restriction on FDI in this sector may result in potential loss of opportunities and avenues of inclusive growth of the retail sector," French retail major Carrefour has said in its suggestion calling for 100% FDI. It also, added that if the government wants staggered opening of the sector, the FDI cap should be kept such that a foreign retailer is "entitled to make a minimum of 51% investment with rights to manage the company... ".
Business chambers like the Federation of Indian Chambers of Commerce and Industry and the Confederation of Indian Industry have stated that the FDI cap should be within the range of 49-51%.
Entities like the Kisan Jagriti Manch, the Bharatiya Mazdoor Sangh and the Swadeshi Jagran Manch have strongly objected to the proposal.
After the inter-ministerial committee firms up views on the issue, the matter will be sent to the commerce and industry ministry, which will then approach the Union Cabinet with a recommendation. At present, foreign companies can operate the single-brand retail format or in the wholesale cash-andcarry business with FDI cap of 51%.
Govt may open $1 bn overseas core-loan window
6 Oct, 2010, 01.12AM IST, Rohini Singh,ET BureauNEW DELHI: The government is working on a proposal to open a new overseas borrowing window for Indian corporates enabling them to raise up to $1 billion annually exclusively for infrastructure projects .
The department of economic affairs, or DEA, the policymaking arm of the finance ministry, has proposed that Indian firms be allowed to raise up to $1 billion by selling long tenure bonds in the overseas markets or as loans. This will be a separate facility available to corporates that are eligible to borrow up to $500 million now. The DEA has also recommended that withholding tax should be waived on such long-term foreign currency loans, which, if accepted by the revenue department, could make such borrowings more competitive.
Currently, interest paid on all foreign currency loans attract withholding tax of up to 20% depending on the tax residency of the lender. Countries that have double taxation avoidance treaties, or DTAT, with India have lower rates. However, countries with which India does not have double taxation avoidance treaties or where the lender cannot be clearly identified as belonging to a specific jurisdiction, a rate of 20% is applied on the entire interest paid.
"As there are virtually no borrowings of this nature currently, this would not impact the current revenue estimates related to withholding tax. On the other hand, it will help raise long-term funds at competitive rates for crucial infrastructure sectors such as power, telecommunications, ports and roads," said a senior official in the finance ministry involved in policy formulation.
Indian corporates have not been able to access long-term foreign loans of maturities beyond 10 years mainly on account of the impact of the high withholding tax on such borrowings.
According to government officials involved in policymaking, long-term debt is a stable source of capital since it would enable a project to retain funds till it is fully commissioned and stabilised. Since there would be no immediate payment requirements, there would also not be any pressure on the economy, cash flows or foreign exchange reserves on account of outflows.
The other argument being advanced in favour of this move is that the availability of long-term foreign debt would help ease pressure on local lenders. Credit to the infrastructure sector during financial year 2010 was about $25 billion. "The growth in requirement of long-term debt is more than the growth in the size of banks, and banks are unable to support all the incremental requirement," said the official. "Infrastructure projects require long-term funding often longer than 10 years. However, access to long-term funding for maturities beyond 10 years is virtually not available to the Indian corporate sector," said the official quoted earlier. The official also said that according to data released by the Reserve Bank of India on commercial banks, less than 20% of loans and advances of Indian banks are for maturities beyond five years. "The proportion would be much lower for maturities beyond 10 years," he added.
Prime Minister Manmohan Singh has said investments in infrastructure would need to be scaled up to $1 trillion during the next five years. "Even if 50% of this is invested by the government, it would still require debt of about $350 billion assuming a debt/equity ratio of 70:30. This would mean debt of about $70 billion every year. Therefore, we need to tap every possible source of long-term financing for these sectors," says the official.
http://economictimes.indiatimes.com/news/economy/policy/Govt-may-open-1-bn-overseas-core-loan-window/articleshow/6694788.cms
The finance ministry may be rejoicing at the sensex's return to 20,000 after 32 months, but RBI is likely to feel the heat as a surge in share prices is mainly due to higher inflow of foreign funds, which could lead to a rise in inflation.
FM Pranab Mukherjee said, "I am happy that for the first time after January 2008, it has crossed 20,000 level, though the market is always unpredictable."
Expressing his happiness over the market movement, finance Secretary Ashok Chawla said the sensex crossing 20,000-point mark reflects investor confidence. He, however, added that the government and market regulator Sebi are keeping a close tab on the developments.
"We and the Sebi are watching the capital markets and the idea is to see if at any stage, there is any sign of overheating, which we don't find at this moment," Chawla said. He added that the massive inflow of foreign capital into the markets is not a matter of concern. "There is no cause for worry at this point."
Read more: Market not overheating, says govt - The Times of India http://timesofindia.indiatimes.com/business/india-business/Market-not-overheating-says-govt/articleshow/6604257.cms#ixzz11bLG6laT
The International Monetary Fund has projected the Indian economy will grow by 9.7 per cent in 2010 and 8.4 per cent in the next fiscal, driven by robust industrial production and macro-economic performance.
However, neighbouring China is expected to grow at an even faster rate of 10.5 per cent in 2010 and and 9.6 per cent in 2011, driven by domestic demand, the IMF said in its latest World Economic Outlook report.
Advanced economies, on the other hand, are projected to grow by just 2.7 per cent in 2010 and 2.2 per cent in 2011, the IMF report said, adding that global trade is forecast to expand by 4.8 per cent in 2010 and 4.2 per cent in 2011, with a temporary slowdown during the second half of 2010 and the first half of 2011.
"India's macroeconomic performance has been vigorous, with industrial production at a two-year high. Leading indicators -- the production manufacturing index and measures of business and consumer confidence -- continue to point up," the IMF said.
"Growth is projected at 9.7 per cent in 2010 and 8.4 per cent in 2011, led increasingly by domestic demand. Robust corporate profits and favorable external financing will encourage investment," it said.
"Recent activity (10 per cent year-over year growth in real GDP at market prices in the second quarter) was driven largely by investment and the contribution from net exports is projected to turn negative in 2011 as the strength in investment further boosts imports," the IMF said.
According to the World Economic Outlook report, growth in emerging Asia economies stands at about 9.5 per cent, with robust demand from China, India, and Indonesia benefiting other Asian economies.
In China, a major fiscal stimulus, a large expansion of credit and a number of specific measures to boost household income and consumption increased domestic demand growth to almost 13 per cent in 2009, contributing to a large decline in the current account surplus.
The recovery is now well established, and a transition from public stimulus to private-sector-led growth is underway, it said.
Latin America has also recovered strongly, with real GDP growth at about 7 per cent.
The recovery in Latin America is being led by Brazil, where real GDP growth has been close to 10 per cent since the third quarter of 2009 and the economy is now showing signs of overheating, the report said.
Read more: IMF projects India's economic growth at 9.7% in 2010 - The Times of India http://timesofindia.indiatimes.com/business/india-business/IMF-projects-Indias-economic-growth-at-97-in-2010/articleshow/6699063.cms#ixzz11bLRjh6R
India will soon start to outpace China, thanks to a young and growing workforce and its "much-derided democracy" says The Economist.
The cover story on "How India's growth will outpace China's" in its latest issue attributes "India's surprising economic miracle" largely to its private sector saying, "the country's state may be weak, but its private companies are strong."
Despite the poor headlines generated in the run up to the Commonwealth games, "India is doing rather well," the internationally regarded magazine said noting, "Its economy is expected to expand by 8.5 percent this year."
"It has a long way to go before it is as rich as China - the Chinese economy is four times bigger- but its growth rate could overtake China's by 2013, if not before.
"Some economists think India will grow faster than any other large country over the next 25 years. Rapid growth in a country of 1.2 billion people is exciting, to put it mildly," it said.
Citing demography as one of the two reasons why India will soon start to outpace China, the magazine noted "China's workforce will shortly start ageing; in a few years' time, it will start shrinking."
"That's because of its one-child policy - an oppressive measure that no Indian government would get away with."
"India is now blessed with a young and growing workforce. Its dependency ratio - the proportion of children and old people to working-age adults - is one of the best in the world and will remain so for a generation," it said.
India's economy will benefit from this "demographic dividend", which has powered many of Asia's economic miracles.
"The second reason for optimism is India's much-derided democracy," said The Economist noting, "Indian capitalism is driven by millions of entrepreneurs all furiously doing their own thing.
"Since the early 1990s, when India dismantled the "licence raj" and opened up to foreign trade, Indian business has boomed."
"Ideas flow easily around India, since it lacks China's culture of secrecy and censorship. That, plus China's rampant piracy, is why knowledge-based industries such as software love India but shun the Middle Kingdom,"
"Given the choice between doing business in China or India, most foreign investors would probably pick China, The Economist said.
Read more: India will soon start to outpace China: Economist - The Times of India http://timesofindia.indiatimes.com/business/india-business/India-will-soon-start-to-outpace-China-Economist/articleshow/6689962.cms#ixzz11bLXPVZv
US in fight for future with India, China: Obama
Steven Finn reaches new heights with ICC Emerging Player of the Year award
Telegraph.co.uk - Simon Briggs - 34 minutes agoSteven Finn, England's stringbean fast bowler, walked off with the International Cricket Council's Emerging Player of the Year award on Wednesday in recognition of a summer in which he has towered - both literally and metaphorically - over the batting ...
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India keeps second spot in table with big medal haul
Times of India - 1 hour agoNEW DELHI: Putting up an inspired display, India's athletes gave a big impetus to the country's ambitious target of finishing second in the Commonwealth Games by hauling up 13 medals, including six gold, on a productive third day on Wednesday.
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RSS, SIMI preach fundamentalist ideologies, says Rahul Gandhi
Sify - 15 minutes agoCongress General Secretary Rahul Gandhi said on Wednesday that the Rashtriya Swayamsevak Sangh (RSS) and the banned Students Islamic Movement of India (SIMI) were the two organizations of the country who preach fundamentalist ideologies.
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Capital inflows vital for growth, says PM
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TickerNews
Posted: Tuesday, Sep 14, 2010 at 2336 hrs IST
Updated: Tuesday, Sep 14, 2010 at 2336 hrs IST
New Delhi: Prime Minister Manmohan Singh on Monday said India needs foreign capital inflow among other factors to sustain an economic growth rate of 9-10%. "If we are to sustain a growth rate of 9% to 10% in the foreseeable future, we require foreign capital inflows, both portfolio and direct investment, the best of modern technology and access to markets of advanced economies. We have to modernise our infrastructure," Singh said, addressing the Combined Commanders' conference here.
India needs to maintain healthy relations with all major powers, Singh said. "Some of our toughest challenges lie in our immediate neighbourhood," Singh said, without naming the countries. India has strained ties with neighbour Pakistan, which is accused of sponsoring terrorism in the country while China is learnt to have augmented its military might, which is seen to be a cause for concern. "The fact is that we cannot realise our growth ambitions unless we ensure peace and stability in South Asia," Singh said. The world is witnessing shift of economic and political power to Asia, Singh said.
"The Asia-Pacific region, including South East Asia, needs much more attention by us, and this must seep into our defence and foreign policy planning as never before," he said.
India must reciprocate the clear desire of countries in this region to enhance cooperation with them, he added.
India must ensure adequate availability of commercial energy to support growth targets, Singh said. "The countries of the Gulf, West Asia and Central Asia are our natural partners. We have tangible interests in these regions, among which energy security is one of the most important," he added. Ensuring energy availability requires diversification of sources of imports and widening of overall energy mix, Singh said. "It is in this context that we need to operationalise our nuclear energy option, which holds great promise and is a necessity."
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India to launch six nulcear reactors in next 2-3 years
India is expected to launch six more nuclear reactors in the next two to three years, a top government atomic scientist said here.
"Six more reactors are scheduled to be launched in the next two or three years," Principal Scientific Adviser to the Government of India R Chidamabaram said here while addressing the 25th Brigadier S K Mazumdar memorial lecture here.
Chidambaram said four reactors, including two units each in Kakrapar and Rawatbhata, are in an advanced stage of construction and will help in increasing the installed nuclear capacity to 7000 MW.
One of the reactors at the Kudankulam power plant in Tamilnadu is also expected to start functioning by the end of this year.
The reactor has been made with assistnce from Russia and will be inaugurated during the visit of Russian President Dmitry Medvedev in December.
He said the government's vision was to reach nuclear power capacity of 63,000 MW by the year 2032.
"Of this, the contribution of reactors set up through international cooperation is likely to be about 40,000 MW," he added.
On climate change, Chidamabaram said the government is considering launching the ninth National Mission under the National Action Plan on Climate Change, which will look at the development of the Advanced Ultra Supercritical Technology (AUST) for coal-based power plants.
6 Oct, 2010, 01.33AM IST,Regulation & growth can exist together: ET Juries
The Economic Times roundtable on Monday settled the debate on the shift of power to the East from the West. Indian executives used to receiving pearls of wisdom from chiefs of multinational companies suddenly found themselves returning the precious objects, thanks to the financial calamity of 2008, and the regulatory framework that is taking shape to prevent a recurrence.State Bank of India chairman Om Prakash Bhatt and ICICI Bank non-executive chairman KV Kamath told the founder of the world's biggest buyout firm, Stephen A Schwarzman of Blackstone Group, that regulation and growth are not mutually exclusive. They should know it better, because they have lived with it all their lives, and still managed to grow.
Mr Schwarzman, the king of buyouts, is worried like his colleagues, such as Jamie Dimon of JPMorgan Chase and Lloyd Blankfein of Goldman Sachs, that casting financial services as evil and a plethora of unknown regulations may puncture economic revival.
"I am not disputing the wisdom of reforming the global financial system, for there is great need for it," Mr Schwarzman said at a discussion on 'Regulation after the Great Recession: Excessive or Appropriate'. He was speaking after chairing a meeting of the jury which selected winners of The Economic Times Awards for Corporate Excellence 2010.
"Nor should the banking sector be immune to prudent, corrective regulatory measures. However, overzealous regulation of banks and non-bank financial institutions may in the long run hamper a very fragile economic turnaround."
While regulation may be feared in the West, it is not so in India, where the financial services industry was kept under a leash.
"Thank God we don't have to go through all these things," said Mr Kamath, who made ICICI Bank the most vibrant private sector lender from a sleepy term financier. The conservatism helped, "in hindsight," he said.
Policymakers restricted exotic financial instruments such as the credit-default swaps, an insurance against default, from being traded. Banks were subject to strict capital requirements and prudential norms were implemented strictly.
But the regulations did not stifle growth either. "Despite these regulations, we have surprised with the highest rate of growth," said Mr Bhatt. "Why can't other countries do so? We are not only able to survive, but thrive."
India is the second fastest -growing major nation behind China, where again the political class keeps a tight grip on policies, including the currency.
Some believe that the credit crisis was more due to incompetent regulators, rather than the absence of rules. "In retrospect, they did not have the right judgment," said Adil Zainulbhai , managing director at McKinsey India, referring to Western regulators.
The failure of the past could make the political class overreact and it may not just stop with financial services. "The regulations that we will see will be in all economic activity, not just financial services," said Kumar Mangalam Birla , chairman of the Aditya Birla Group.
Although Mr Schwarzman's concerns may not be applicable to India, the West could feel the impact of the credit crisis for a long time as consumers curb spending.
"I don't see the recovery happening in the developed markets," said Harish Manwani , president, Asia & Africa, Central & Eastern Europe, Unilever.
As the West grapples with high unemployment, low growth and the backlash against the banking sector, uncertainty may rule while nations come to grips with the new normal.
"At this point in time there's overreaction," said Mr Kamath. "The uncertainty will continue for a long time."
RBI considering ways of dealing with capital inflows: Gokarn
Money from overseas isDinesh Unnikrishnan, dinesh.n@livemint.com
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The Reserve Bank of India (RBI) is concerned over the heavy foreign capital flow into the domestic market, calling it a "potential threat", and saying that the regulator is considering ways of dealing with the excessive fund movement, even as inflation remains a concern.
"It (capital flows) is becoming a larger global problem because of the imbalance that there is so much of liquidity and the returns are skewed towards emerging markets," RBI deputy governor Subir Gokarn said at a private equity conference in Mumbai on Tuesday. "So it is emerging as a potential threat and we are clearly thinking of ways in which we can deal with it."
Foreign fund flows into domestic equities so far this year are at around $20 billion (`89,400 crore), with about one-third of that entering the market since the start of September, driving up stock prices and putting upward pressure on the rupee. The partially convertible rupee rose to 44.2525 per dollar on Monday, its highest in five months, before easing on Tuesday to 44.705.
"As long as the capital flows are in excess of the current account deficit, the pressure to appreciate will continue and it could potentially disrupt," Gokarn said.
India's current account deficit widened in the June quarter from the previous three months to $13.7 billion.
Interestingly, RBI's comments came shortly after finance minister Pranab Mukherjee said there was no need to intervene in the foreign exchange market or cap foreign portfolio inflows now.
"We are watching the inflow of funds. But I don't think it's time to put any restriction on it," Mukherjee said in an interview. "I feel we do not need to be panicky, but should be careful and cautious."
Noting that the apex bank is nearing the completion of its monetary policy normalization, Gokarn, however, added that high inflation, still hovering above the targeted level, remains a concern.
India's headline inflation, after staying in double digits for five months since February, began easing and stood at 8.5% in August, but is still above RBI's projection of 6 % by end-March.
Deepak Mohanty, executive director at RBI, said in a speech delivered at the Bankers Club, Chennai, late last month, that India needs to make appropriate policy responses to contain the high inflation.
"It is important to persevere with appropriate policy responses so that the high inflation seen in the recent months does not get entrenched. Even if the trigger for inflation is from the supply side, its persistence necessitates monetary policy responses to bring inflation rate back to its trend and anchor inflationary expectations," Mohanty said.
RBI is scheduled to announce its mid-term policy review on 2 November.
The central bank has upped its key policy rates five times this year, with the latest being on 16 September at its first ever mid-quarter review, when it had hiked its repo rate, at which it lends to banks, by 0.25 percentage point to 6%, and reverse repo rate, at which it borrows from banks, by 0.5 percentage point to 5%.
"The current inflation scenario is a cause of concern, as the inflation rate persists well above the upper bound of the comfort zone," Gokarn said.
The yield on India's 10-year benchmark bond rose four basis points after the inflation comment to close flat at Monday's level of 7.94%. In early morning trading, the yield had dropped to 7.90%. One basis point is one-hundredth of a percentage point.
Arvind Sampath, director, rates trading at Standard Chartered Bank, said Gokarn's comments could be an indication that the banking regulator may be considering raising policy rates further in the upcoming review.
"Post today's comment on inflation, the bond market has begun repricing the chance that there would be a rate hike in November. The probability of that seemed lower with inflation stabilizing earlier. Since capital inflows are currently not disruptive, nothing specific is expected by the market, and the market was largely unaffected by the comments," Sampath said.
Anup Roy and Reuters contributed to this story.
- Foreign banks set to play bigger role
- RBI considering ways of dealing with capital flows
- Signs of slowing growth in September
- The Mint Report for 05 October 2010
- Inflation well above comfort zone, says Gokarn
- Inflation above comfort zone: RBI
- Food inflation continues to accelerate
- Economy not overheating, current account deficit manageable: Montek
http://www.livemint.com/2010/10/05192939/RBI-considering-ways-of-dealin.html?atype=tp
A benchmark index of Indian equities Wednesday closed with a 135-point gain, helped by foreign funds who bought $216 million worth of stocks. Mid and small cap scrips outperformed their bigger peers.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,448.69 points, closed at 20,543.08 points, up 135.37 points or 0.66 percent from its previous close at 20,407.71 points.
It had soared to 20,669.95 points in morning trade.
Data available with the Securities and Exchange Board of India (SEBI) showed that foreign institutional investors (FIIs) poured in $216.96 million into the equities markets Wednesday.
At the National Stock Exchange (NSE), the 50-share S&P CNX Nifty ended trade at 6,186.45 points, up 0.66 percent.
Broader markets did relatively better. The BSE midcap closed 1.1 percent up and the BSE smallcap index 0.75 percent higher.
The market breadth was positive with 1,788 scrips advancing, compared to 1,202 stocks declining and 126 remaining unchanged.
Realty, metals, energy and capital goods stocks saw bulk of the buying. FMCG scrips came under selling pressure.
Top Sensex gainers were Jaiprakash Associates, up 6.69 percent at Rs.137.95; Sterlite Industries, up 3.95 percent at Rs.177.60; Hindalco Industries, up 3.62 percent at Rs.210.40 and Reliance Industries, up 2.09 percent at Rs.1,044.60.
Among the losers were M&M, down 0.77 percent at Rs.739.60; Hindustan Unilever, down 0.72 percent at Rs.301.25; SBI, down 0.54 percent at Rs.3,232.10, and Cipla, down 0.53 percent at Rs.327.45.
Hopes of supportive action by central banks of western economies helped boost sentiments in other Asian markets. The Bank of Japan Tuesday surprised many by cutting its benchmark lending rates.
The Japan's Nikkei shut shop 1.81 percent higher at 9,691.43 points.
Hong Kong's Hang Seng closed 1.07 percent up at 22,880.41 points. The Chinese markets were closed Wednesday.
Hopes of the US Federal Reserve easing monetary policy helped boost trader sentiments in Europe.
Britain's FTSE 100 was trading at 5,679.72 points, up 0.78 percent.
The German DAX was ruling 0.94 percent higher at 6,274.47 points and the French CAC 40 was trading at 3,774.25 points, up 1.13 percent from its previous close.
Sensex, Nifty attain 33-month closing highsIndia Infoline.com - 5 hours agoThe key benchmark indices -- the barometer index BSE Sensex and the 50-unit Nifty, attained their highest closing levels in nearly 33-months, led by rally in metal and realty stocks. Barring the BSE FMCG index, all the sectoral indices, rose. ... Nifty closes near 6200 on positive global cuesEconomic Times - 5 hours agoMUMBAI: Indian stock markets ended on a positive note Wednesday, but after giving up some of the intraday gains as investors booked profits near psychological resistance levels. Mid and small cap shares continued to outperform the index heavyweights. ... Foreign funds help Sensex rally 135 pointsSify - 4 hours agoMumbai, Oct 6 (IANS) A benchmark index of Indian equities Wednesday closed with a 135-point gain, helped by foreign funds who bought $216 million worth of stocks. Mid and small cap scrips outperformed their bigger peers. The 30-share sensitive index ... Nifty fails to hold 6200 but ends 41 pts up metals rallyMoneycontrol.com - 7 hours agoThe equity benchmarks bounced back on Wednesday after a moderate profit booking in previous two days. The Nifty has been facing a resistance at 6200 level; it did touch that level again in the early trade today, but could not maintain the same. ... Sensex scales to 33-month high on FIIs inflowTimes of India - 6 hours agoMUMBAI: The Bombay Stock Exchange benchmark Sensex on Wednesday scaled to a fresh high level in 33-month on strong foreign fund's inflow on optimism of encouraging quarter earnings by corporates. The Sensex shot up by 135.37 points to close at 20543.08 ... India Shares End Higher; Metals, Reliance Industries LeadWall Street Journal - 6 hours agoMUMBAI (Dow Jones)--An overnight rally in the US markets and sustained buying by institutions helped Indian shares end higher Wednesday, with metals and Reliance Industries leading the rise. The Bombay Stock Exchange's Sensitive Index rose 135.37 ... Sensex ends 135 pts up on strong global cuesSify - 6 hours agoAfter taking a retreat on Tuesday following three successive days of gains, the bulls charged back to the ring today with strong global markets providing them a solid platform. As stocks across the board surged higher in early trade, the benchmark ... Sensex resumes upswing…Realty, Metals leadIndia Infoline.com - Hadrien Mendonca - 7 hours agoBulls were back in action after taking a breather in the previous session. The Indian markets ended with smart gains, tracking strong global cues with the Realty and Metal stocks leading from the front. For the second day running the broader markets ... BOM:532174 Indian markets ride global waveTehelka - 2 hours agoBY FW Bureau Global cues and strong foreign institutional investor (FII) support helped Indian stock markets end the day in positive territory. The Sensex on the Bombay Stock Exchange (BSE) closed at 20543 points, up 135. The Nifty on the National ... Wednesday Closing Report: Stock lockMoneylife Personal Finance Magazine - 5 hours agoThe market opened firm on positive announcements from various central banks. Investors took the opportunity to book profits after the indices touched their fresh 33-month highs in early trade. Choppy trade led the indices lower in post-noon trade but a ... All 169 related articles » | RelatedBSE SensexReliance Industries Tata Steel Hindalco Sterlite Industries Timeline of articles Number of sources covering this story
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We are not puppets, says Omar
Hindustan Times - 51 minutes agoAfter months of projecting the image of a politically correct ally, Jammu and Kashmir Chief Minister Omar Abdullah blasted the Centre on Wednesday for the way its bureaucrats functioned during the crisis in the Valley.
Jailed protesters released in Indian Kashmir AFP
Omar stages comeback, says Kashmir global issue Rising Kashmir
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Mamata threatens agitation, demands withdrawal of jt forces
Indian Express - 1 hour agoPiling pressure on the Centre, Trinamool Congress chief Mamata Banerjee on Wednesday threatened to take to the streets from on Wednesday to press for immediate withdrawal of joint forces from Maoist-hit areas in West Bengal.
Mamata men sheltering Maoists: State Times of India
Show of strength at Midnapore? The Hindu
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Pervez Musharraf remarks only confirm what we had been saying: India
Daily News & Analysis - 1 hour agoPlace: New Delhi | Agency: PTI India today said former Pakistan president Pervez Musharraf's assertion that his country had trained militants to fight in Kashmir only confirms what New Delhi had been repeatedly saying over the years.
Video: Mosharraf Zaidi blames Musharraf for state of Pakistan politics
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CWG medal tally on Day-2
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CWG: Weightlifter Ravi bags 11th Gold; India sparkles with 22 ...
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... gold for India on Wednesday evening at the ongoing Commonwealth Games here. ... medal tally to 22; bagging 11 Gold, 7 Silver and 4 bronze medals today. ...
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CWG 2010 Medal Tally: Sodhi, Asher won silver, Australia on top
Haryana News - 7 hours ago
In CWG 2010 Medal Tally, Australia is still on top with 11 gold medals, India is on second spot, with 7 gold medals, 7 silver medals and 2 bronze medals. ...
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Cwg 2010: India Wins 9th Gold
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Commonwealth Games (CWG) 2010 Medal Tally : Renu Bala Chanu wins ...
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Commonwealth Games 2010: Tejaswini, Goswami won silver medal for India
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CWG: Malaysian Weightlifters Bag Gold, Silver While Cyclist Silver
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Rupee trims earlier sharp gains against dollar, closes 19 paise up
MUMBAI: The rupee closed higher by 19 paise at 44.49/50 against the US currency after fag-end demand for dollar from importers trimmed its sharp gains in early trade.
At the Interbank Foreign Exchange ( Forex) market, the rupee resumed higher at 44.40/41 per dollar against the last close of 44.68/69 per dollar.
It moved up sharply by 43 paise to 44.25 on selling of dollars by banks and exporters on the back of persistent capital inflow from foreign funds coupled with weakness of dollar in overseas, dealers said.
However, fag-end demand for dollar from importers pared some of its gains to close at 44.49/50 a dollar, they added.
Meanwhile, global crude oil was trading above USD 83 a barrel in London today.
The rupee premium for the forward dollar ended lower on fresh receivings by exporters. The benchmark six-month forward dollar premium payable in March finished lower at 132-1/2- 134-1/2 paise from 134-136 paise on Tuesday and far-forward maturing in September also close down at 247-249 paise from 249-251 paise previously.
The Reserve Bank of India has fixed the reference rate for the dollar at Rs 44.30 and the euro at Rs 61.34.
In cross-currency trade, the domestic unit rose against the pound sterling, the euro and the Japanese yen.
The rupee recouped to Rs 70.67/69 against the pound sterling from Tuesday's close of Rs 70.95/97 and moved up to Rs 61.48/50 per euro from Rs 61.52/54 previously.
It also recovered against the yen to Rs 53.56/58 per 100 yen from its last close of Rs 53.64/66.
Read more: Rupee trims earlier sharp gains against dollar, closes 19 paise up - The Times of India http://timesofindia.indiatimes.com/business/india-business/Rupee-trims-earlier-sharp-gains-against-dollar-closes-19-paise-up/articleshow/6701482.cms#ixzz11bJaKgxp
IMF warns against currency war, dollar heads lower
LONDON: The head of the IMF warned that a growing drive by nations to cap the strength of their currencies risked derailing economic recovery while the dollar dropped further on Wednesday.Concerns that the Federal Reserve is about to embark on another round of policy easing that could weaken the dollar, tallied with China's polite refusal to let its yuan rise fast, has pushed currencies to the top of the agenda at Friday's meeting of finance chiefs from the Group of Seven nations.
Few hold out much hope of any meaningful agreement at the G7 or the International Monetary Fund meeting that follows.
"It's doing nothing for the American economy, but it's causing chaos over the rest of the world. It's a very strange policy that they are pursuing," Nobel economics laureate Joseph Stiglitz said of US policy.
The dollar extended its losses on Wednesday, falling to an 8-1/2 month low against a basket of currencies and edging toward a 15-year trough versus the yen.
That trend prompted Japan to intervene to weaken the yen last month and some emerging economies have followed suit or are threatening to.
"There is clearly the idea beginning to circulate that currencies can be used as a policy weapon," IMF Managing Director Dominique Strauss-Kahn was quoted as saying in Wednesday's edition of the Financial Times.
"Translated into action, such an idea would represent a very serious risk to the global recovery ... Any such approach would have a negative and very damaging longer-run impact," he said.
The IMF, which holds its twice-yearly meeting in Washington this weekend, is also expected to discuss foreign exchange moves as part of its mission to get countries working for balanced global growth.
Brendan Brown, economist at Mitsubishi UFJ Securities International in London, said the Fund, which has the United States as its biggest stakeholder, would not try to prevent further US monetary easing or a resulting slide of the dollar.
"That Washington institution has failed in its central mission to prevent currency war ," he wrote in a report.
CHINA UNMOVED
Euro zone policymakers urged Chinese premier Wen Jiabao on Tuesday to allow the yuan to rise more rapidly, but he politely rebuffed them, repeating Beijing's standard line on seeking currency stability.
Wen was due to hold a joint news conference with EU leaders in Brussels at 1515 GMT.
Policymakers have highlighted the issue of global imbalances for years, with fundamental problems seen as the dollar's global dominance, China's overvalued yuan and Germany's lack of domestic consumption.
Emerging nations say the cash flows seen this year have damaged their exports due to the determination of major economies to restrain their own currencies' levels.
But entrenched positions make it unlikely that officials sitting down to IMF and G7 meetings this weekend, and G20 meetings later in the year, will resolve their differences.
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| ET Bureau 20 hours ago Sebi asks PMS firms to fix uniform fee The fee charged by portfolio managers will soon be linked to the profits they have been able to make for their clients. |
SEBI streamlines norms of levying fees by portfolio managers
PTI 5 Oct 2010, 22:30
Market regulator SEBI today streamlined the norms for charging of fees by portfolio managers, a move that will check the practice of levying arbitrary charges by them.
NSEL opens doors for commodities trading Shariah way
Mohammed Sabir 4 Oct 2010, 14:02
Investors who refrain from trading in commodities on stock exchanges due to Shariah (Islamic jurisprudence) restrictions, can now actively buy and sell precious commodities like gold and silver in the spot market at real-time prices.
SEBI mulls staff code of conduct for market players
PTI 3 Oct 2010, 11:20
With an aim to check frauds and help it probe the suspected fraudulent activities, market watchdog SEBI may prescribe a Code of Conduct for key executives of market players such as brokerages and merchant bankers.
SEBI bars 197 FIIs, 342 sub-accounts from fresh trading
PTI 2 Oct 2010, 11:02
SEBI has barred 197 foreign funds, including those managed by global financial conglomerates like HSBC, Deutsche Bank and StanChart.
Nifty calls for trade in tomorrow's market
30 Sep 2010, 20:23
Govt weighs elite central security cover for stock exchanges
Shailesh Menon & Reena Zachariah 29 Sep 2010, 02:48
The country's premier stock exchanges — the Bombay Stock Exchange and the National Stock Exchange — will soon get protection from the Central Industrial Security Force (CISF).
Bhave slams i-bankers for overpricing IPOs
ET Bureau 25 Sep 2010, 06:04
CB Bhave charged i-bankers with fleecing investors by pricing IPOs at astronomical valuations, leading to investor anguish when the market tide turns.
Everyone has to follow norms: Bhave on MCX-SX order
PTI 24 Sep 2010, 13:28
A day after rejecting the application of MCX-SX to set up a full fledged stock exchange, SEBI said that everyone has to follow the guidelines set up by the regulator. .
FIIs must stop acting on behalf of few individuals: SEBI
PTI 24 Sep 2010, 12:20
Capital market watchdog SEBI today said foreign institutional investors have to, by October one, end the practice of investing money collected from a single or few investors in stocks.
SEBI rejects MCX-SX stock trading proposal
ET Bureau 24 Sep 2010, 04:21
The Securities and Exchange Board of India, or SEBI, has rejected MCX-SX's application for stock and debt trading platforms, citing non-compliance with shareholding rules.
http://economictimes.indiatimes.com/Markets/Regulation/articlelist/1205979708.cms
Sensex, Nifty attain 33-month closing highs
| Capital Market / 17:13 , Oct 06, 2010 | |
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http://www.indiainfoline.com/Markets/News/Sensex-Nifty-attain-33-month-closing-highs/3322381062
STRONG INFLOWS OF CAPITAL INTO EMERGING MARKETS
Net private capital inflows into Emerging Markets in 2010 are expected to reach $ 825 billion, up 16.4 percent compared to the estimate presented by the IIF in its April 2010 issue of this report. Compared to the inflow for 2009, $ 581 billion, it is an even more remarkable growth. The growth pattern is the result of a combination of
a) Strong fundamentals in Emerging Markets
b) Continued weakness in Mature Markets in the aftermath of the Global Crisis.
The strong relative fundamentals vis-a-vis the Developed Markets can be expressed by the differential gap in expected GDP growth. At the moment expected GDP growth in Emerging Countries is expected to outperform that in Developed Countries by 4.4% per annum. If we add to this the fact that Emerging Countries have stronger foreign reserves positions, lower debt-to-income ratios and a structurally better economic position when looking at the more distant future, the strong continued inflow of foreign capital is not so surprising.
Emerging Market Growth; More than BRIC Alone
STRONG GROWTH IN PORTFOLIO INVESTMENTS
When analyzing the components, it is clear that the inflow of Official Money, i.e. aid-related financial flows, and Bank Loans have become less important. Actually with respect to the former component: support to weaker countries within EU (i.e. within the Developed World) was so big that this aid-related element is not the prerogative of emerging, needy economies anymore. To illustrate: official, formal support for Greece was larger than what was awarded to Thailand (the maximum until now) in 1998. The support package for Greece is calculated to add up to approximately 35-40 percent of GDP! Other countries in EU (Portugal, Ireland, Spain) are also in danger, but they did not yet get any official, formal support.
This implies that the two components that are responsible for the increased flows are
i) Portfolio Investments; and
ii) Foreign Direct Investments (FDI).
This is a good sign, because these two components are relatively more stable than the afore-mentioned two. This will further help reduce the risk of Emerging Markets investments. Although FDI flows are still the most important component in absolute terms (40 percent of the total), growth in Portfolio Investments was far more spectacular. Regions benefiting were Asia, Latin America and to a lesser extent - but still substantial taking into account the relatively smaller financial size of the region - Africa & the Middle East. In Eastern Europe flows were stagnating a bit, mainly due to disappointing results in Russia. However, first indications are that Eastern Europe is seeing some improvements as well, which might further materialize in 2011.
Equity Investors going Global
With Global now including EMs
Interestingly, the area within Portfolio Investments that benefit more was Equity Investments. But LMG Emerge believes that Emerging Market Debt investments will also get more attention over the next 12 months due to the fact that the combined effect of continued low interest rates in Europe, the USA and Japan and the potential for currency appreciation in Emerging Countries will make EMD on a relatively basis a more attractive sub-category within the asset class Fixed Income. The foreign flows into Emerging Markets Equities were mainly targeted at large caps. Not only through acquisition at local exchanges, but also with foreign investors participating in seasoned equity issues of large firms. A clear example is the fact that of the Petrobras issue in Brazil $ 18 billion went to foreign investors. This represented slome 25 percent of the total portfolio equity inflow into South America! There were no real big surprises when looking at the markets that seemed to have the biggest traction: China, India, Brazil, Argentina, Peru were leading the pack in Asia and Latin America. Money inflow into the Russian and Ukrainian market was mainly offshore money return home. Within Asia and the Middle East South Africa and Egypt pulled in most investor money with reluctance about Dubai still continuing.
INVESTMENTS BY EMERGING MARKET COMPANIES IN DEVELOPED WORLD GROWING
Within the FDI component the results corroborate information that LMG Emerge derived on a more ad-hoc, anecdotal basis. The findings of the IIF confirm that FDI by companies headquartered and domiciled in Emerging Countries is growing tremendously. A large part of this is going to other Emerging Countries, partly because of their interest in stakes in extraction industries (commodities, energy), food industries and construction and logistical operations. But it is also still the result of difficulties encountered by Emerging Markets investors when trying to do M&A's in the Western World. Very often indirect ceilings are raised because of alleged strategic issues. We believe that with ongoing weakness in Western countries and continuing strength in Emerging Markets this factor will gradually deteriorate in importance. This will also be directly related to the extent to which governments in Emerging Markets will give their leading entrepreneurs more freedom to act.
WHAT TO DO ABOUT CURRENCY PRESSURE: HOW TO AVOID APPRECIATION?
LMG Emerge believes that privation and governance improvements will not just continue because of longer-term trends in this direction at a global scale. We believe that Emerging Country governments will also understand that it is one of the best ways to reduce the pressure on their currency, to the extent that they are unwilling to opt for the alternative mechanism of strong currency appreciation. Most of the leading Emerging Markets economies are to a large extent export oriented. We do not believe that this will change any time soon, notwithstanding the fact that domestic markets provide a stronger home base now. Domestic growth will continue giving big Emerging Markets companies a fantastic starting point. Stimulation of their activities abroad in combination with even more international portfolio investments by its residents will reduce pressure on the currency, thereby creating a situation in which these firms will be strong players on the M&A markets in the years to come.
EVALUATION; FORECAST AND OPPORTUNITIES
Bank lending by Western banks to Emerging players will obviously sooner or later recover, when this borrowers further improve their financial strength vis-a-vis Western borrowers, but according to IIF continued growth in portfolio investments and FDI will remain more important. At the moment IIF predicts that inflow levels for 2011 will be slightly higher than the new forecast for 2010, but the last 2 years the organization was all the time too careful with its estimates that had to be revised upward with all updates. LMG Emerge is slightly more optimistic: we believe that net inflow levels will probably reach $ 900 billion in 2011.
Investors who want to use the information for their investment strategy are advised to be careful not to jump on any bandwagon too late. Growth in market flows in Asia and Latin America shows that momentum here is already under way. And the good fundamentals will not necessarily translate into a further increase in valuation ratios that are already high. New issues - compare the Petrobras example - will also help reduce upward pressure on share prices with growing numbers of firms (and governments - think about privatization schemes!) trying to get their share of the action. The probability of paying too much will then increase. We believe that the best chances lie in Africa and the Middle East (especially equity investments) and even in Eastern Europe. In the latter region the financial fundamentals are still tricky. A lot of local banks are busy repaying Western banks after receiving huge amounts in the period 2004-2008. Local economies are struggling, but valuation levels have come down tremendously in comparison to other Emerging regions. We believe that the region will become attractive again for FDI by Western firms that want to expand their interest. In combination with a large need for more and higher quality real estate projects this translates into Property being one of the safer more attractive asset classes in Eastern Europe. We remain careful about Russia but are more willing to consider an investment in Eastern European Property (diversified country mix) elsewhere, especially when incorporating Turkey in this group. We believe that Eastern Europe will increase its role as 'cheaper labor' block of Europe.
A couple of days ago the Economist published an article about the brain drain from Latvia to Russia and the British Isles. We agree that what happened in this Baltic state could be a risk elsewhere in Eastern Europe, but the bottom-line will remain that Western Europe and European firms have an interest in expansion of their activities in the still cheaper and geographically close Eastern European markets. Activities in countries like Poland, Czech Republic, Slovakia, Slovenia, Romania and Turkey might benefit. Starting with Property as a collateralized asset with lower risk than equity (but without current low-interest rate related risks that plague regular fixed income) might be a good choice.
CLICK HERE FOR THE COMPLETE IIF REPORT
http://www.emerginvest.com/Source/TigersFrontiers/2010/10/5/strong-capital-inflow-into-emerging-markets-continues-but-the-pattern-changes.html
6 Oct, 2010, 08.35AM IST, Deepshikha Sikarwar,ET Bureau
Finmin opposes plans to put curbs on FDI in pharma sector
NEW DELHI: The finance ministry has redflagged a move to impose curbs on foreign direct investment in the pharmaceutical sector . The proposed curbs were prompted by fears of large-scale take-over of Indian companies by foreigners.In its response to a note by the department of industrial policy and promotion, or DIPP, the finance ministry has said that a rollback of the open foreign direct investment policy regime for pharmaceuticals would be retrograde and hurt India's image as an investment destination, a government official told ET.
Moreover, India would not like to be seen as putting up projectionist barriers as it resists the moves in the United States to restrict outsourcing.
At present 100% foreign direct investment is allowed in the pharmaceuticals sector through the automatic route. The DIPP, the nodal policy making body for foreign direct investment, had put out a discussion paper suggesting to shift foreign investment in pharma to the government route so that proposals for mergers and acquisitions in this sector could be scrutinised by the Foreign Investment Promotion Board. The move was prompted by some recent big ticket takeovers of Indian pharma companies by global drugs majors. The country's largest drugs producer Ranbaxy was acquired by Japanese Daiichi Sankyo for $ 4.6 billion in 2008. Piramal Health Care's domestic business was recently acquired by US-based Abbot Laboratories for $3.7 billion.
India, with its high-tech processing and low-cost manpower, is considered an attractive base for production for pharmaceuticals. Domestic companies are thus seen as lucrative buyout targets by MNCs seeking to expand capacity. The large-scale sell-out to MNC drug companies has created an apprehension that this could undermine the generics industry, affecting the availability of cheap drugs. "We want some checks as the country's manufacturing capability may move out," said Indian Drug Manufacturer's Association executive director Gajanan Wakankar.
The association has pitched for allowing foreign investment to only 74% and making FIPB approval mandatory . However, the logic has not found takers outside the industry. "Such a move would adversely impact the image of India as an attractive destination for inbound FDI ," said Punit Shah, executive director, tax and regulatory services, KPMG, adding that the FIPB should play only the monitoring role rather than regulatory.
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