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Saturday, October 10, 2009

Financial News Flash


Infosys Second-Quarter Net Rises More-Than-Estimated 7.7%; Raises Forecast Infosys Technologies Ltd., India’s second-largest software exporter, reported second-quarter profit rose 7.7 percent, beating analysts’ estimates, after winning more business from its customers.

Tata Motors Raises $750 Million Selling Securities to Pay Off Jaguar Debt Tata Motors Ltd., India’s biggest truckmaker, raised $750 million selling securities, allowing it to finish paying off debt from the takeover of Jaguar Land Rover.

Mukherjee Says India's Central Bank Shouldn't `Compromise on Growth Rates' India’s Finance Minister Pranab Mukherjee said that the central bank shouldn’t “compromise” on the nation’s economic growth in its efforts to tame inflation.

Shree Renuka Seeks Equipav, Other Brazilian Sugar Mills as Deficit Worsens Shree Renuka Sugars Ltd., India’s biggest refiner, plans to acquire rivals in Brazil to secure supplies as a global deficit drives prices to the highest in more than 28 years.

Bonds Decline Most in Six Weeks as Government Sells Less Debt Than Planned India’s 10-year bonds fell the most in six weeks after the government sold fewer bonds than planned at an auction today, spurring speculation demand for the securities is weakening.

Sugar Prices Should Rally in India to Make Imports Viable, Refiner Says Sugar prices in India, the world’s biggest user, must rally to match global levels for mills to make money on imports of the commodity, the nation’s largest refiner said.

Sensitive Index Declines; Mahindra Leads Fall on Concern Over Valuations Indian stocks fell, driving the benchmark index to a month-low, led by Mahindra & Mahindra Ltd., after a report that billionaire investor Rakesh Jhunjhunwala said this year’s 72 percent rally will falter within two months.

Thailand's Delta Predicts India Sales Will Triple on Local Demand, Exports Delta Electronics (Thailand) Pcl, the Thai unit of Taiwan’s Delta Electronics Inc., expects India sales to more than triple to $1 billion in three years as demand climbs, said executive director Anusorn Muttaraid.

Bharat Petroleum Plans $215 Million Bond Sale to Fund Capital Expenditure Bharat Petroleum Corp., India’s second-largest state-run refiner, said it plans to raise 10 billion rupees ($215 million) in a bond sale to fund “regular capital expenditure.”

Pipavav Shipyard Trades Around Initial Public Offer Price in Mumbai Debut Pipavav Shipyard Ltd., an Indian shipbuilder, traded around its offer price on its trading debut in Mumbai today after an initial share sale.

Citigroup Will Sell Phibro Unit to Occidental as Compensation Limits Loom Citigroup Inc. agreed to sell its Phibro LLC energy-trading business to Occidental Petroleum Corp., averting a clash with the Obama administration over a potential $100 million payout to the unit’s chief.

Dollar Rises, Bonds Fall on Bernanke Interest-Rate Outlook; Copper Slides The dollar rose the most against the yen in two months and government bonds fell after Federal Reserve Chairman Ben S. Bernanke said the bank will tighten monetary policy once the economy improves. Commodities slipped.

GM Sells Hummer to China's Tengzhong in Victory After Saturn Sale Failure General Motors Co. agreed to sell its Hummer sport-utility vehicle brand to China’s Sichuan Tengzhong Heavy Industrial Machinery Co. and another investor, nine days after an accord to unload the Saturn unit collapsed.

Stanford University May Offer Sequoia, Kleiner Stakes in $1 Billion Sale Stanford University, an early venture-capital investor, is offering stakes in funds run by Silicon Valley neighbors Sequoia Capital and Kleiner Perkins Caufield & Byers in an asset sale that may raise $1 billion, according to three people familiar with the matter.

El-Erian Says Market Pricing In `Old Normal' While `New Normal' Is to Come Mohamed El-Erian, chief executive officer of Pacific Investment Management Co., said the economy won’t return to where it was before the credit crisis.

`Maddening' Derivatives Plans in Congress May Harm Loan Market, LSTA Says Proposals to regulate privately negotiated derivatives may reduce “sorely needed liquidity” in the high-yield, high-risk loan market, according to the Loan Syndications and Trade Association.

California Considers $4 Billion Refinancing of Schwarzenegger Deficit Bond California, the U.S. state with the lowest credit ratings, is considering selling as much as $4 billion of bonds to refinance debt championed by Governor Arnold Schwarzenegger to cover previous budget deficits.

source: Bloomberg
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