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Monday, July 20, 2009

News Flash

India to Unveil New Consumer Inflation Index to Correct Price `Disconnect' India will adopt a new consumer price index next year after policy makers said the current main inflation gauge of wholesale prices doesn’t reflect the true costs borne by people.

Sensitive Index Advances; Tata Consultancy Gains as Earnings Top Estimates Indian stocks rose, with the benchmark index climbing to its highest in more than a month. Tata Consultancy Services Ltd. led software developers higher after its first-quarter profit beat analysts’ estimates.

India Profit Estimates Set for Upgrades, Boosting Stocks, HSBC Asset Says Indian earnings estimates may be upgraded after companies report higher-than-expected figures for the second quarter because of a rebound in demand, boosting share prices, said HSBC Asset Management (India) Pvt.

Tata Consultancy Says Demand Rising From Bank Clients Citigroup, JPMorgan Tata Consultancy Services Ltd. said Citigroup Inc. is helping lead a recovery in demand from financial clients, the Indian software-services company’s biggest contributors to revenue.

Indian Gold Traders Stockpiling Bullion for Festival Demand as Prices Rise Gold traders in India, the world’s biggest consumer, are stockpiling bullion to meet festival and wedding demand amid the highest price in more than six weeks, the World Gold Council said today.

Tata Steel to Raise $500 Million By Selling Shares to Overseas Investors Tata Steel Ltd., India’s biggest steelmaker, plans to raise about $500 million selling shares to international investors, a person familiar with the matter said.

Indian Rupee Gains as Global Recovery Lifts Corporate Profits, Draws Funds India’s rupee rose the most in almost two months on speculation gains in local stocks will attract more funds into the region as corporate earnings improve and a global recession eases.

India's Supreme Court to Hear Ambani Brothers Gas Sales Dispute on Sept. 1 India’s Supreme Court has scheduled the next hearing on a gas sales dispute between the billionaire Ambani brothers on Sept. 1, Chief Justice K.G. Balakrishnan said.

CIT May Get $3 Billion Rescue From Bondholders to Avoid Bankruptcy Filing CIT Group Inc., the 101-year-old commercial finance company seeking to ward off bankruptcy, agreed to a $3 billion loan for 2.5 years from a group of its bondholders, according to people familiar with the situation.

U.S. Stocks Rise, S&P 500 Adds to Best Weekly Gain Since March; CIT Jumps U.S. stocks rose, adding to the market’s biggest weekly gain since March, as a gauge of economic indicators topped projections and speculation grew that CIT Group Inc. will avoid bankruptcy. Asian and European shares advanced, while Treasuries fell.

Leading Indicators Climb, Signaling U.S. Economy Nearing End of Recession The index of U.S. leading indicators rose in June for a third consecutive month, reinforcing signs the economy may be emerging from the worst recession in five decades.

Bernanke May Hold Rates Down by Showing He Can `Forcefully' Reverse Course To keep interest rates at a record low, Ben S. Bernanke may have to show Congress and investors he can be as creative about soaking up cash from the financial system as he was when pouring it in.

Regions Financial, Zions, KeyCorp Brace for Commercial-Property Defaults Regions Financial Corp., Zions Bancorporation and KeyCorp may tell investors this week how hard they’ll be hit by the doubling of commercial property defaults after tying up 25 percent of their loans in the business.

source: Bloomberg

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