Pranab Mukherjee Says Wider Deficit Key to Spurring India Economic Growth India’s Finance Minister Pranab Mukherjee said a wider budget deficit “right now” is critical to accelerate growth, justifying the record 4.51 trillion rupees ($92 billion) the government plans to borrow this year.
Sensitive Index Gains Most in Seven Weeks as India's Monsoon Concern Eases Indian stocks rose the most in seven weeks on expectations prospects for crops will improve after the weather bureau forecast monsoon rains would intensify.
Aban Offshore Gains Most in 15 Years After Morgan Stanley Increases Target Aban Offshore Ltd., India’s largest oil rig company, rose the most in 15 years in Mumbai trading after Morgan Stanley raised the stock’s target price, citing improving business and a possible restructuring of its debt.
HDFC Bank First-Quarter Profit Climbs 31% on Trading in Bonds, Currencies HDFC Bank Ltd., India’s third largest, posted a 31 percent increase in first-quarter profit as fees rose and it gained from trading in bonds and currencies.
Asian Stocks Climb on Earnings Optimism, Singapore Growth; Komatsu Rises Asian stocks rose, giving the MSCI Asia Pacific Index its biggest gain in two months, as Singapore upgraded its forecast for economic growth and fund manager Barton Biggs said some Asian markets are “still attractive.”
Monsoon to Strengthen Across India, Enhancing Crops, Weather Bureau Says India’s monsoon, the main source of irrigation for the nation’s 235 million farmers, will intensify across most parts of the country, aiding summer-sown crops of rice, oilseed, corn and cotton.
Indian Share Placements This Year Return Losses to Investors, Crisil Says Indian equity placements this year will slow down after companies including Bajaj Hindusthan Ltd. lost money for investors, a study by Crisil Ltd. showed.
Rupee Gains on Speculation Rebounds in Regional Economies May Spur Inflows India’s rupee rose for the first time in three days on speculation global investors will pour more funds into Asian assets as regional economies recover from the financial crisis.
Government Bonds Decline as India's Increasing Debt Sales May Damp Demand India’s 10-year bonds declined on speculation increasing government debt sales will damp demand for existing securities.
NMDC's Iron Ore Sales May Increase 13% This Year on Rising Steel Demand NMDC Ltd., India’s largest iron-ore producer, forecast volume sales this financial year will rise more than 13 percent as local steelmakers buy more raw material to meet demand from builders and automakers.
Goldman Sachs Profit Beats Estimates on Record Trading, Stock Underwriting Goldman Sachs Group Inc. posted record earnings as revenue from trading and stock underwriting reached all-time highs less than a year after the firm took $10 billion in U.S. rescue funds.
Producer Prices in U.S. Climb More-Than-Forecast 1.8% as Gasoline Surges Prices paid to U.S. producers rose in June by twice as much as anticipated, led by surging gasoline costs.
Treasuries Drop as Retail Sales Report Signals Recession May Be Subsiding Treasuries fell for a second day as sales at U.S. retailers rose more than expected in June, adding to signs the steepest recession in 50 years may be easing and crimping demand for the relative safety of government debt.
CIT Rises on `Active' Talks for U.S. Aid Before $1 Billion of Bonds Mature CIT Group Inc. rose in New York trading and the cost to protect its debt against default fell after the lender said it’s in talks with regulators about a rescue.
Humana, Health Net Fall as Military Contract Goes to Aetna, UnitedHealth Health Net Inc. fell 16.3 percent and Humana Inc. 4.6 percent in New York trading after the managed care companies lost Defense Department contracts worth as much as $55.5 billion.
European Union Removes Ban on Four Indonesian Airlines, Eases Angola Curbs The European Union removed a flight ban on four Indonesian carriers including PT Garuda Indonesia and eased restrictions on TAAG Angola Airlines under the latest changes to a list of unsafe carriers. Kazakh and Zambian operators face new curbs.
Barclays' Knapp Drops Bearish Outlook in Forecast of 3% Gain for S&P 500 Barry Knapp, previously Wall Street’s most bearish stock strategist, now says the Standard & Poor’s 500 Index may eke out a 3 percent gain in 2009 as industrial production recovers and credit markets improve.
source: Bloomberg
