business - FreePress India

Falling consumer sentiment Pulls down American Markets & Indian GDRS

August 15, 2009 by Komal Meswani

The US markets finally gave up on Friday after the Reuters/University of Michigan index of consumer sentiment fell significantly short of expectations for the first part of August. The weak consumer sentiment data fueled concerns about the strength of an economic recovery and the major indices declined by about 1%. Stocks fell across the board, with the biggest losses among financial, energy and material companies – industries that posted some of the biggest gains in recent days. Investors also sold off oil and other commodities and moved their money into the relative safety of the dollar and government bonds.

FIIs net sellers of Rs 177.47 cr (prov) in the cash segment on Tuesday

August 12, 2009 by Editor's Desk

Foreign institutional investors (FIIs) were net sellers of Rs 177.47 crore (provisional) in the cash segment on Tuesday, according to information available on the BSE website. While FIIs made gross purchases of Rs 2,191.36 crore, their gross sales stood at Rs 2,368.83 crore.

On the other hand, domestic institutional investors (DIIs) were net buyers of Rs 628.87 crore (provisional) on the same day. While DIIs made gross purchases of Rs 1,451.61 crore, their gross sales aggregated Rs 822.74 crore.

FICCI asks government loose money policy – Don’t you want Free Money ?

August 12, 2009 by Editor's Desk

Federation of Indian Chambers of Commerce and Industry (FICCI) has urged the government to take steps to bring down the rate of interest in the country. A delegation of industry representatives in this regard met Prime Minister Manmohan Singh on Tuesday and suggested that lower interest rates were necessary for a quick revival of the economy.

FICCI contends that although public sector banks have reduced interest rates, their private counterparts were still to follow suit. The Federation believes that keeping the rates low was necessary in the current circumstances to push induced investment in the economy.

Government draws mega housing plan – Quality + Corruption Unanswered

August 12, 2009 by Editor's Desk

The government is looking to rollout a mega housing plan to fulfil its dream of a slum-free India. The programme aims at building 50 lakh houses to host some 6 crore slum dwellers across the length and breadth of country. While the programme will help eradicate an ages old social problem, it will also free up thousands of acres of government land and generate business worth billions for the battered real estate industry.

The ministry of housing and urban development has asked for an allocation of Rs 225,000 crore for the scheme, which will be implemented over next five years. The proposal has been sent to the Planning Commission for comments after which it would be considered by the Union Cabinet.

Removal of incentive in EU to hurt Indian automobile industry

August 10, 2009August 10, 2009 by Editor's Desk

The withdrawal of scrappage incentive scheme in several European countries is expected to bring in a cause of concern for the Indian automobile industry. Indian players Maruti Suzuki and Hyundai Motors, two of country’s biggest car exporters, are expected to bear the burnt in overseas sales.

The scrappage scheme provides car owners a subsidy to replace their older, polluting vehicles with low-emission and fuel-efficient ones.

Eleven countries including Germany, France, Italy, Romania, Spain and Portugal have withdrawn the scheme from the last week of July or the first week of August, barring the UK which has decided to continue with the scrappage scheme.

FIIs net sellers of Rs 1,051 cr (prov) in the cash segment on Friday

August 10, 2009August 10, 2009 by Editor's Desk

Foreign institutional investors (FIIs) were net sellers of Rs 1,050.81 crore (provisional) in the cash segment on Friday, as per information posted on the BSE website. While FIIs made gross purchases of Rs 1,925.66 crore, their gross sales amounted to Rs 2,976.47 crore.

On the other hand, domestic institutional investors (DIIs) were net buyers of Rs 414.43 crore (provisional) on the same day. While DIIs made gross purchases of Rs 1,726 crore, their gross sales aggregated Rs 1,311.57 crore.