Sensitive Index Drops, Halting India's Election Rally; DLF, ICICI Decline India’s benchmark stock index dropped, snapping a three-day, 20 percent advance, as investors judged as excessive gains triggered by the outcome of a general election.
India May End Ban on Rice Exports on Record Crop, Purchases, Official Says India, the world’s second-biggest producer of rice, may scrap a ban on overseas shipments after a record harvest increased stockpiles, a government official said.
Tata Motors Advances to Eight-Month High on $879 Million Debenture Plan Tata Motors Ltd., India’s largest truckmaker, rose to the highest in almost eight months in Mumbai after a credit rating company said the automaker plans to sell 42 billion rupees ($879 million) of debentures.
Indian Rupee Advances a Third Day After Singh Win, Closes at 5-Month High India’s rupee closed at a five-month high as overseas investors added to their local stock holdings, betting Prime Minister Manmohan Singh will be more successful with economic reforms in his second term.
India May Raise Sugar Cane Prices to Increase Production, Reduce Imports India, the world’s biggest consumer of sugar, may increase the price of cane it pays farmers by 33 percent to increase plantings and stem a decline in production of the sweetener, a government official said.
Indian Election `Euphoria' to Help Lift Share Prices, Valuations, UBS Says Indian stock valuations may keep “bubbling higher” after a record gain earlier this week as the nation’s election results improves the outlook for investor sentiment, liquidity and economic growth, UBS AG said.
ONGC, GAIL to Pay About $200 Million in Subsidies to Indian Oil Refiners Oil & Natural Gas Corp., India’s biggest energy exploration company, and GAIL India Ltd. will pay “around 9.4 billion rupees” ($197 million) in additional subsidies to state refiners for sales of fuels below cost.
Bonds Gain as Indian Central Bank Debt Purchases Will Help Offset Supply India’s 10-year bonds rose after the central bank said it will buy back debt from the market tomorrow, helping counter the increase in supply planned at an auction on May 22.
Geithner Says Bank Distressed-Asset Programs Will Get Under Way by July Treasury Secretary Timothy Geithner said he expects a pair of government programs to help banks remove their distressed assets will start by early July, policy makers’ next step in ending the worst credit crisis in decades.
Stocks in U.S. Gain as Bank of America Boosts Capital, Commodities Advance U.S. stocks gained, recovering yesterday’s losses, after Bank of America Corp. shored up capital by selling shares and commodity producers climbed on higher oil and metal prices.
VIX Falls to Lowest Level Since Before Lehman Bankruptcy as VStoxx Plunges U.S. and European options are trading at their lowest levels since Lehman Brothers Holdings Inc.’s September collapse after benchmark indexes rallied more than 34 percent over the last 10 weeks.
U.S. Said to Consider Stripping SEC of Power, Shifting Some Duties to Fed The Obama administration may call for stripping the Securities and Exchange Commission of some of its powers under a regulatory reorganization that could be unveiled as soon as next week, people familiar with the matter said.
Welch Attacks Obama for Putting Union Needs First in Chrysler Bankruptcy Jack Welch, former chief executive officer of General Electric Co., criticized the government- backed bankruptcy of Chrysler LLC for favoring unions at the expense of creditors and said President Barack Obama’s economic stimulus programs will cause budget deficits.
Bear-Turned-Bull Leuthold Says He May Boost Stock Holdings to Almost 70% Steve Leuthold, who turned bullish this year after profiting from the equity market rout in 2008, said he may invest almost 70 percent of some funds in stocks as the economy stabilizes.
Target Profit Tops Analysts' Estimates After Merchandise Markdowns Limited Target Corp., the second-largest U.S. discount retailer, said first-quarter profit declined less than analysts estimated after it limited markdowns and controlled expenses.
source: Bloomberg
