India's Wholesale Price Index Falls 1.21%; Fifth Straight Week of Decline India’s wholesale prices fell for a fifth straight week even after an increase in fuel costs, allowing the central bank to keep interest rates low to support economic growth.
Sterlite Raises $1.5 Billion to Expand Power-Generation Capacity Fivefold Sterlite Industries (India) Ltd., the nation’s biggest copper producer, raised $1.5 billion selling shares in the U.S. to fund its power-generation plans, betting on higher infrastructure spending in India.
Indian Stocks Decline as Infrastructure Companies Fall, Led by Larsen India’s benchmark Sensex stock index closed lower. Infrastructure stocks fell after Larsen & Toubro Ltd. said orders shrank in the first quarter, dimming expectations spending on public works would revive the economy.
Air India May Receive 25 Billion Rupees of Additional Capital, Patel Says Air India, the state-run carrier facing a cash crunch, may receive 25 billion rupees ($514 million) of additional capital from the government to remain in business, Civil Aviation Minister Praful Patel said.
Larsen First-Quarter Net More Than Triples After Selling Ultratech Stake Larsen & Toubro Ltd.’s first-quarter profit more than tripled after India’s biggest engineering company sold its entire stake in a cement maker.
India Monsoon Rain Deficit to Narrow, Easing Drought Fears, Official Says India’s monsoon deficit will drop below 20 percent by end of this month as rains increase, easing a dry spell that’s dented sowing of crops in the world’s second- biggest producer of rice, wheat and sugar.
Rupee Drops From One-Week High on Speculation Importers Sold the Currency India’s rupee weakened for the first time in three days on speculation importers used the currency’s two-day rally as a chance to buy cheaper foreign exchange.
Bajaj Auto First-Quarter Profit Climbs 67% on Sale of Pricier Motorcycles Bajaj Auto Ltd., India’s second- largest motorcycle maker, posted its biggest profit jump in five quarters after selling pricier models.
Satyam Computer to Restate Financial Accounts for at Least Last Five Years Satyam Computer Services Ltd., the software exporter at the center of India’s biggest corporate fraud probe, plans to restate its accounts for at least five years and has sought until March 31 to do so.
Jet Airways, Other Carriers Cut Fuel Dues to State Refiners 39% This Year Indian carriers, including Jet Airways (India) Ltd. and Kingfisher Airlines Ltd., reduced fuel payment dues to state-run refiners 39 percent this year, the government said.
CIT May Need as Much as $6 Billion to Avoid Bankruptcy, CreditSights Says CIT Group Inc., the 101-year-old lender running short of cash, may need as much as $6 billion to avoid seeking bankruptcy protection after the U.S. wouldn’t give the firm another bailout, CreditSights Inc. analysts said.
JPMorgan's Profit Climbs on Record Investment-Banking Fees; Defaults Rise JPMorgan Chase & Co., the second- largest U.S. bank, said profit rose for the first time since 2007 on record investment-banking fees. Chief Executive Officer Jamie Dimon predicted more losses on consumer loans.
Treasuries Gain as CIT Says Bailout Unlikely, Spurring Demand for Safety Treasuries rose for the first time in four days after commercial lender CIT Group Inc. said it probably won’t receive a federal bailout and manufacturing in the Philadelphia region shrank at a faster pace than forecast.
U.S. Homebuilder Confidence Hits 10-Month High as Sales, Interest Revive Confidence among U.S. homebuilders rose this month to the highest since September as sales of single-family units increased and more prospective buyers expressed interest.
Geithner Sees `Durable' Signs of Greater Confidence in Financial Markets Treasury Secretary Timothy Geithner said there are “durable” signs that financial markets are on the mend, while repeating that the U.S. must not withdraw its stimulus measures before an economic recovery is entrenched.
Mosaic Climbs After Report Vale Will Bid $25 Billion for Fertilizer Maker Mosaic Co., North America’s second- largest fertilizer producer, rose the most in eight months in New York after a Brazilian newspaper reported that Vale SA is preparing a $25 billion bid for the company. Vale shares fell.
Commercial Mortgage Bond Market Stays Shut as U.S. Loan Program Falls Flat There will probably be no new debt sold under the U.S. government’s program to jumpstart commercial real-estate lending this month, marking the second monthly round in which the plan to revive the market for bonds backed by hotels, shopping malls and offices has failed to produce sales.
source: Bloomberg
