Mumbai, Dec 16 (PTI) The Bombay Stock Exchange benchmark Sensex rose by over 65 points in early trade today as investors and funds made selective purchases ahead of the RBI's monetary policy review later in the day.
The 30-share barometer, which fell by 151.42 points in the previous session, recovered by 65.54 points, or 0.33 per cent, to 19,713.31 on the back of a recovery in technology, healthcare and oil and gas sector stocks.
Similarly, the National Stock Exchange's Nifty index moved up by 18.35 points, or 0.31 per cent, to 5,910.65.
Analysts said the trading sentiment was cautious, with investors hopeful that the RBI would take a breather in its monetary tightening stance.
Meanwhile, in the Asian region, Hong Kong's Hang Seng index was down by 0.27 per cent, while Japan's Nikkei shed 0.10 per cent in early trade today. The US Dow Jones Industrial Average closed 0.
Wednesday, December 15, 2010
Sensex opens 65 points up ahead of RBI policy meet
STAFF WRITER 9:47 HRS IST
Rupee down 16 paise against US dollar in early trade
STAFF WRITER 9:50 HRS IST
Mumbai, Dec 16 (PTI) The Indian rupee fell by 16 paise to Rs 45.56 against the US dollar in early trade at the Interbank Foreign Exchange today, weighed down by the dollar's gains against other major currencies.
The rupee had plummeted by 46 paise to an almost two-week low of 45.40/41 against the US dollar in the previous session, with strong demand for the American currency from importers amid a decline in domestic equities.
Meanwhile, the Bombay Stock Exchange benchmark Sensex rose by 65.54 points, or 0.33 per cent, to 19,713.31 in opening trade today.
Sensex opens 65 points up ahead of RBI policy meet
STAFF WRITER 9:47 HRS IST
Mumbai, Dec 16 (PTI) The Bombay Stock Exchange benchmark Sensex rose by over 65 points in early trade today as investors and funds made selective purchases ahead of the RBI's monetary policy review later in the day.
The 30-share barometer, which fell by 151.42 points in the previous session, recovered by 65.54 points, or 0.33 per cent, to 19,713.31 on the back of a recovery in technology, healthcare and oil and gas sector stocks.
Similarly, the National Stock Exchange's Nifty index moved up by 18.35 points, or 0.31 per cent, to 5,910.65.
Analysts said the trading sentiment was cautious, with investors hopeful that the RBI would take a breather in its monetary tightening stance.
Meanwhile, in the Asian region, Hong Kong's Hang Seng index was down by 0.27 per cent, while Japan's Nikkei shed 0.10 per cent in early trade today. The US Dow Jones Industrial Average closed 0.
Big banking deals on Day 1
As Chinese Premier Wen Jiabao met Indian businessmen on the first day of his India visit on Wednesday, he promised that pacts worth $16 billion (Rs 72,480 crore) would be signed between the two countries. Soon after, the Chinese banking fraternity sprung into action and the biggest of them, China Development Bank, signed financial pacts worth billions of dollars, including one with Reliance Power and another with ICICI Bank.
The pact with Reliance Power, part of the Anil Ambani Group, called for a $4.63-billion (Rs 20,974 crore) project financing, while the one with ICICI Bank is for a $400 million (Rs 1,812 crore) facility agreement, according to officials who coordinated their signing.
It also signed a $2-billion (Rs 9,060 crore) pact with Reliance Communications, while Sepco and Shandong have inked another with the diversified Adani group worth $3.63 billion (Rs 16,444 crore) to supply power equipment.
The plethora of such banking deals come on the back of a major policy overture from both sides. The two sides may ink a reciprocity agreement that would allow Chinese banks to set up branches in India. At present, there are no banks from China operating in India. China’s “big four” government-owned commercial banks — Bank of China, China Construction Bank, Industrial and Commercial Bank of China and Agricultural Bank of China — are the ones likely to be allowed to set up branches and start commercial operations.
It was not an all-banking show, though. Other multi-million-dollar pacts include Dofang Electric and Abhijeet Projects for power equipment worth $2.5 billion (Rs 11,325 crore), a similar pact between Shandong and Tamil Nadu Power Co for $800 million (Rs 3,624 crore) worth of equipment and a $330 million (Rs 1,495 crore) deal between China Aluminium and Vedanta for metal import.
The Federation of Indian Chambers of Commerce and Industry has entered into a memorandum of understanding with China Chamber of Commerce on cooperation.
HT
The pact with Reliance Power, part of the Anil Ambani Group, called for a $4.63-billion (Rs 20,974 crore) project financing, while the one with ICICI Bank is for a $400 million (Rs 1,812 crore) facility agreement, according to officials who coordinated their signing.
It also signed a $2-billion (Rs 9,060 crore) pact with Reliance Communications, while Sepco and Shandong have inked another with the diversified Adani group worth $3.63 billion (Rs 16,444 crore) to supply power equipment.
The plethora of such banking deals come on the back of a major policy overture from both sides. The two sides may ink a reciprocity agreement that would allow Chinese banks to set up branches in India. At present, there are no banks from China operating in India. China’s “big four” government-owned commercial banks — Bank of China, China Construction Bank, Industrial and Commercial Bank of China and Agricultural Bank of China — are the ones likely to be allowed to set up branches and start commercial operations.
It was not an all-banking show, though. Other multi-million-dollar pacts include Dofang Electric and Abhijeet Projects for power equipment worth $2.5 billion (Rs 11,325 crore), a similar pact between Shandong and Tamil Nadu Power Co for $800 million (Rs 3,624 crore) worth of equipment and a $330 million (Rs 1,495 crore) deal between China Aluminium and Vedanta for metal import.
The Federation of Indian Chambers of Commerce and Industry has entered into a memorandum of understanding with China Chamber of Commerce on cooperation.
HT
ICWA to do live webcast of Chinese Premier's address
For the first time, the Indian Council for World Affairs (ICWA) will webcast live the address of visiting Chinese Premier Wen Jiabao on Thursday. "We are very privileged to have the Chinese Premier to speak at the Council. The speech will be webcast live for the first time here," ICWA director general Sudhir T Devare told IANS.
Wen is in India on a three-day visit. On Thursday, he will hold formal talks with Prime Minister Manmohan Singh.
Following that, Wen will give a speech on India-China relations at ICWA's Sapru House - the in-house think tank of the external affairs ministry, in the afternoon. The council's website, www.icwa.in, will have a link to the webcast for viewers to follow the English translation of the speech online.
According to Devare, this maiden effort is part of the effort to "modernize and digitize" the 67-year-old institution which likes to model itself on Chatham House in Britain. "We had a major project to digitize 125,000 journals in our library. Besides, we also digitized our vast collection of eight lakh newspaper clippings," he said.
HT
Wen is in India on a three-day visit. On Thursday, he will hold formal talks with Prime Minister Manmohan Singh.
Following that, Wen will give a speech on India-China relations at ICWA's Sapru House - the in-house think tank of the external affairs ministry, in the afternoon. The council's website, www.icwa.in, will have a link to the webcast for viewers to follow the English translation of the speech online.
According to Devare, this maiden effort is part of the effort to "modernize and digitize" the 67-year-old institution which likes to model itself on Chatham House in Britain. "We had a major project to digitize 125,000 journals in our library. Besides, we also digitized our vast collection of eight lakh newspaper clippings," he said.
HT
Prime Minister and Wen to talk trade, stir sticky issues
Chinese Premier Wen Jiabao and Prime Minister Manmohan Singh will hold talks today and apart from trade a host of sticking points between the neighbours will be discussed. They range from the boundary question and Beijing's Kashmir policy to trade imbalance and water issues. New Delhi believes that "competition and cooperation" are two aspects of India-China ties, along with building on convergences while addressing differences, sources said.
The premier and prime minister will review boundary talks. The 14th rounds of talks between the special representatives from two countries were held recently.
India says that China illegally occupies 43,180 sq km of territory in Jammu and Kashmir, including the 5,180 sq km Beijing illegally ceded to Pakistan in 1963.
China contests that India occupies some 90,000 sq km of Chinese territory, most of it in Arunachal Pradesh, which India says is part of India.
While the issue of stapled visa is expected to be sorted out, India has concerns about Chinese-aided projects in Pakistan-occupied Kashmir.
On trade imbalances, New Delhi wants China to buy more than primary products from India, and insists Beijing source IT, agricultural and pharmaceutical products, where India enjoys a competitive advantage.
There are concerns over the water issues as well, especially the proposed "south-to-north water diversion" project.
"This project, as the name suggests, is aimed at diverting water from the south to the north along three routes. Though the central and middle routes have no impact on India, the western route, from the Brahmaputra, is a matter of concern," said an official.
Union water resources minister Pavan Kumar Bansal will be part of the delegation-level talks.
The premier and prime minister will review boundary talks. The 14th rounds of talks between the special representatives from two countries were held recently.
India says that China illegally occupies 43,180 sq km of territory in Jammu and Kashmir, including the 5,180 sq km Beijing illegally ceded to Pakistan in 1963.
China contests that India occupies some 90,000 sq km of Chinese territory, most of it in Arunachal Pradesh, which India says is part of India.
While the issue of stapled visa is expected to be sorted out, India has concerns about Chinese-aided projects in Pakistan-occupied Kashmir.
On trade imbalances, New Delhi wants China to buy more than primary products from India, and insists Beijing source IT, agricultural and pharmaceutical products, where India enjoys a competitive advantage.
There are concerns over the water issues as well, especially the proposed "south-to-north water diversion" project.
"This project, as the name suggests, is aimed at diverting water from the south to the north along three routes. Though the central and middle routes have no impact on India, the western route, from the Brahmaputra, is a matter of concern," said an official.
Union water resources minister Pavan Kumar Bansal will be part of the delegation-level talks.
India, China sign $16 bn deals
Chinese Premier Wen Jiabao gave a thumbs-up to large fund flows and deals between China and India on Wednesday as he arrived with 300 industry leaders in tow for a visit that aims to build trust through trade. "It is necessary to ease restrictions concerning approval procedures, capital flow andentry and exit of people, thus creating more favourable conditions for mutual investment,” Wen told corporate captains at a meeting organised jointly by the three apex chambers — CII, FICCI and Assocham. Shortly after his 10-minute address, Indian and Chinese companies signed 49 deals worth $16 billion (R70,000 crore).
Following the deals, India and China will sign an inter-governmental pact to facilitate investments after Wen meets Prime Minister Manmohan Singh on Thursday.
On India’s claim for a permanent seat at the UN Security Council, government sources expect the Chinese to stick to the "having more discussions" line but articulating an "evolved position", that will not amount to a very open endorsement.
But a proverbial Great Wall seemed to loom over Beijing’s desire for a free trade agreement between the world’s two fastest-growing large economies, with Delhi wary of pulling down customs barriers that could worsen a trade deficit that yawns at $24 billion (R100,000 crore).
Wen said early launch of negotiations to the proposed trade pact would be mutually beneficial, but India hasn’t responded favourably so far.
Merchandise trade between India and China is set to touch $60 billion this year, a 10-fold increase in five years.
Commerce and industry minister Anand Sharma asked China to provide greater market access to Indian goods and services, especially pharmaceuticals and IT services, to reduce the deficit. “The balance of trade lies heavily in favour of China.
We’d like to take measures to reduce this deficit,” he said. “Our pharma firms have been engaged in high-end research and seek to partner with China for greater trade and investment opportunities.”
Wen said Beijing has taken India’s problem of rising trade deficit “seriously and stands ready to take further measures”.
"China and India are partners for cooperation, not rivals in competition,” he said. “There is enough space in the world for the development of both China and India and there are enough areas for us to cooperate.”
Wen also rejected the analogy of describing the two countries’ pace of development as “dragon” for China and “elephant” for India as inappropriate.
HT
Following the deals, India and China will sign an inter-governmental pact to facilitate investments after Wen meets Prime Minister Manmohan Singh on Thursday.
On India’s claim for a permanent seat at the UN Security Council, government sources expect the Chinese to stick to the "having more discussions" line but articulating an "evolved position", that will not amount to a very open endorsement.
But a proverbial Great Wall seemed to loom over Beijing’s desire for a free trade agreement between the world’s two fastest-growing large economies, with Delhi wary of pulling down customs barriers that could worsen a trade deficit that yawns at $24 billion (R100,000 crore).
Wen said early launch of negotiations to the proposed trade pact would be mutually beneficial, but India hasn’t responded favourably so far.
Merchandise trade between India and China is set to touch $60 billion this year, a 10-fold increase in five years.
Commerce and industry minister Anand Sharma asked China to provide greater market access to Indian goods and services, especially pharmaceuticals and IT services, to reduce the deficit. “The balance of trade lies heavily in favour of China.
We’d like to take measures to reduce this deficit,” he said. “Our pharma firms have been engaged in high-end research and seek to partner with China for greater trade and investment opportunities.”
Wen said Beijing has taken India’s problem of rising trade deficit “seriously and stands ready to take further measures”.
"China and India are partners for cooperation, not rivals in competition,” he said. “There is enough space in the world for the development of both China and India and there are enough areas for us to cooperate.”
Wen also rejected the analogy of describing the two countries’ pace of development as “dragon” for China and “elephant” for India as inappropriate.
HT
Chinese Premier Wen says his India visit will promote friendship
Chinese Premier Wen Jiabao, who arrived in New Delhi on Wednesday, said he will seek to boost mutual trust and understanding and cement trade and econmomic ties between the two Asian giants during his three days' stay in India. "My current visit is aimed at promoting friendship, expanding cooperation, building on our past achievements and opening up new dimensions for mutual benefit and common development of the two countries," Wen said.
"China-India relations face major opportunities and enjoy broad prospects," the Chinese premier, who is in India on an invitation from Prime Minister Manmohan Singh, said in a written statement, released on his arrival at noon.
He said the two countries are connected by mountains and rivers and enjoy a traditional friendship dating back more than 2,000 years. This year also marks the 60th anniversary of diplomatic ties between the two neighbors, he added.
Furthering economic ties is particularly high on the agenda of Wen's three-day visit.
The premier is accompanied by some 400 Chinese business leaders, including chiefs of top firms like power equipment major Shanghai Electric, metals refiner SinoSteel and telecom gear giants ZTE and Huewei.
Wen's official entourage includes Foreign Minister Yang Jiechi, Communications Minister Li Shenglin, Culture Minister Cai Wu, Director of Research Office Xie Fuzhan, Vice Commerce Minister Gao Hucheng, and Director in the Premier's Office Qiu Xiaoxiong.
Wen will hold official talks with Manmohan Singh on Thursday. The two will also oversee celebrations of the 60th anniversary of diplomatic ties between the two nations. A host of agreements are also on the cards, especially in infrastructure, telecom and energy.
Liang Wenzhao, deputy director of the department of Asian affairs of China's Ministry of Commerce, said bilateral cooperation agreements that are set to be inked Thursday would cover trade, renewable energy, infrastructure and finance.
China is also India's largest trading partner with the value of two-way merchandise exchange rising from $18.7 billion dollars in 2005 to $51.8 billion last year. The Chinese trade office expects this to top $60 billion this year.
HT
"China-India relations face major opportunities and enjoy broad prospects," the Chinese premier, who is in India on an invitation from Prime Minister Manmohan Singh, said in a written statement, released on his arrival at noon.
He said the two countries are connected by mountains and rivers and enjoy a traditional friendship dating back more than 2,000 years. This year also marks the 60th anniversary of diplomatic ties between the two neighbors, he added.
Furthering economic ties is particularly high on the agenda of Wen's three-day visit.
The premier is accompanied by some 400 Chinese business leaders, including chiefs of top firms like power equipment major Shanghai Electric, metals refiner SinoSteel and telecom gear giants ZTE and Huewei.
Wen's official entourage includes Foreign Minister Yang Jiechi, Communications Minister Li Shenglin, Culture Minister Cai Wu, Director of Research Office Xie Fuzhan, Vice Commerce Minister Gao Hucheng, and Director in the Premier's Office Qiu Xiaoxiong.
Wen will hold official talks with Manmohan Singh on Thursday. The two will also oversee celebrations of the 60th anniversary of diplomatic ties between the two nations. A host of agreements are also on the cards, especially in infrastructure, telecom and energy.
Liang Wenzhao, deputy director of the department of Asian affairs of China's Ministry of Commerce, said bilateral cooperation agreements that are set to be inked Thursday would cover trade, renewable energy, infrastructure and finance.
China is also India's largest trading partner with the value of two-way merchandise exchange rising from $18.7 billion dollars in 2005 to $51.8 billion last year. The Chinese trade office expects this to top $60 billion this year.
HT
World has enough space for India, China to prosper: Wen
Rejecting the "dragon" and "elephant" comparison made between China and India, Chinese Premier Wen Jiabao on Wednesday said there is enough space for both the two Asian nations to develop and prosper. "China and India are partners for cooperation and not rivals in competition.
There is enough space in the world for the development of both China and India and there are enough areas for us to cooperate," he said addressing industry leaders of the two countries at a meeting organised by the apex chambers in New Delhi.
He said some people described China and India as economic competitors and likened them to a dragon and an elephant.
"I don't agree with such a view and I don't think business people agree either," Wen said.
He said both the countries stand to gain from economic cooperation. With a combined population of 2.5 billion, which accounts for two-fifths of the world's population, "We are both in process of rapid industrialisation and urbanisation accompanied by fast and sustainable economic growth."
Making out a case for liberalising bilateral trade (about USD 49 billion till January-October 2010), Wen said, liberalisation of the markets hold huge potential for the domestic markets of the two countries.
"By opening markets to each other, we will be most dynamic economies and can support each other in economic development," he said.
Though China has mooted the idea of free trade agreement, India has not favourably responded considering a huge trade imbalance to Indian industry.
The Chinese Premier is accompanied by a large delegation of business leaders from different sectors, mainly in the infrastructure areas.
HT
There is enough space in the world for the development of both China and India and there are enough areas for us to cooperate," he said addressing industry leaders of the two countries at a meeting organised by the apex chambers in New Delhi.
He said some people described China and India as economic competitors and likened them to a dragon and an elephant.
"I don't agree with such a view and I don't think business people agree either," Wen said.
He said both the countries stand to gain from economic cooperation. With a combined population of 2.5 billion, which accounts for two-fifths of the world's population, "We are both in process of rapid industrialisation and urbanisation accompanied by fast and sustainable economic growth."
Making out a case for liberalising bilateral trade (about USD 49 billion till January-October 2010), Wen said, liberalisation of the markets hold huge potential for the domestic markets of the two countries.
"By opening markets to each other, we will be most dynamic economies and can support each other in economic development," he said.
Though China has mooted the idea of free trade agreement, India has not favourably responded considering a huge trade imbalance to Indian industry.
The Chinese Premier is accompanied by a large delegation of business leaders from different sectors, mainly in the infrastructure areas.
HT
India now third biggest internet user
With a user base of 100 million, the country now stands third in the world in terms of the number of people surfing the net, an official of internet search engine Google said in Kolkata on Tuesday. "China has the highest number of internet users at 300 million followed by the US with 207 million.
India comes third with the number of internet users now soaring to 100 million," Vinay goel, head of products, Google India, told mediapersons.
Of the internet users in the country, 40 million access the net through mobile phones.
"Our estimate is that by 2012, the number of mobile internet users will surpass those entering the net via their laptops or desktops. The number of mobile internet surfers in India is growing rapidly. In 2007, the country had only two million such users. Now the number has gone up 20 times," Goel said.
However, he pointed out that there was a massive scope of increasing the user base in the mobile internet space as the figure of 40 million comprises only eight percent of those carrying mobile phones.
Goel said that most of the internet users in the country search for songs.
India comes third with the number of internet users now soaring to 100 million," Vinay goel, head of products, Google India, told mediapersons.
Of the internet users in the country, 40 million access the net through mobile phones.
"Our estimate is that by 2012, the number of mobile internet users will surpass those entering the net via their laptops or desktops. The number of mobile internet surfers in India is growing rapidly. In 2007, the country had only two million such users. Now the number has gone up 20 times," Goel said.
However, he pointed out that there was a massive scope of increasing the user base in the mobile internet space as the figure of 40 million comprises only eight percent of those carrying mobile phones.
Goel said that most of the internet users in the country search for songs.
Sensex down 76 points in opening trade on profit-booking
MUMBAI: The Bombay Stock Exchange benchmark Sensex fell by nearly 77 points in the opening trade on Wednesday, on profit-booking by funds amid a weak trend in the Asian region.
The 30-share barometer, which had gained over 550 points in last three sessions, fell by 76.80 points or 0.38 per cent, to 19,722.39 points in first five minutes of trading.
Similarly, the wide-based National Stock Exchange Nifty index also declined by 26.35 points or 0.44 per cent to trade at 5,917.75 points.
The market analysts attributed the decline to profit-booking by investors after the stocks rally for the previous three trading sessions.
Besides, other Asian markets were also in red. Hong Kong's Hang Seng index was 0.60 per cent down, while Japan's Nikkei was trading 0.04 per cent low in the early trade today.
In the US, the Dow Jones Industrial Average ended 0.42 points higher in Tuesday's trade.
Read more: Sensex down 76 points in opening trade on profit-booking - The Times of India http://timesofindia.indiatimes.com/business/india-business/Sensex-down-76-points-in-opening-trade-on-profit-booking/articleshow/7103647.cms#ixzz18B9HJDx7
The 30-share barometer, which had gained over 550 points in last three sessions, fell by 76.80 points or 0.38 per cent, to 19,722.39 points in first five minutes of trading.
Similarly, the wide-based National Stock Exchange Nifty index also declined by 26.35 points or 0.44 per cent to trade at 5,917.75 points.
The market analysts attributed the decline to profit-booking by investors after the stocks rally for the previous three trading sessions.
Besides, other Asian markets were also in red. Hong Kong's Hang Seng index was 0.60 per cent down, while Japan's Nikkei was trading 0.04 per cent low in the early trade today.
In the US, the Dow Jones Industrial Average ended 0.42 points higher in Tuesday's trade.
Read more: Sensex down 76 points in opening trade on profit-booking - The Times of India http://timesofindia.indiatimes.com/business/india-business/Sensex-down-76-points-in-opening-trade-on-profit-booking/articleshow/7103647.cms#ixzz18B9HJDx7
Subscribe to:
Posts (Atom)
