Foreigners Buy Most Indian Stocks Since February on Rates
Overseas funds bought the most Indian shares last week since February as the nation reduced interest rates for the third time this year and developed markets maintained or bolstered stimulus programs. Foreigners bought US$802 million more of local stocks than they sold in the week ended May 3, the most since the period ended Feb...
India’s Central Bank Cuts Rate by 25 Basis Points
India’s central bank cut its main interest rate by 25 basis points, in the third such move this year, but said there was “little space” for further reductions to help the slowing economy. After meeting in the financial capital Mumbai, the Reserve Bank of India (RBI) said that the benchmark repo rate, at which it...
India Inflation Dips to 40-Month Low, Boosting Rate-Cut Case
Indian inflation eased in March by more than economists estimated to a 40-month low, boosting the case for an interest-rate cut to revive a struggling economy. Bonds and stocks gained, while the rupee weakened. The wholesale-price index rose 5.96 per cent from a year earlier, after climbing 6.84 per cent in February, the Commerce Ministry...
India Cuts Borrowing as Chidambaram Curbs Spending
India cut its annual borrowing program as Finance Minister Palaniappan Chidambaram reined in spending and raised as much as Rs220 billion (US$4 billion) selling stakes in state companies. The finance ministry cancelled a 120 billion rupee bond sale previously scheduled for Feb 22, the last for the year ending March 31, “on review of the...
India Allows 4G Airwave Holders to Offer Voice, Boosts Reliance Ind
India will allow wireless broadband airwave holders to provide voice services if they pay an additional US$306 million, a senior government official said on Monday, a move likely to boost billionaire Mukesh Ambani’s Reliance Industries Ltd. Reliance Industries, controlled by India’s richest man, is the only company with nationwide fourth-generation (4G) broadband airwaves. The company...
India’s Industrial Output Dips 0.1 Per cent in November
India’s industrial output dipped marginally by 0.1 per cent in November from a year ago, data showed on Friday, raising hopes that the central bank will soon cut interest rates to boost sluggish growth. The figure matched market expectations but was well below the previous month’s 8.3 per cent growth figure and underlines the challenges...
Asia’s Factories Show Signs of Revival, But Exports Sluggish
Manufacturing activity in Asia expanded in December as China’s economy showed signs of revival but export demand was uneven, pointing to further sluggish growth for the region, business surveys suggest. Private and official manufacturing surveys added to evidence that China’s economy picked up late in the year, while activity in India expanded at its strongest...
India Lowers GDP Growth Goal as Singh Signals Higher Fuel Prices
India cut the goal for economic growth in the five years to 2017 and signalled further fuel-price increases to limit subsidies that have stoked a budget deficit. The nation will seek average annual growth of 8 per cent in the period, Prime Minister Manmohan Singh said in a speech to federal and state officials in...
India Joins Indonesia Facing Heightened Policy Dilemma: Economy
Central banks in Indonesia and India, with the worst-performing currencies among Asian emerging markets this year, will face more challenges in 2013 as they balance inflation risks with the need to boost growth. The Reserve Bank of India must deal with “conflicting cues” from elevated prices and an economic slowdown, complicating policy decisions even after...
India Launches Probe into Wal-Mart Lobbying Report
India’s government announced an inquiry into lobbying practices by Wal-Mart Stores Inc on Wednesday after a report that the giant retailer had pressed US lawmakers to help gain access to foreign markets. Wal-Mart disclosed in a report to the US Senate that it had paid US$25 million over four years to lobby American lawmakers to...
Wal-Mart Under Fire in India, Government Signals Probe
India’s government said on Tuesday it was prepared to launch an inquiry into lobbying by Wal-Mart Stores Inc, buckling under an opposition campaign to discredit a flagship economic policy that allows foreign supermarkets to trade in Asia’s third largest economy. Prime Minister Manmohan Singh has pressed ahead with the policy despite fierce political opposition, arguing...
India’s GDP Growth Slows to 5.3 Per cent in Third Quarter
India’s economy grew by 5.3 per cent in the quarter to September, according to the latest data, continuing a slump blamed on falling investment and weak industrial activity. The figures for the July-September quarter were slightly better than expected by analysts, who had forecast growth in gross domestic product of 5.2 per cent, but were...
