INDIA DAYBOOK: Borrowing Costs, Fighting Inflation, ABG Shipyard
The Indian government’s measures to control prices of food and fuel for the nation’s 1.2 billion people are widening losses for producers and driving up their borrowing costs.
WHAT TO WATCH: * Banks are reluctant to lend to sugar manufacturers in India, the world’s second-largest maker of the sweetener, on concern limits on local and overseas sales will affect revenues, Narendra Murkumbi, president of the Indian Sugar Mills Association, said. Indian Oil Corp., the nation’s biggest refiner, said its debt is rising because it can’t pass on higher crude costs. * India faces pressure to step up its battle against price gains even after the steepest interest-rate increases among Asia’s major economies as oil prices rise and consumer demand strengthens. * More workers were drafted for the frontline of Japan’s biggest nuclear disaster as radiation limits forced Tokyo Electric Power Co. to replace members of its original team trying to avert a nuclear meltdown. MARKETS: * The Dow Jones Industrial Average rose 1.4 percent. * Asian stocks fell, leading a regional benchmark index lower for the third time this week, as workers were sent to connect power to a crippled nuclear plant, which may allow them to prevent a meltdown. The MSCI Asia Pacific Index fell 0.4 percent. * India’s benchmark stock index fell 1.1 percent. EQUITY MOVERS: * ABG Shipyard Ltd. (ABGS IN) capped foreign equity holding at 21.91 percent after India’s Foreign Investment Promotion Board fixed the overseas investment limit in the company to approve taking up defense contracts. * National Aluminium Co. (NACL IN) paid 4.76 billion rupees as advance tax for the year ending March 31, compared with 2.95 billion rupees a year earlier, according to an e-mailed statement. * Power Grid Corp. of India (PWGR IN) approved three investment proposals valued at 43.5 billion rupees at a board meeting on March 15, the company said in a statement to the Bombay Stock Exchange. * Reliance Industries Ltd. (RIL IN) and Gail India Ltd. (GAIL IN) signed a gas agreement, S. Jaipal Reddy, India’s oil minister, said in New Delhi, without immediately giving details. CONFERENCES: * India Today Conclave 2011 in New Delhi. * Launch of the book ‘Getting It Right - India’s Unfolding Infrastructure Agenda’ written by Vinayak Chatterjee, chairman, Feedback Ventures, in New Delhi. * Union Minister of Communications and IT Kapil Sibal and Sachin Pilot will attend the foundation stone laying ceremony of the National Institute of Communication Finance. * CII Green manufacturing Summit in New Delhi. * The Telecom Regulatory Authority of India will host an open house discussion on “Green Telecommunications.” * IMC conference on renewable energy. * The Indian Direct Selling Association will release a report on the socio-economic impact of direct selling. * Boston Consulting Group roundtable on financial inclusion. * Hewlett-Packard session on labels and packaging. BLOOMBERG UTV INTERVIEWS: * 9:30 a.m. M. Sivaraman, managing director, GIC Housing Finance. * 10:00 a.m. Prasun Gajri, chief investment officer, HDFC Life. * 11:00 a.m. T.N. Thakur, chairman, PTC India. * 12:15 p.m. Arvind Parakh, director, finance, Jindal Stainless. CRICKET WORLD CUP: * 9:30 a.m. Ireland vs. Netherlands * 2:30 p.m. Sri Lanka vs. New Zealand
Unni Krishnan in New Delhi at email@example.com
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