India's Economy May Expand 6.5% This Year, Faster Than Expected, RBI Says India’s economy may grow at a faster pace than earlier forecast this year, the central bank said, reducing the chance of a cut in the key policy rates tomorrow.
Tata Motors First-Quarter Profit Unexpectedly Climbs on Accounting Change Tata Motors Ltd., the Indian truckmaker that owns Jaguar and Land Rover, unexpectedly reported a jump in profit after a change in accounting rules and lower commodity prices helped mask a fall in demand.
Indian Government Cuts Home Loan Rates, Some Taxes to Boost Growth Further India’s Finance Minister Pranab Mukherjee today lowered the interest rate on some home loans and reduced the tax burden for select industries, adding to four stimulus packages to revive a slowing economy.
Sensitive Index Declines; Reliance Industries Leads Drop on Earnings India’s benchmark stock index closed slightly lower with Reliance Industries Ltd., the gauge’s biggest constituent, leading declines after its quarterly results fell short of forecasts. Tata Motors Ltd. gained.
Reliance Falls After Profit Misses Estimates on Narrower Refining Margins Reliance Industries Ltd., India’s most valuable company, fell in Mumbai trading after reporting lower-than-expected earnings in the first quarter as the global recession curbed fuel demand and refining margins narrowed.
Rupee Climbs to Three-Week High as Company Earnings Boost Stocks, Inflows India’s rupee climbed to a three- week high as rising company earnings prompted foreign funds to increase their local stock holdings.
Sanofi Agrees to Take Control of Indian Vaccine Maker Shantha Biotechnics Sanofi-Aventis SA, France’s biggest drugmaker, agreed to take control of Shantha Biotechnics in an acquisition valuing the Indian vaccine maker at 550 million euros ($784 million).
Ten-Year Bonds Drop a Second Day After Central Bank Says Growth to Revive India’s 10-year bonds fell for a second day after the central bank said Asia’s third-biggest economy may expand at a pace faster than previously forecast.
New-Home Sales in U.S. Climbed 11% Last Month, Biggest Gain in Eight Years Purchases of new homes in the U.S. climbed 11 percent in June, the biggest gain in eight years, underscoring evidence that the deepest housing slump since the Great Depression is starting to stabilize.
Surging Earnings Estimates Signal 26% Advance for Shareholders of S&P 500 Analysts are raising U.S. profit estimates for the first time since credit markets froze two years ago, reducing valuations even after the steepest rally since the Great Depression.
Real Yields Highest Since 1994 as Treasury Sells Record $115 Billion Bonds The highest inflation-adjusted yields in 15 years are helping provide the Treasury with record demand at auctions as the U.S. prepares to sell $115 billion of notes this week.
Geithner Pledges Smaller Federal Budget Deficits as Talks With China Start Treasury Secretary Timothy Geithner pledged the U.S. will shrink its budget deficit over the next four years and boost national savings, and he called on China to maintain efforts to ease the impact of the global recession.
Krone Seen Beating All Other Currencies With Norway `Hugely Undervalued' The Norwegian krone, the third-worst performer against the euro since mid-2008, has become currency strategists’ favorite bet.
Aetna Cuts Full-Year Forecast After Medical Costs Erode Gains in Premiums Aetna Inc., the third-largest U.S. health insurer, cut its full-year earnings forecast for the second time in two months as rising medical costs eroded revenue gains from selling lower-priced policies.
Rio Tinto's Poker Face Tested by China's Tactics in Iron-Ore Negotiations Rio Tinto Group is known for playing hardball when negotiating iron-ore prices, prompting Japanese steelmakers to present the company with a faceless doll as a tribute during one round of talks.
source: Bloomberg
