Indian Stock Market News Round up - More bad news from Global Banks!!

The Indian Market did not do well yesterday and is volatile today. And to add to the misery global banks have again come out with fresh package of bad news that is sure to affect the market sentiment world wide.

Major head line news item is UBS writing down whopping 19 billion dollars!! Here is the snippet from one of the websites

UBS AG wrote down an additional $19 billion on U.S. real estate and related assets on Tuesday, causing a net loss of 12 billion Swiss francs ($12.03 billion) in the first quarter, and said it would seek 15 billion francs through a rights issue of shares.

The writedowns come at the upper end of expectations and on top of $18.4 billion in damage caused by the subprime crisis last year, which had already forced the bank to ask shareholder approval for 19 billion francs in capital-raising measures in February

Another news item that caught my eye today and which sounded so nonsensical and funny was this -

Day traders would abstain from trading on Tuesday to protest the Budget proposal on Securities Transaction Tax (STT), which would make their activity in the stock market unattractive.

But this one is definitely worth reading and is a positive move as far as I am concerned.

On the heels of rising inflation and slackening industrial output comes the latest change in accounting norms, requiring Indian companies to disclose losses arising out of derivative contracts.

The market is clueless as to how many companies have signed such deals. But that has only added to the already long list of worries; nobody knows which company may throw up a nasty surprise in its fourth-quarter numbers. Still, the dominant concern at the moment is inflation, which has now climbed to a 13-month high.

RK
Singapore Property

12 March 2008 : Indian Stock Market and Business News roundup

MoneyControl
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Relief rally may continue for few more days: Religare Sec
Nifty may re-test Jan lows of 4448: CLSA Tech
Rally to be more broad-based this time: HSBC AMC
Next 3-6 months to be painful: Rada Adv
Brokerage biz to see earnings revision
Investors seem cautious on mkts: Karvy

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'No terror outfits in stock market'
Market regulator SEBI has ruled out participation of terror outfits in the Indian stock markets, Parliament was informed on Tuesday.

India looking at more relief sops for exporters
The government is looking at more steps to help exporters hit by a rise in rupee value, the trade minister said on Tuesday as he admitted the annual export target of $160 billion could not be met this year.

Rupee gains as local equities erase losses

The Financial Express
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Steelmakers may keep capacity idle
Indian steelmakers facing higher input prices may be forced to keep some capacity idle as their working capital is being squeezed, according to Bipin Kumar Vohra, chairman and managing director of SPS Steels group.

Tata Motors to raise $1 bn in long-term funds
Tata Motors is revving up for the last lap in its bid to buy Ford Motor Co's luxury brands, Land Rover and Jaguar, which could cost it around $2.7-3 billion. On Tuesday, the company said it plans to raise additional long-term funds of up to Rs 4,000 crore, equivalent to $1 billion.

Yellow metal price may remain high: World Gold Council
Gold prices will remain high in the short term globally mainly due to continued demand from India and China, the weakening dollar and falling global mining supplies, according to James Burton, chief executive officer, World Gold Council.

Rupee rises a second day; bonds advance
The rupee rose for a second day as a rebound in the nation's stocks spurred speculation overseas investors will return to buy equities. The currency extended gains as the benchmark stock index gained 1.3%, the most since February 25, ending two days of losses.

Indian crude oil basket touches $100 a barrel
The price of Indian basket of crude oil touched a record high of $100.17 a barrel during the Monday trade in the oil market. This has resulted in putting further pressure on fuel retailers, which are loosing Rs 360 crore per day on auto and cooking fuel sale.

Finmin finds no foul play in Reliance IPO trading
Stock prices of Reliance group companies rose by up to 37% in about a month before the opening of Reliance Power IPO, but subsequent examination of trading of these shares on exchanges did not reveal any foul play, the government said on Tuesday.

SBI, SBS merger may be postponed till elections
The State Bank of India and State Bank of Saurashtra merger is unlikely to take off at least till the general elections to be held in 2009. The reason is that the State Bank of Saurashtra Act needs to be repealed to carry on with the merger of SBS with the parent bank.

Business Standard
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Worse is yet to come in forex derivative losses
The $50 million hit L&T took due to hedging losses in a subsidiary may just be the tip of the iceberg. Losses by Indian companies as a result of their exposure to the foreign exchange derivatives market may hog the headlines for next few quarters since many of the currency swaps are likely to mature after March, said foreign exchange experts.

LIC Housing to roll out Rs 350 cr fund
In order to cash in on the real estate boom, Life Insurance Corporation Housing Finance (LICHF) is set to launch a new venture capital fund for realty projects. The size of the fund, which is awaiting regulator approval, is likely to be Rs 300-350 crore, Director and Chief Executive S K Mitter said.


RK
http://yourmitra.wordpress.com

Indian Stock Market and Business News - 28 Feb 2008

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IOC gets shareholders nod for BRPL merger with itself
The country's largest oil firm, Indian Oil Corporation, said on Wednesday the shareholders have approved the merger of its subsidiary Bongaigaon Refinery and Petrochemicals Ltd (BRPL) with itself

Gold scales to new peak of Rs 12,460, silver to 27-yr high
Soaring crude oil prices and falling dollar pushed gold to an all-time high of close to Rs 12,500 per 10 gram and silver to a 27-year record level of Rs 23,600 per kg on the bullion market today, enhancing its appeal as a hedge against inflation

Crude oil price moves above $102/bl
Crude oil price moved above $102 per barrel as the dollar fell to an all-time low against the euro, according to a report on the website of Bloomberg

Inputs costs, demand seen lifting India steel price
Rising costs of iron ore and other inputs as well as strong demand will likely push up Indian steel prices over the next six months, despite government attempts to contain them, industry officials and analysts said.

'No proof of rigging in RPower IPO'
The government has found no evidence of rigging in the Initial Public Offer of Reliance Power by the promoters or merchant bankers, the Rajya Sabha was informed on Tuesday.

The Economic Times
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Indian demand adding to US inflation: Fed official
Partly attributing rising inflation in US to growing demand in India and China, Fed Vice-Chairman said the Fed would focus on price stability and growth

'High dividend shares are smart investment'
Shares in cos with high dividend payouts are seen as good investment in the current depressed scenario as investors look to protect their capital

The Financial Express
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Railways upgrade may put IT sector back on track
The beleaguered Indian IT industry that is facing uncertainty from its largest market - the US - has found an ally in Union railway minister Lalu Prasad Yadav. On Tuesday, Lalu's over Rs 2,000-crore technology upgradation plan that he revealed in his Rail Budget has opened up a big opportunity for the Indian IT players to reap in some moolah from one of the world's largest employers

Tatas woo Corus staff with tolerance
'Tolerance of difference and localisation' has become the motto for the Tatas as they began integration of close to 40,000 Corus steel workers at four sites in the UK with Tata Steel

Re rises on dollars drop versus euro; bonds gain
The rupee closed at the highest level in more than a week, on speculation investors sold the US currency, after its slide to a record low against the euro.

Infosys develops tool to improve agri supply chain efficiency
Indian IT major Infosys Technologies has developed an information and communication technology-enabled application to help small farmers integrate their business with large retailers and improve efficiencies in agro supply chain.

International News
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CNN : Dollar slides to record low
Oil down after surging to new record

Yahoo: Japan stocks sink on strong yen, weak output data (at Reuters)

Reuters:
Dollar stays near record low beyond $1.50 to euro
The dollar hovered near record lows versus the euro as a sharp drop in durable goods orders and home sales fueled recession concerns while Federal Reserve Chairman Ben Bernanke signaled a readiness to cut interest rates again

Bernanke says Fed prepared to help U.S. economy
Federal Reserve Chairman Ben Bernanke on Wednesday signaled a readiness to cut interest rates again to prevent further damage to the weak U.S. economy, even as he took note of rising inflation risks

Jan durable goods orders fell 5.3 percent
New orders for long-lasting U.S.-made manufactured goods fell by 5.3 percent in January, the biggest drop in five months and more than analysts expected, and a key gauge of business spending also declined, a Commerce Department report showed on Wednesday


RK
RentalAndRealEstate.com

Indian Stock Market News - 27 Feb 2008 : Another good day ahead!

Recently, Indian Markets are having good day only if US markets had one. Today wont be any different. US had a good day so we will too.

News Round up

MoneyControl
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Mkts need time-based correction: Kotak Sec
'Lack of triggers keeping investors away'
Use every dip to buy for invest: Baliga

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Tata preparing to sign Jaguar deal early March
Tata Motors Ltd is all set to sign a landmark deal to take over two iconic British automobile brands, Land Rover and Jaguar, from US carmaker Ford Motor Co early next week.

Pfizer introduces antismoking drug in India
City-based $172-million Pfizer India Ltd, part of US pharmaceutical multinational Pfizer Inc, Tuesday launched the Varenicline prescription drug in India that helps smokers to kick their nicotine addiction

Bharti Airtel to set up undersea cable linking US with Asia
Telecom giant Bharti Airtel on Tuesday said it would set up a new undersea cable linking the United States with Asia in partnership with five global telecom firms.

The Financial Express
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Wheat breaches $12 for first time after biggest gain since 02
Chicago wheat prices rose by the most in more than five years, breaching $12 a bushel for the first time as investors poured money into agricultural commodities on signs that global crop production isn't keeping pace with demand.

Re rises a second day; bonds fall ahead of Budget
The rupee advanced a second day, on speculation overseas investors will add to their holdings of local equities as the benchmark stock index extended gains.

REL plans share buyback; board to decide on Mar 5
Anil Dhirubhai Ambani Group company Reliance Energy Ltd announced a move to buy back its own shares. A meeting of the company's board of directors will be held on March 5 to consider the buyback, among other issues.

Nod to short selling by institutional investors
Just a few days before presenting the Budget, finance minister P Chidambaram has finally given the go ahead to short selling by institutional investors by clearing issues on its taxation.

The Economic Times
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Pfizer, Novartis and Merck test negative in India
Pharma giants like Pfizer, Novartis and Merck have seen their market capitalisation erode over the last three years, as sales started to witness marginal growth.

Maruti to kick off price war with diesel Dzire
The diesel sedan market is likely to witness a price war with Maruti Suzuki India Ltd all set to launch one of the cheapest diesel sedans in the domestic market


RK
Rental And Real Estate Classifieds and Social Network
http://yourmitra.wordpress.com

Indian Stock Market News - 26 Feb 2008 : Indian Markets will trade in postive today

US, Canadian, European markets have closed higher. Asian Markets have opened higher. Indian Markets will open higher and should trade in the positive at least till European Markets open. If Europeans are positive then we should end the day in the green.

I have few shares of Infosys, the stock price has just about reached the buy price. Since the Rupee has risen I am not sure if the IT stocks will keep rising or fall a little. Will wait for today before deciding to sell or hold.

RK
RentalAndRealEstate.com - Rental and Real Estate Classifieds and Social Network
http://yourmitra.wordpress.com

Market news round up:-

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Rupee rises on exporter sales

RIL, Reliance Cap among Asia's 20 best for future investors
Seven Indian firms, including Reliance Industries and Reliance Capital from the two Ambani groups, have been named among Asia Pacific's 20 best companies in terms of expected investor returns over next five years

Cash squeeze dampens investor appetite
Rising costs due to a cash squeeze in the banking system have dampened investor appetite for fresh investments leaving existing corporate debt issues floundering, forcing borrowers to privately place bonds with pension funds

BSE to take 26% stake in commodity exchange
Bombay Stock Exchange Ltd (BSE), oldest stock exchange, has agreed to buy a 26 per cent stake in Ahmedabad-based National Multi-Commodity Exchange of India (NMCE), as it looks to diversify and get a slice of the commodities boom in India

The Financial Express
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Merged entity to get Rs 3,900 cr capital infusion from HDFC
In a major sweep, post merger of two private banks, HDFC Bank and Centurion Bank of Punjab, the sheer size of the new balance sheet of Rs 1,50,000 crore will take the entity to higher pedestal on the global front.

HSBC, StanChart in race for YES stake
At least two of the world's top five banks have evinced interest in picking up a stake in YES Bank, a fast-growing private sector bank.

Tatas to double China revenues
The Tata group's investment plans in Bangladesh may have hit a rough patch, but it is steadily gaining a foothold in China. Despite growing competition from local companies, Tata expects to double revenues from China-primarily from TCS and Tata Steel-to $600 million this year.

Dropping dollar peg would ease Gulf inflation:Greenspan
Former Federal Reserve chairman Alan Greenspan said near-record Gulf Arab inflation would fall "significantly" were the oil producers to drop their dollar pegs, in contradiction to Saudi policy

US economy may skirt recession, but growth is all set to crawl
The US economy will likely avoid a recession but growth will slow to a crawl during the first half of this year, a panel of business economists forecast.

The Economic Times
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Techies may tighten purse strings over US slowdown
If IT companies become careful with increments and promotions, employees may have to scale back planned investments.

Rising inflation in Gulf affect Indians
The disparity was most pronounced in Qatar, with a perceived average cost of living spike of 38%, 22% higher than salary increases.

International News
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Goldman sees $1-$12 bln writedown for large-cap brokers in Q1
Goldman Sachs said it expects additional writedowns of about $1 billion to $12 billion each for several U.S. large-cap brokers in the first quarter, with Citigroup estimated to record the highest amount of about $12 billion

US dollar firms slightly on home sales data
The US dollar on Monday firmed slightly on better than expected US home-sales figures, but persistent concerns about the US economy still weighed on the greenback, dealers said

Wall Street shares surge as Visa unveils IPO bid
Wall Street shares surged on Monday as Visa Inc., the world's largest electronic payment processor, said it was planning an initial public offering (IPO) aimed at raising a hefty 18.8 billion dollars

Greenspan backs sovereign funds investing in US
Former US Federal Reserve chairman Alan Greenspan said on Monday that opposition to investments by Gulf and Asian sovereign wealth funds in the United States did not serve US interests

Visa plans IPO aimed at raising over US$18b
Visa Inc., the world's biggest electronic payment processing company, announced on Monday it was planning an initial public offering (IPO) in the United States, saying it hoped to raise over 18 billion dollars

Indian Stock Market News - 25 Feb 2008 : Expect higher opening with other Asian Markets opening in positive

Weekend News round up is below. The one big news was the issue of bonus shares by Reliance Power in the ratio of 3:5 and the other news being Anil Ambani crying foul over the hammering of the Reliance Power shares on the first trading day. He seems to think there is a conspiracy behind it. I will do the same if I were him, People invested in Reliance Power because of the Ambani name tag and have lost faith and money once it got listed. So its a black mark for him and the next time there is a IPO from him there will not be such a enthusiasm

Anyhow, the Indian markets should open higher following the global cues ( as analysts say). But how the week shapes up is anybody's guess. I am planning to sell off those companies which I think are over-valued on every rise and may buy other good stocks at a lower prices. What to do I was also greedy in going for the stocks that were riding the wave. Bought them at a high price and they are now 10-20% down.

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Govt asks ICAI to prepare report on IPO valuation
In the wake of controversy relating to valuation of public issues, the government has directed the apex body of chartered accountants, ICAI, to conduct a study on the initial public offer pricing and suggest ways for protecting the interest of investors.

50% of malls may shut down by '10, hype to go
Consolidation in the retail industry would result in nearly 50 per cent of the malls shutting down by March 2010 and the hoopla surrounding the sector would considerably subside by then, a brand expert has said.

The Financial Express
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Anil adds 3:5 Power to shares
In an attempt to compensate investors for the poor listing of its shares, Reliance Power proposed an issue of free bonus shares to all investors, excluding the promoters, in the ratio of 3:5. This apart, the promoter and chairman of the company, Anil Dhirubhai Ambani, announced a voluntary contribution of 2.6%

Anil insists Sebi probe into RPower stock hammering
Anil Ambani, promoter and chairman of Reliance Power Ltd reiterated his demand for an investigation by the capital market regulator Securities and Exchange Board of India into the hammering of the RPower stock following its listing on the bourses on February 11

Economic Times
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Budget is the key event for market watchers
Market watchers are hoping for some positive measures from the finance minister as market analysts are expecting that the Budget might cut corporate income tax

Rel Power bonus issue cuts losses by 40%
The Board at its meeting approved a bonus issue wherein 3 shares would be allotted for every 5 held by the non-promoter shareholders. Special: Reliance Power IPO

India riding an optimism bubble
From capital markets to cricketers, real estate to HR, every asset category seems to be trading several times above fair value

India Inc's business confidence rises by 5.4%
If the positive sentiment persists despite the turmoil in the capital market, corporate earnings may be back on track in the coming quarters.

NSE deactivates 372 F&O terminals in Jan
Terminals of 372 members in the futures and options segment were deactivated for a day during January due to margin payemnt failure.


International Markets
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Japan stocks up over 2 pct, subprime worries ease

Singapore share prices opened higher Monday, following Wall Street's rally on Friday

As China's factory floors feel the pressure from spiralling costs, there is growing nervousness in the rest of the world that the Asian giant's next big export could be inflation


RK

RentalAndRealEstate.com - Rental and Real Estate Classifieds and Social Network

http://yourmitra.wordpress.com

22 - Feb - 2008 : Indian Markets will open lower

Markets are down! This is now a usual happening. There is no point in tracking them anymore but that does not stop me from gathering the market related news

Sify

Gold glitters at Rs 12,215, silver reaches 27-year high:
After breaching the crucial 12,000 mark yesterday, gold prices surged further to set a new record of Rs 12,215 per 10 gram in the bullion market here today.

Nine infrastructure companies booked for evading import duty:
Nine infrastructure firms having their interests in road building have been booked by the Customs authorities for allegedly evading import duty totaling Rs 20 crore on heavy engineering equipment.

Investors forum demands probe into recent market crash:
The Investors Grievances Forum has demanded a probe into the market crash of January 22 and sought explanation from valuers of IPOs which hit the market in January

India to invest $2.5 b in SBI rights shares:
The Indian cabinet on Thursday approved a government proposal to invest Rs 9996 crore ($2.5 billion) in the rights share offering by State Bank of India, the country's biggest lender, a spokeswoman said.

Rupee climbs on strong capital inflows, exporters
The rupee held onto to early gains on Thursday, driven higher by exporters selling dollars and inflows of overseas capital into the stock market, dealers said.

The Financial Express

Broking firms see 400% leap in online trading value
The number of investors opting for online trading has gone up manifold, according to the recently published 'India's Leading Equity Broking Houses, 2008' by Dun & Bradstreet

IT majors on a hiring spree at lower salary
Reduced variable pay and increase in the number of fresh recruits to the total workforce are among the major factors that have led IT majors to hire more at lower pay scales.

Sugar price may rule lower on higher supplies, dull demand
Sugar spot and futures prices in the domestic market may rule lower in the next few days as supplies by sugar mills have increased considerably amid sluggish demand.

The Economic Times

Govt should allow 100% FDI in single brand retail
The govt should think about allowing 100% FDI in single brand retail trading and introducing multi brand retail trading in a phased manner.

'25% public holding may drive out IPOs'
Mkt may witness huge flow of public issues if proposal for listed cos to maintain 25% minimum public holding is implemented, Assocham has said.

Markets may fall further: Goldman Sachs
Goldman's analysts said that retail investors have been a key driver of the market's strong rise between August 2007 and January this year

World News:

Dollar drops on weak US economic data
The dollar dropped against other major currencies Thursday after another set of weak US economic data added to concerns that the world's largest economy risks falling into recession

Oil prices ease off record highs on strong US supply build
World oil prices slid back from two days of record peaks Thursday after a stronger-than-expected rise in US crude-oil reserves damped supply jitters.

US stocks tumble as economic fears mount
US stock markets tumbled Thursday as lackluster economic news renewed fears that the world's largest economy is sliding into recession

US economic gauge weakens
A key forward-looking US economic gauge posted a decline in January for a fourth straight month suggesting "weak growth" ahead for the world's largest economy, the Conference Board said Thursday.

Wall Street sinks on energy's slide and recession worry
Stocks fell more than 1 percent on Thursday as bulging oil inventories deflated energy shares and the weakest reading on mid-Atlantic manufacturing since 2001 added evidence the economy was in recession.

Starbucks cuts 600 jobs amid stagnant U.S. growth
Starbucks Corp said on Thursday it would eliminate 600 jobs as it works to turn around stagnating U.S. coffee shops in the face of a weak economy.

Lehman Brothers to cut 200 jobs: report
Lehman Brothers Holdings Inc is cutting 200 jobs, equivalent to 10 percent of its investment banking staff, CNBC television reported on Thursday.

RK
RentalAndRealEstate.com - Singapore Rentals and Real Estate Social Network

19 - Feb -2008 : Indian Stock Market News Round up

Here is the regular round up of the important news from various financial websites and papers

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Rupee falls on oil payment, global concerns
Indian IT industry unlikely to witness downturn: Gartner
‘Probe into Jan 22 market crash if concrete evidence found’

IBN Live

Anil's offer of bonus shares brought share 7 pc up
Market speculation beyond permissible levels

Economic Times

Emerging Markets Management is bullish on IT cos
After cheapest car, Tata to make air-car
Aggressive pricing spoilt IPO market: Survey



RK

RentalAndRealEstate.com - Rental and Real Estate Classifieds

15 - Feb -2008: How the day ended and what were the analysts opinions today?

Indian Stock Markets showed some resilience and closed higher. It must have come as a surprise to many since most of the Asian markets were down and US and European markets had closed negative yesterday. Sensex closed at 18,115, up 348 points and Nifty at 5302, up 100 points.

Here is the collection of Analysts views from today

Global factors seem to be impacting sentiments on the market and liquidity is being determined by Asian markets, says Dipan Mehta, BSE/NSE Member, on CNBC-TV18. The market is seeing negative FII flows and unless the FIIs return on a consistent basis, one cannot say that the worst is over, he adds

The market may see a slight fall on Monday or Tuesday so investors need not feel they have missed the bus, says Anil Maghnani, technical analyst, on CNBC Awaaz. Nifty has resistance at 5267 and it could see a correction from there, he adds

he confidence is slowly returning to the market and as long as Nifty trades above 5050 it is a good sign, says PK Agarwal of Bonanza Group of Cos, on CNBC TV18

It is still too early to say if all the bad news has been flushed out of the market, says Anshu Jain, head of global markets, Deutsche Bank, on NDTV Profit. The market still looks in poor shape and there is some downside left on credit and equities, he adds

It is still premature to celebrate and think the worst is over for the market, says Narayan Ramachandran of Morgan Stanley, on CNBC TV18. Though India's long-term story looks strong, the current rally seems more on account of short covering, he says. This rally cannot be termed the beginning of a new bull run yet, he adds

Fuel price revesion will take inflation well above 4%, says Shubdha Rao, Chief Economist, Yes Bank, on NDTV Profit. One can expect inflation to hover around 4.5-4.6% in March, she adds. There could be a rate cut in April or June-July period, she says. There needs to be a balancing act between growth and inflation, she says

Inflation risks in India are on the upside and it can up to 4.5%, says Chetan Ahya, Executive Director, Morgan Stanley, on CNBC-TV18. Demand side risk to inflation is low, but one is seeing supply side pressure, he adds. Risks to inflation in India is more from the global side, he adds.

nterest rates need to go down to revive the consumption story, says Chetan Ahya, Executive Director, Morgan Stanley, on CNBC-TV18. In fact, 125 bps cut in interest rates is needed from the RBI, he says. One can expect revival in consumption growth by year end, he says. He sees FY08 GDP growth at 8.5% and FY09, at 7.5%


The US economy is in recession, but it is still left to see how serious, says Hans Goetti, CIO, LGT Bank, on CNBC-TV18. But he believes the current US recession may be deeper than the last one. Global markets may bottom out by the third or fourth quarter of 2008, he says. But since India is comparitively less co-related to the US, economically, it is better positioned than other emerging markets for the long term, he adds

Prime Minister Manmohan Singh says the government is confident of keeping inflation at acceptable levels, reports NDTV Profit. Inflation is 'iniquitous' tax that is hurting the poor, and therefore it must be controlled, says the PM. India cannot be completely insulated from global factors, though major part of Indian growth is driven by domestic factors, he adds. The government is confident of maintaining 9% growth for FY08, he says

Retail investor is showing some buying interest at lower levels, says Sudip Bandyopadhyay of Reliance Money, on NDTV Profit. He suggests staying invested for a time horizon of 3-5 years. FII interest in the infrastructure space in India remains strong, he adds

Anand Tandon, Director - Equities at Brics Securities said that the bottom may be a few hundred points here and there on the Nifty, but the worst is out of the markets. The euphoria is most definitely over, serious money has been lost and now we can look at fundamentals of the markets, reports CNBC-TV18.

Sanjay Sinha, CIO, SBI Mutual Fund said that the markets will have to wait for a few days for global bad news to subside and that rate softening would be positive for the economy. Speaking to CNBC-TV18, Sinha said he is positive on the midcap space. He added that they’ve picked stocks in banking, financial, engineering and the construction space during the recent fall.

Chetan Ahya of Morgan Stanley sees India’s FY08 GDP growth at 8.5% and that of FY09 at 7.5%. The interest rates need to go down to revive consumption story, he told CNBC-TV18. The lending rates are likely to fall by another 50 bps, he said. Ahya expects a revival in the consumption growth by year-end. There is a need for an interest rate cut of 125 bps from the RBI, Ahya said. The risks to inflation in India are more from then global side, he added.

RK
RentalAndRealEstate.com