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Friday, August 23, 2013
Bharti Airtel in talks to sell Sri Lankan operations: report
Bharti Airtel is in talks to sell off its Sri Lankan operations to Abu Dhabi's Etisalat, Media report said.
According to reports, Standard Chartered Bank is advising the Indian company in the transaction.
Bharti Airtel has been valued between $110 mn and $130 mn.
Airtel reportedly said as a policy it didn't respond to market speculations.
The company, which entered the Sri Lankan market in 2009 as the country's fifth operator, offers 2G, 3G and 3.5G services in the island nation
Market may open flat
Trading of CNX Nifty futures on the Singapore stock exchange indicates a flat opening on the domestic bourses today, 23 August 2013. Asian stocks rose on Friday, 23 August 2013, after reports from Europe to the US boosted confidence in global economic recovery.
ICICI Bank after market hours on Thursday, 22 August 2013, said it has increased base rate by 0.25% to 10% per annum with effect from 23 August 2013. With effect from 1 July 2010, interest rates on new loans and advances, including consumer loans, are determined with reference to base rate. ICICI Bank has also announced an increase of 0.25% in its benchmark prime-lending rate and in its Floating Reference Rate (FRR) for consumer loans (including home loans) with effect from 23 August 2013. These benchmark rates are used for determining interest rates on loans and advances sanctioned upto 30 June 2010. The fixed rate customers will not be impacted by the above revision and their contracted rates will remain unchanged, ICICI Bank said.
Housing Development Finance (HDFC) will reportedly increase its retail prime lending rate by 0.25% with effect from Friday, 23 August 2013.
IT stocks will be in focus as rupee closed at a record low against the dollar on Thursday, 22 August 2013. A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports.
Dr Reddy's Laboratories announced after market hours on Thursday, 22 August 2013, that it has launched Divalproex Sodium Extended - Release Tablets, USP (250 mg and 500 mg), a therapeutic equivalent generic version of Depakote ER (divalproex sodium) Tablet, Extended Release in the US market on 19 August 2013. Dr. Reddy's ANDA for Divalproex Sodium Extended- Release Tablets, USP was approved by the United States Food & Drug Administration (USFDA). The Depakote ER brand and generic had combined US sales of approximately $194 million for the twelve months ended 30 June 2013 according to IMS Health data.
Finance Minister P. Chidambaram said on Thursday that revival and encouragement of growth will continue to be the focus of the government. Chidambaram said that stronger growth will, in course of time, alleviate many of the challenges that India faces today. He said that there is no cause for the panic that seems to have gripped the currency markets and that is feeding into other markets.
Chidambaram believes that the rupee is undervalued and has overshot what is generally believed to be a reasonable and appropriate level. Capital inflows will, in due course, correct the position. India's debt indicators are within prudent limits. India does not have excessive public debt (Central and State Governments taken together). The overall public debt to GDP ratio has declined from 73.2% in 2006-07 to 66% in 2012-13. The economy's external debt is only 21.2% of GDP. India's reserves are $277 billion.
India's inflation could accelerate in the current fiscal year due to the rupee's sharp depreciation, the Reserve Bank of India (RBI) said in a report on Thursday. The pass-through of the depreciation of the rupee exchange rate by about 11% in the four months of 2013-14 is incomplete and will put upward pressure as it continues to feed through to domestic prices, the RBI said in its annual report for 2012-13. Risks on the inflation front are still significant, the RBI said. The rupee's weakness could also increase subsidy payouts for fuel and fertiliser in 2013/14, the central bank said. However, the report said normal monsoon rains in India have taken a major risk off the horizon" but said a close vigil was necessary after food prices showed an upsurge during April to July. If high food inflation persists into the second half of 2013-14, the risks of generalised inflation could become large, it said. India's current account gap, which widened to a record high of 4.8% of GDP in the fiscal year to March 2013, is likely to ease in the current fiscal year but may continue to be much above the sustainable level, the report said. Global risks coupled with domestic structural impediments have dampened prospects of a recovery in 2013-14, and posed immediate challenges for compressing the current account deficit, it said. The central bank's report added that utmost attention is needed to contain risks to financial stability arising from deteriorating asset quality of banks.
Key benchmark indices surged on Thursday, 22 August 2013, after data showed a pickup in manufacturing activity in euro zone and China. The S&P BSE Sensex jumped 407.03 points or 2.27% to 18,312.94 on that day, its highest closing level since 16 August 2013.
Foreign institutional investors (FIIs) sold shares worth a net Rs 1277.64 crore on Thursday, 22 August 2013, as per provisional data from the stock exchanges.
Asian stocks rose on Friday, 23 August 2013, after reports from Europe to the US boosted confidence in global economic recovery. Key benchmark indices in China, Hong Kong, Singapore, Japan, Taiwan, Indonesia and South Korea were up by 0.12% to 2.28%.
Factory output in the euro area is improving more than economists estimated and the fewest US workers in more than five years applied for jobless benefits, reports yesterday showed.
US stocks edged higher on Thursday after a monthly average of jobless claims fell to a more than five-year low in the US, and as manufacturing Purchasing Managers' Index readings from China and Germany indicated expansion.
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