INDIA DAYBOOK: Wheat Purchase, Solar Power, Murthy’s Successor
India may buy 26.3 million metric tons of wheat from local farmers in the year starting April 1, Food Minister K.V. Thomas said yesterday.
ECONOMY: * India to sell 50 billion rupees of 91-day bills. * India to sell 30 billion rupees of 364-day bills. WHAT TO WATCH: * Most of the solar power plants that were to be running this year in the first phase of India’s largest solar energy program missed their deadline and will face fines, a state government official said. * India’s Congress party and its ally Dravida Munnetra Kazhagam agreed on sharing seats for elections in the southern state of Tamil Nadu, Health Minister Ghulam Nabi Azad said yesterday. * The Securities & Exchange Board of India will auction on March 15 investment permits to allow foreign investors to buy local government and corporate debt. * India’s government may extend sale of subsidized imported cooking oil through state-owned shops beyond March 31, Food Minister K.V. Thomas said in a written reply in parliament yesterday. MARKETS: * The Dow Jones Industrial Average rose 1 percent. * The MSCI Asia Pacific Index was little changed at 138.11. * India’s benchmark stock index rose 1.2 percent. EQUITY MOVERS: * National Aluminium Co. (NACL IN), India’s second-biggest producer of the metal, forecast a profit of 11 billion rupees ($244 million) on sales of 64.95 billion rupees for the year ending March 31, 2012, according to a letter sent to shareholders. * Infosys Technologies Ltd. (INFO IN) will name billionaire Chairman N.R. Narayana Murthy’s successor by July 15. Murthy will retire in August, he said in an interview yesterday. CONFERENCES/EVENTS: * Confederation of Indian Industry seminar on military modernization. * Praful Patel, minister for heavy industries, to hold a session with chief executives officers of Maharatna, Navratna and Miniratna Central Public Sector Enterprises. * Private Equity, Mergers & Acquisitions Summit 2011. * Power Finance Corp. press conference. * Ford India press conference. * Society Of Indian Automobile Manufacturers Bus And Special Vehicles Expo. * WHO Media Workshop. * SAP introduces new products. * FICCI media interaction with Talmiz Ahmad, Indian ambassador To Saudi Arabia. * CII interactive meet on NELP-IX. * Kapil Sibal to inaugurate the e-post office of India Post. BLOOMBERG UTV INTERVIEWS: * 10:15 a.m. Rajesh Jain, executive vice president, head of retail research, Religare. * 11:30 a.m. Kamal Baheti, chief financial officer, McLeod Russel India. * 12:00 p.m. Peter McGuire, independent strategist. * 1:15 p.m. Pujit Aggarwal, managing director, Orbit Group. CRICKET WORLD CUP: * 2:30 p.m. India vs. Netherlands.
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