INDIA DAYBOOK: RBI Rate Panel Differed, Air India, Ahluwalia
By Anto Antony and Kartik Goyal -
2011-08-19T00:38:25Z
A panel advising the Reserve Bank of India differed over the extent to which policy makers should raise interest rates last month, according to the minutes of the meeting held six days before the July 26 decision.
WHAT TO WATCH:
* Four of the 12 members suggested following a “wait and
watch policy,” while three were in favor of increasing the
benchmark repurchase rate by a quarter-percentage point and one
argued for a 25 basis-point boost to the cash reserve ratio, the
Mumbai-based central bank said in an e-mailed statement
yesterday without identifying the people.
* Air India Ltd. will get jet fuel on credit for as many as
three months to help ease a cash shortage at the state-run
carrier, Vayalar Ravi, minister for civil aviation, said in New
Delhi yesterday.
MARKETS:
* The Dow Jones Industrial Average fell 3.7 percent.
* The MSCI Asia Pacific Index fell 1.65 percent to 123.21.
* India’s benchmark stock index fell 2.2 percent to 16,469.79.
EQUITY MOVERS:
* Rural Electrification Corp. (RECL IN): The state-run lender
to power projects plans to raise 10 billion rupees selling
bonds, Chairman H.D. Khunteta said in an interview yesterday.
The company will decide on the timing of the sale next week, he
said.
* Karuturi Global Ltd. (KARG IN) may invest as much as $500
million in food production and processing in Tanzania as it
expands operations in East Africa. The company plans to lease
land to grow palm oil, sugar cane and cereals in Tanzania, to
add to land it has acquired in Ethiopia where it already grows
the same crops, Managing Director Sai Ramakrishna Karuturi said
in an interview.
ANALYST RATINGS:
* ICRA Ltd. (ICRA IN): The credit assessor was downgraded to
“reduce” from “accumulate” by Kashyap Jhaveri, an analyst at
at Emkay Global Financial Services Ltd.
CONFERENCES/EVENTS:
* 11 a.m. New Delhi. CII Export Summit. Speakers include: Anand
Sharma, Minister of Commerce and Industry and Textile, Rahul
Khullar, commerce secretary, and Anup Pujari, director general
of foreign trade, R.S. Gujral, finance secretary. Venue: Hotel
Le Meridien, Sovereign, Windsor Place, Janpath.
* 11 a.m. Mumbai. Force Motors will introduce its SUV, Force
One. Venue: The Lalit, Sahar.
* 11 a.m. New Delhi. S. Krishnamoorthy, president, Textiles -
Aditya Birla Group, to address media on expansion of Linenclub
chain. Venue: Linen Club, The Ramp, Opp. Grass Hopper Hotel,
Mumbai.
* 12 p.m. New Delhi. Parag Kulkarni, senior vice president and
business head for Commercial Lighting and Furniture Business,
Wipro to address press. Venue: Hyatt Regency, New Delhi.
* 12:30 p.m. Deputy Chairman Planning Commission Montek
Singh Ahluwalia to brief media on to approve draft approach for
the Twelfth Five Year Plan in Committee Room No. 122. Yojana
Bhawan
* 6:15 p.m. New Delhi. 22nd Annual Day for Institute of
Directors. Speakers include: Salman Khurshid, Minister of Law
and Justice, P.K. Mishra ,secretary, Ministry of Steel,
Umashankar, secretary, Ministry of Power, R.S. Butola, Chairman
,Indian Oil Corp., S. Roychoudhury, chairman, Hindustan
Petroleum, M. Mohaparta, CEO, Comviva, A.K. Ravi
Nedungadi, president and CFO, UB Group. Venue: Hotel Le-
Meridian (Inspire Hall) Janpath, New Delhi.
To contact the reporters on this story: Anto Antony in New Delhi at aantony1@bloomberg.net; Kartik Goyal in New Delhi at kgoyal@bloomberg.net
To contact the editor responsible for this story: Sam Nagarajan at samnagarajan@bloomberg.net
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