India & Pakistan

Financial News

Steel Authority Plans New Plant in India in Ore Battle With Mittal, Tata Steel Authority of India Ltd., the nation’s biggest state-run producer, plans to build a 10 million metric ton steel mill in expectation of beating ArcelorMittal for the rights to control the nation’s biggest iron ore reserves.

General Motors, Ford's Idled Plants Set to Resume as Strike in India Ends General Motors Co. and Ford Motor Co. will receive normal supplies of auto components from an Indian vendor starting next week after a 45-day strike at the producer ended.

Sensex to Fall 10% in Six Months on India's Profit Outlook, Principal Says India’s stock market may fall by as much as 10 percent within six months as company earnings fail to meet expectations, according to Pankaj Tibrewal, manager of the country’s best performing equity fund this year.

Government Stake Sale Plan to Help Reduce India's Debt, Borrowing Pressure India’s plan to limit stakes in state-run companies and sell new shares of profitable unlisted companies may help the government mobilize more revenue and reduce its dependence on borrowings, economists said.

Caterpillar to Invest $200 Million to Meet Rising Indian Building Demand Caterpillar Inc., the world’s largest maker of bulldozers and excavators, plans to invest $200 million in India over five years to make construction equipment as demand grows in the second-fastest growing major economy.

Sensex Index Rises for Third Day; MMTC Leads Gain on Government Share Sale Indian stocks rose, extending the benchmark index’s longest string of gains in five weeks, after the government approved a plan to sell more shares in state- controlled companies, helping it raise funds to boost spending.

Rupee Gains for Third Day as India's Economic Outlook Fuels Risk Appetite India’s rupee rose for a third day, the longest stretch of gains in a month, as signs the global economy is recovering from a recession buoyed demand for the nation’s assets.

MMTC, Indian State-Run Companies Surge on Government Plan to Sell Stakes MMTC Ltd., NMDC Ltd. and State Trading Corp. led gains among India’s state-controlled companies after the government approved a plan to boost public holdings in these stocks, making more shares available to investors.

Reliance Money's Sudip Bandyopadhyay Joins Spice Finance as President Sudip Bandyopadhyay joined Spice Finance as president from Reliance Money, according to an e- mailed statement.

Four Key Emerging-Market Stock Funds Post First Joint Outflows Since June All four major developing-nation equity fund groups posted outflows concurrently for the first time since June on concern the pace of the global economic recovery may not justify valuations, EPFR Global said.

General News

Dalai Lama's Visit to Indian Border Town Prompts Tensions, More Security Indian police stepped up security in the border town of Tawang on the eve of the Tibetan spiritual leader Dalai Lama’s trip to Tawang, where he first crossed into exile 50 years ago. The visit has raised tensions with China.

Karachi Police Hunt Terror Cells as Taliban Militants Flee Army Offensive Police in Pakistan’s commercial capital of Karachi say it may take at least two months after the end of the country’s northern offensive against Taliban militants to root out terrorists hiding in the city.

Brown Says U.K. to Press Ahead Training Afghan Police After Troop Murders Prime Minister Gordon Brown said the U.K. will press ahead training Afghanistan’s army and police after five soldiers were killed by a rogue officer.

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