Editor's Desk - FreePress India

Gold, Silver prices rise on the first day of Samvat 2066

October 20, 2009 by Editor's Desk

Gold and silver prices rose on the first day of Samvat Year 2066, the Hindu New Year in the traditional lunar Hindu calendar, with gold gaining Rs 50 to touch Rs 16,070 per ten grams on the bullion market in Delhi on Saturday. Token purchases by traders on the first day of the Hindu New Year aided the gains.

Standard gold and ornaments traded Rs 50 higher at Rs 16,070 and Rs 15,920 per ten gram respectively, while sovereign held unchanged at Rs 12,950 per piece of eight gram.

DoT – Defence Minsistry Spat Delays 3G Auction in India

October 5, 2009 by Editor's Desk

The much awaited 3G Wireless Spectrum Auction in India has been delayed. According to the DoT officials, the main reason for the delay in releasing the memorandum of information was difficulties on making out the availability of the 3G spectrum which had made it difficult to plan the necessary schedule.

However, the difficulties in finalizing the spectrum availability have stemmed from the disagreement between the DoT and the

Read moreDoT – Defence Minsistry Spat Delays 3G Auction in India

SAIL to submit specific proposal for FPO

October 5, 2009 by Editor's Desk

The government has asked the Steel Authority of India Limited (SAIL) to give a specific proposal for its proposed follow on public offering (FPO).

The government presently holds 85.82% stake in SAIL and 4.59% is with the Life insurance Corporation while the rest is held by the public.

Govt likely to ensure fair valuation for IPOs: MCA

October 3, 2009 by Editor's Desk

In order to make initial public offers (IPOs) transparent and investor friendly, the government is in close consultation with market regulator SEBI for evolving guidelines for price band for public offers by India Inc. The move is also expected to ensure funds are not diverted from the purpose for which the capital was raised. The Ministry of Corporate Affairs (MCA) has been asked to take steps to prevent companies from fixing arbitrarily IPO price band at a very high level.

Larsen & Toubro meet F2010 guidance + Improved macro environment

September 24, 2009September 24, 2009 by Editor's Desk

In April, management guided toward revenue growth of 15-20% and order inflow of 25–30% for F2010. Management expressed confidence that it could meet guidance. We believe that with recent big-ticket order wins from ONGC and in the power arena, and the bulk tender (from NTPC) expected in this financial year, the company should be able to beat F2010 guidance.

With funding concerns being resolved (though the liquidity increase globally and IIFCL in particular for India) and the new government keen to demonstrate performance, L&T has seen an improvement in the macro environment in the form of improving regulatory framework, especially for the road and power sectors. The government has made efforts to facilitate and encourage private sector investment.

Food grain output to decline by 15 milion tonne: FM

September 24, 2009 by Editor's Desk

India’s finance minister Pranab Mukherjee said on Wednesday that on account of poor rains this season, the food grain output in the country would decline at least by 15 million tonne. “There will be a (harvest) shortage of 14 to 15 MT as per estimates arrived at in a meeting chaired by me,’ said the FM. It would also lead to substantial impact on farm income and hence rural consumption with possible implications for indian economic recovery.

The minister however said that government was in a position to mitigate the ill impacts of the development. He said that the government would provide an additional 50-60 days work over and above the 100 days under the national rural employment guarantee scheme (NREGA) in the areas affected badly by poor monsoon so that the negative impact on farm income could be contained.