INDIA DAYBOOK: Subbarao, Solar Power Permits, Mercedes-Benz

India’s central bank Governor Duvvuri Subbarao will address the Bankers’ Club Meeting in Kolkata today. India’s 10-year bonds rose the most in more than a month on speculation a cash crunch in the banking system will ease as the central bank is scheduled to buy back 120 billion rupees ($2.7 billion) of debt this week.

ECONOMY: * 15:00 India to Sell 40 Billion Rupees 91-Day Bills * 15:00 India to Sell 10 Billion 182-Day Bills * 16:30 182 Day T-Bill Cutoff Yield * 16:30 91 Day T-Bill Cutoff Yield * 12:30 Commerce Secretary Rahul Khullar press conference * 17:30 Reserve Bank Governor Subbarao to inaugurate an exhibition at RBI’s office in Kolkata. * 18:30 Subbarao to address Bankers’ Club Meeting in Kolkata.

WHAT TO WATCH: * India’s first auction of solar power permits may get derailed as plant builders say borrowing costs are too high to finance projects, a key part of government efforts to reduce oil imports. * Wilfried Aulbur, Managing Director, Mercedes-Benz India Pvt. to speak on business investment plans in India at company event in Pune. * Nandan Nilekani, head of Unique Identification Authority of India, at a book launch function in Mumbai. * A cash crunch in India’s financial system may not last long, Kaushik Basu, chief economic adviser to the finance ministry, said. * Society of Indian Automobile Manufacturers (SIAM) to announce November 2010 Automobile Industry sales figures.

MARKETS: * Dow Jones fell 0.03%. * India’s benchmark stock index fell. * Asian stocks rose for a fifth day, led by commodity companies on speculation that a global economic recovery is stabilizing after Australia kept its main interest rate unchanged and the U.S. cut its stake in Citigroup Inc.

EQUITY MOVERS: * Wipro Ltd. (WPRO IN) signed an agreement with Vodafone Essar to build and manage its fixed-line telecommunications services business. * Oil & Natural Gas Corp.’s (ONGC IN) board to meet Dec. 16 to consider proposals to split shares, offer bonus shares * Karuturi Global Ltd. (KARG IN) to buy majority stake in Florista * HBL Power Systems Ltd. (HBPS IN) to acquire Agile Electric Drives Technologies and Holdings Pvt. * eClerx Services Ltd. (ECLX IN) to Dec. 16 consider proposal to raise resources.

CONFERENCES: * International Cooperative Alliance Expo in Bangalore. * Punjab & Sind Bank pre-IPO conference in Mumbai. * Launch of eBay India Census 2010 in New Delhi. * CII Technology Summit in New Delhi. * Seminar by Institute of Chartered Accountants of India in New Delhi. * Fortune Park Hotels Ltd. conference in Gurgaon, near New Delhi. * Liberty press conference in Mumbai to announce telecom foray. * Mitel and Accord Communications press conference in New Delhi to announce business alliance. * Book release by Asian Centre for Human Rights in New Delhi. * Bio-pharma India convention in Mumbai. * Drug Discovery World India 2010 in Mumbai. * Women Mean Business conference in Mumbai. * Firefox Bikes Pvt. to unveil new bicycles with Trek Bicycle Corp. * CRISIL Ratings organizes a session on bank loan ratings and its importance for the credit markets.

ANALYST RATINGS: * Infinite Computer Solutions (India) Ltd. (ICSL IN) started with “buy” rating at Emkay Global. * Hathway Cables and Datacom Ltd. (HATH IN) and DEN Networks Ltd. (DEN IN) started with “buy” ratings at Religare Capital Markets.

IPOs: * Ravi Kumar Distilleries Ltd.’s IPO of 11.5 Million new shares at 56-64 rupees apiece opens for sale today. * A2Z Maintenance & Engineering Services Ltd.’s IPO at 400-410 rupees apiece opens for sale today.

To contact the reporter on this story: Shikhar Balwani in Mumbai sbalwani@bloomberg.net.

To contact the editor responsible for this story: Arijit Ghosh at aghosh@bloomberg.net

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