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Weekly news.ppt11

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Weekly news.ppt11 Weekly news.ppt11 Presentation Transcript

  • Weekly News (1 st Nov-8 th Nov 2010)
  • Forex reserves jump $2.6 b to touch $298 bn
    • The country’s foreign exchange reserves rose $2.6 billion during the week ended October 29, partly on account of revaluation of its gold reserves.
    • The reserves are at $297.96 billion now.
    • Foreign currency assets comprising dollars, British pounds and euro, among others, rose $1,399 million during the week.
    • The value of gold in reserves rose $1,152 million during the week.
    • While special drawing rights, or SDRs — the reserve currency with the International Monetary Fund — and the reserve capital with IMF rose $4 million and $2 million.
  • India still a difficult place to do business
    • India has shown improvement in the last five years in terms of ease of doing business among South Asian countries, but still ranks 134th in sharp contrast to its stature as a rising economic power.
    • The ranking is based on nine parametres, starting a business, dealing with construction permits, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts and closing a business. As per the report, India is one of the most difficult places to start a business, as it has the most procedures and the maximum cost to set up a business.
  • 'Keep capital control options open'
    • India should keep its options open on capital controls in case the situation turns alarming after further liquidity injection by the US central bank
    • The country, however, will have to keep all options on the table to handle the flows in case there is an increase in volatility. The inflows are large at present, but still not at a level to cause worry
    • US Federal Reserve’s move to purchase another $600 billion in government bonds to boost the economy is expected to pump liquidity into the world system.
  • RBI hints at tight monetary policy
    • The Reserve Bank hinted at a marginal hike in key policy rates when it reviews its monetary stance, saying inflation was still above the comfort zone and that there was uptick in credit to non-food sectors.
    • Overall inflation was 8.62 per cent in September, although the government expects it to slip to 6 per cent by December. "Food inflation continues to remain high despite a good monsoon, as price pressures have amplified for certain non-cereal items," the central bank
  • Coal India may find it tough to hold on to gains
    • The world's largest coal producer today listed on the bourses with a handsome premium and zoomed over 32 per cent, over its IPO issue price of Rs 245 per share, to hit a high of Rs 324.75 in the first hour of trade on the Bombay Stock Exchange.
    • The total m-cap of Coal India was at Rs 2,03,860 crore in the first hour of session, Partha S. Bhattacharyya, Chairman & MD, Coal India Limited says.
  • Contd.
    • About 195 mutual funds, 48 financial institutions and banks, six venture capital funds, 44 insurance companies, 484 foreign funds and 1935 corporate bodies own the stock, making it the company with the fifth largest shareholder base. There are 15.17 lakh retail investors holding up to shares worth Rs 1 lakh and 444 individuals above it.