Jindal Steel Plans Power Unit IPO, Borrowings for $2.8 Billion Expansion Jindal Steel & Power Ltd., Asia’s best performing steel stock, may sell shares in a unit to partly fund a 134 billion rupee ($2.8 billion) plan to more than triple its electricity generation capacity in India.
Bharat Petroleum Oil Imports May Rise 50% to Record on Capacity, Fuel Use Bharat Petroleum Corp., an Indian state-refiner, said its crude-oil imports may rise 50 percent to a record next year after completing expansions to meet demand in the second-fastest growing major economy.
Subbarao to Hold Rates at Record Low Until `Sure' of Economic Recovery The Reserve Bank of India signaled it will refrain from raising borrowing costs from a record low until it is sure a recovery has taken hold in Asia’s third- biggest economy.
Sugar Mills in India `Miss Bus' on Imports as Prices Rise, to Buy Locally Sugar mills in Maharashtra, India’s biggest producer, are being forced to purchase the sweetener in its raw form domestically as a shortage of cane threatens to cut output for a second year.
LIC Housing Plans to Sell $136 Million of Stock to Institutional Investors LIC Housing Finance Ltd., Asia’s second-best performer among non-banking finance stocks this year, plans to sell as much as 6.6 billion rupees ($136 million) in shares to institutional investors.
Rice Production in India to Miss Forecast Next Year on Drought, USDA Says Rice output in India, the world’s second-biggest producer, will decline 7 percent more than forecast next year because of a drought in the main growing regions, the U.S. Foreign Agricultural Service said.
India's State Refiners Purchase 10% Stake in Oil India for $453 Million India’s state-run refiners, including Indian Oil Corp., the nation’s biggest, will pay about 22 billion rupees ($453 million) to buy a 10 percent stake in explorer Oil India Ltd. from the federal government.
Natco Climbs Most in Eight Years as FDA Accepts Review of Generic Copaxone Natco Pharma Ltd., an Indian drugmaker, climbed the most in more than six years in Mumbai trading after U.S. regulators accepted for filing its partner Mylan Inc.’s application for a generic version of Copaxone.
Retail Sales in U.S. Jump 2.7%, Most in Three Years, Led by Auto Purchases Sales at U.S. retailers surged in August by the most in three years, led by a jump in auto purchases as consumers took advantage of the government’s “cash-for-clunkers” program.
Manufacturing in New York Area Expands at Fastest Pace in Almost Two Years Manufacturing in the New York region grew in September at the fastest pace in almost two years, a sign factories are helping pull the economy out of a recession.
Treasuries Decline After Retail Sales Report Signals Recession Is Easing Treasury 10-year notes fell for a second day as sales at U.S. retailers surged in August by the most in three years, adding to signs the U.S. economy is emerging from its worst slump in over 50 years.
Citigroup 34% Stake Sale by U.S. as Soon as October Discussed at Treasury The U.S. Treasury Department and Citigroup Inc. have begun discussing how to sell the 34 percent stake that the government acquired in the rescue of the bank, people familiar with the matter said.
Bank of America Ruling Throwing Out Settlement Leaves SEC With Few Options The U.S. Securities and Exchange Commission is left with few options as it weighs how to proceed in a lawsuit against Bank of America Corp. after a judge rejected a $33 million settlement.
Obama Says U.S. Job Losses Ending, Vows to Push on Wall Street Regulations President Barack Obama said job losses are “bottoming out” and the U.S. economy looks to be growing again even as he warned against cutting off government aid “so soon that the recovery doesn’t take flight.”
Best Buy Profit Misses Analysts' Estimates as Sales Slide at Older Stores Best Buy Co., the world’s largest electronics retailer, reported lower second-quarter profit than analysts predicted as sales declined at older stores and costs rose. The shares declined in early U.S. trading.
source: Bloomberg
