3 Apr 2008 - Round up of important Indian Markets and Business News and Views

Bad news from Wall Street this time. The Fed chief had indicated that US may have slipped into recession already. This means that Asian stocks should take a hit today but oddly I see all the bourses in green. Indian Markets have not opened at the time of this post but I think it will follow its Asian Bros.

Wall Street stocks ended lower on Wednesday after Federal Reserve Chairman Ben Bernanke suggested the world's largest economy may have begun to slide into recession in the first half of this year.

Testifying before Congress, America's top central banker told lawmakers that the US economy would show scant expansion "and could even contract slightly" during the first six months of 2008.

The Dow Jones Industrial Average finished down 45.44 points (0.36 percent) at 12,608.92 after moving in and out of positive territory. The blue chip stock barometer had rallied by almost 400 points just a day earlier.

Indian Auto Majors foreign buying spree continues!

A consortium of Mahindra & Mahindra (M&M) and ICICI Venture Funds on Tuesday signed a definitive agreement to acquire 100% stake in Italian gear maker Metalcastello. Company officials refused to divulge details of the deal. The acquisition is part of M&M’s larger strategy to consolidate its gear business in the European market. ET first reported the deal on November 6, 2007.

More news of Indian Government fighting inflation hard! I bet we would not have seen such swift actions if not for the impending general elections. Onions led to BJP's downfall once, can this be the catalyst for Congress's demise in the next election? Lets wait and see!!

With rising prices spoiling the economic growth party, the government is ready to crack the whip beginning with a ban on cement exports.

Simultaneously, efforts are on to increase imports from Pakistan, which is willing to supply up to 11 million tonnes.

On Tuesday, in the midst of the government's multi-pronged crackdown on inflation, the cement producers had announced a rise in prices.

The export ban will augment domestic availability while the cheap imports from Pakistan will soften prices.

Some news headlines from major papers and websites

1. Anil Ambani group's financial services arm Reliance Capital has got a new Chief Executive Officer with Sam Ghosh taking over charge
2. Bajaj Auto Ltd, India's second-biggest motorcycle maker, on Wednesday said vehicle sales in March fell 10 per cent to 176,101 units from 196,592 units a year earlier.
3. Suzlon Energy Ltd has informed the BSE that Suzlon Wind Energy Corporation, the subsidiary of Suzlon Energy Ltd has signed a repeat order with Horizon Wind for 200 MW of wind turbine capacity.
4. The National Commodities and Derivatives Exchange Limited (NCDEX) will commence trading in future contracts of Certified Emission Reduction (CERs), the first of its kind in the developing world.
5. Rising oil prices has made a dint in profits of Fast Moving Consumer Goods sector. Godrej Consumer Products Ltd, a major player in FMCG market has projected that slowdown in this sector will continue and is also mulling over revising the prices of its product range shortly.
6. The National Multi-commodity exchange on Tuesday introduced futures contract in Coffee Arabica and Coffee Robusta, besides other commodities, after receiving approval of the forward markets commission.
7. The government has decided to lift the ban on exports of castor oil, coconut oil and edible oils of minor forest produce with effect from April 1, 2008

RK
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