July 31: Finance Minister P. Chidambaram says the recent measures will attract $80 billion in inflows. While the government explores options to increase inflows, the industry must show confidence to invest in India, he says. “The government expects to fully finance CAD and will take all steps to achieve 5.5%-6% growth,” he reassures.
July 31: HCL Tech’s CEO Anant Gupta and CFO Anil Chanana speak to Bloomberg TV India about the company’s strong Q4 earnings and describe a roadmap for the future. The management expects progress across verticals and sees a strong renewable market. There is pent-up demand in the US, which will spur customers there to move in a positive direction.
July 31: Referring to the government’s concerns regarding weak exports and the continuing trade imbalance, Commerce Minister Anand Sharma announced incentives and SOPs to support domestic manufacturing and boost exports. The measures, effective August 1, include a 3% interest subvention for exporters and clearing of exporters’ unpaid claims.
July 31: Roubini Global Economics’ Arnab Das believes that Indian consumption is still reasonably robust but there is significant emerging market slowdown seen in the near term. However, like in other emerging markets, domestic authorities have misread how to react to a financial crisis, Das says, pointing out that India growth will be between 5-6% rather than 8-9%.
July 31: Roubini Global Economics’ Arnab Das believes that US federal tapering would only be slowing down pace of funds. “There is a long way to go before one says that monetary policy is being tightened globally,” he says. On a cyclical basis, the US is ahead of the UK, Eurozone and Japan in getting out of downturn.
July 31: The central bank is caught in a dilemma and that the country has been cornered into defensive policies, Roubini Global Economics’ Arnab Das says, adding that this phenomenon is not exclusively restricted to India. He also points out that the current account deficit (CAD) needs larger financing.
July 31: B.K. Batra, Deputy MD at IDBI Bank, says further steps to squeeze liquidity by the RBI will depend on the rupee’s performance. “However, no more measures seem to be visible at the moment,” he says, adding that the IDBI bank is well cushioned.
July 31: IDBI Bank Deputy MD B.K. Batra believes short-term rates for banks are expected to remain high due to RBI’s liquidity tightening measures. “There is no significant change expected in the long-term benchmark rates,” he says, while discussing the liquidity situation and the impact on credit growth.
July 31: Reviewing the RBI’s policy move, IDBI Bank Deputy MD B.K. Batra says there is no immediate need to raise rates. “Bankers should wait and watch the RBI’s stance before taking any decisions,” he says. “The RBI is attempting a balancing act,” he says, adding that the central bank was watching both growth and inflation.
Bags EPC packages of Purvanchal Expressway in Uttar pradesh of Rs 1738 Cr
Approved buyback of 29 Lk shares amounting Rs 200.2 Cr
Tamil Nadu Pollution Control Board ordered disconnection of electricity
Disconnection is applicable for copper smelter unit-I at Thoothukudi district
Order requires closure of unit with immediate effect
Thoothukudi copper smelter unit has not been operating since Mar 27
Launched Silver Options, Total Traded Contract Value at Rs 34.36 Cr
Option Positions are physically settled & are European Style Options
Enters into merger talks with NSE For Universal Exchange Framework: Business Standard Reports
R Damani sells 0.8% Stake at Rs 1360.2/Sh
Deal Value at Rs 643 Cr