[immi22_80]

[[News No A.]]Indian shares ended flat on Monday, weighed down by top telecoms firm Bharti Airtel after the company said its plan to buy a stake in South Africa’s MTN would initially dilute its earnings.
The 30-share BSE index ended down 26.07 points at 13913.22 points, with 14 stocks declining.
Bharti provisionally closed down 5.6% at Rs810.
The 50-share NSE index closed down at 0.95 points at 4237.55.   [[News No E.]]Bharti Airtel Ltd and South Africa’s MTN Group restarted merger talks to create a major emerging markets telecoms group, a year after previous talks broke down over who would control a merged entity.
Bharti said the potential value of what is a complex deal in which both firms pay cash and stock for stakes in each other, was more than $23 billion.
“The broader strategic objective would be to achieve a full merger of MTN and Bharti as soon as is practicable to create a leading emerging market telecom operator, which today would have combined revenue of over $20 billion and a customer base of over 200 million,” the companies said in separate statements.
Bharti, India’s leading mobile operator, said it would be the primary vehicle to expand in India and Asia, while MTN would drive growth in Africa and the West Asia.
That would make it the world’s biggest non-pharmaceutical deal so far this year, according to Thomson Reuters data. It would also be India’s biggest cross border deal, almost twice the size of Tata Steel Ltd’s near $13 billion acquisition of Britain’s Corus in 2006.
A combination of MTN, worth $27 billion at Friday’s close, and Bharti, valued at $34 billion, would be among the top 10 global industry players based on subscriber numbers. Bharti has nearly 100 million mobile subscribers and MTN, sub-Saharan Africa’s biggest mobile operator, also has about 100 million.
Sanjay Chawla, a telecom analyst at Anand Rathi Securities, said that based on Friday’s close, Bharti was valued at 11 times enterprise value to EBITDA, while MTN was valued at 5.5 times.
“Compared to last year, the deal structure looks reasonable and, to that effect, the completion risk is low,” Chawla said.
“Plus (MTN) is a free cash-flow positive, dividend-paying firm. Therefore, it’s a cheaper asset and looks to be a pretty good deal for Bharti,” he added.
Bharti called off talks with MTN last year after the South African firm proposed a new structure that would have seen Bharti become an MTN unit.
MTN then held talks with Bharti rival Reliance Communications, but these also failed.
“I doubt if the merger plan by the two firms that went awry last year will come back to haunt them. One wouldn’t go back a second time unless one is sure,” said Rajesh Jain, chief executive at Mumbai-based Pranav Securities.
Bharti shares rose more than 8% in early Monday trade, but later pared gains and were down 0.5% at 0720 GMT. MTN shares jumped more than 14%.
Complex Deal
The firms said MTN would take a 25% interest in Bharti for $2.9 billion plus new shares equal to about 25% of the current shares on issue. MTN shareholders would take another 11% of Bharti.
Bharti said it would buy about 36% of existing MTN shares at 86 rand each, plus half a Bharti global depositary receipt, to be listed in Johannesburg, for each MTN share.
That and the shares MTN issues for its stake in Bharti would take the Indian firm’s holding to 49% of MTN’s enlarged capital. Bharti would be able to fully consolidate MTN’s accounts, and MTN would have representation on the Bharti board.
Southeast Asia’s top telephone firm SingTel, which owns about 31% of Bharti, would remain a strategic partner and significant shareholder in Bharti, a spokeswoman said.
MTN is present in several of Africa’s fast-growing markets, such as Nigeria, Cameroon, Ghana, Zambia and Uganda.
Bharti said it was being advised by Standard Chartered and its affiliate First Africa SA (Pty) Ltd.
Bank of America Merrill Lynch and Deutsche Bank are financial advisers to MTN.   [[News No D.]]State-run Oil and Natural Gas Corporation on Monday said it will lose about Rs14,000 crore if it is forced to continue in Cairn India’s prolific Rajasthan oilfields as it will have to pay for all of the government levies.
The government has appointed ONGC as the licencee for Cairn’s RJ-ON-09/1 block, making it liable to pay royalty to the state government and cess to the Centre on entire oil and gas production irrespective of whether it holds any stake in the field or not. As a consolation, the state-run firm was given a choice of taking 30% stake once oil or gas was found.
ONGC took 30% in Mangala, Bhagyam and Aishwariya fields in the block but it now wants to exit as the obligation to pay all the levies had made the project economically unviable, a top company official said.
“If crude oil is sold at $60 a barrel price, ONGC will have to pay $7.44 in cess (at the rate of Rs2,500 per tonne), $36 in royalty (for its and Cairn’s share) and $10.34 per barrel in profit petroleum, leaving $6.22. Out of this, ONGC will have to pay for operating and capital expenditure and sales tax on its 30% share,” he said.
At $70 a barrel sale price, the realisation after paying for cess, royalty and profit petroleum was just $5.78, he said. “The project offers us negative return and over the life of the field we will end up losing Rs14,000 crore.”
The official said exiting the Rajasthan block would not end its woes as it would not be absolved from its obligation to pay government levies on the crude oil produced.
“We want the government to compensate us for the levies we will pay on behalf of Cairn,” he said.
The government, in order to attract foreign investment, had promised to take care of statutory levies on oil and gas production when it awarded blocks like RJ-ON-90/1 in Rajasthan more than a decade ago.
ONGC was appointed licensee for RJ-ON-09/1, which was awarded to Royal Dutch Shell, which subsequently sold it to Cairn, and was made liable to pay royalty and cess on behalf of the operator. Additionally, the state-run firm was given a choice of taking a 30% stake upon a discovery.
“Even if ONGC (is) to relinquish its 30% stake, it will not be absolved of its liability to pay 20% royalty on all crude oil produced from the Rajasthan block,” a petroleum ministry official said.
If ONGC is relieved of its licence obligation, the onus of paying royalty will fall on the central government, which can make the payment from its share of oil and gas from the block called profit petroleum.
Besides the levies, ONGC has to bear 30% of the $2.4 billion cost of developing the fields.
ONGC, the official said, wanted Cairn to reimburse all the investment it has put in with a reasonable rate of return.
If the company relinquishes its share, the 30% holding would first be offered to Cairn and if it declines offered to outside parties, the ministry official said.
The Board of ONGC has held back clearance to the revised development cost of the Rajasthan fields proposed by Cairn.
A Group of Ministers and a Committee of Secretaries had 11 years ago recommended that ONGC should be reimbursed the royalty it has to bear for the operator but the recommendation is yet to be accepted. “We have told them (the government) that either reimburse us the royalty or free us from the field.”
On cess, ONGC feels both partners have to bear it in proportion to their shareholding. Its stand has been backed by the law ministry as well as the petroleum ministry but Cairn insists that it is not liable to pay any of these statutory levies.
“If ONGC is to bear the cess, we will have to pay an additional Rs1,500 crore per annum,” the official said.
Cairn is almost ready to start producing crude oil from the Rajasthan field. The output may start by this month-end and is slated to reach a peak of 8.75 million tonnes by 2011.   [[News No B.]]Japanese drug maker Daiichi Sankyo Co. Ltd said on Sunday that Malvinder Mohan Singh had stepped down with immediate effect as chairman, chief executive and managing director of Ranbaxy Laboratories Ltd, as it strengthens its involvement in running the Indian pharma company it acquired last year.
Parting ways: Singh will address Ranbaxy employees on Monday. Ramesh Pathania / Mint
Parting ways: Singh will address Ranbaxy employees on Monday. Ramesh Pathania / Mint
While Atul Sobti, previously Ranbaxy’s chief operating officer, was named the new chief executive and managing director under a three-year contract, Tsutomu Une, previously a non-executive director, was promoted as the new chairman of the board.
The decisions were taken at a Ranbaxy board meeting held on Sunday evening.
Ranbaxy has been hit by a US ban on some products for alleged falsification of data, and by foreign exchange hedges that went wrong. Last year, Daiichi Sankyo bought a 63.9% stake, including the founders’ entire stake, in Ranbaxy, aiming to take advantage of rising demand for generic drugs.
But the stake lost at least two-thirds of its value by the end of the fiscal, primarily hit by the weak rupee and the ban imposed by the US Food and Drugs Administration on some Ranbaxy products. Last month, Ranbaxy forecast a loss of $150 million (around Rs700 crore) for this year.
Mint had reported on 14 May that Daiichi Sankyo would soon be strengthening its involvement in Ranbaxy. During a conference call with investors, Daiichi chief executive officer Takashi Shoda had said, “...facing the FDA issues, we have come to the conclusion that we will strengthen our management involvement in Ranbaxy.”
When asked if Singh’s resignation was a personal decision or one taken by Daiichi, Sobti said it was “Singh’s decision that was accepted by the board of Ranbaxy”. Meanwhile, Une ruled out any plans to delist the company.
Singh had assumed the additional role of chairman in December for a five-year term, following the company’s takeover by Daiichi Sankyo. Singh joined Ranbaxy in 1998 and its board in 2003.
Besides the positions he held in Ranbaxy, Singh is also a non-executive chairman and promoter of Religare Enterprises Ltd, a financial services company, and is also the chairman of the board of Fortis Healthcare Ltd.
In a statement issued by Ranbaxy, Singh said: “It was a difficult decision to separate from Ranbaxy. But it was the right time for me to do so. I leave with complete confidence that initial transition phase following Daiichi’s acquisition of majority shareholding interest in Ranbaxy has been completed successfully...”
Daiichi acquired the 35% equity stake in Ranbaxy held by the Singh family for around Rs10,000 crore. This month, Daiichi, which paid almost $5 billion for its 64% stake in Ranbaxy, posted a loss of 335.8 billion yen (Rs17.15 trillion) for the year to 31 March, due to its one-time write-down of goodwill of 351.3 billion yen that related to its investment in Ranbaxy. The company also announced a freeze in bonuses to its executives and a cut in its dividend for the fiscal.
“Singh will address Ranbaxy employees on Monday and further decisions regarding the board will be taken at the company’s AGM (annual general meeting) on Thursday,” said Sobti.
Two other Ranbaxy board members also stepped down—Sunil Godhwani, chief executive and managing director, Religare Enterprises, and lawyer Balinder Singh Dhillon. The new board currently comprises seven members.
Commenting on the changes, Shoda said in a statement, “We very much appreciate the efforts of the Singh family, which grew Ranbaxy from a small, local Indian company to the large multi-national company it has become today. We especially acknowledge the contributions of Singh. His strategic vision and passion for the pharmaceutical industry will be missed in Ranbaxy’s operations.”    [[News No C.]]Wal-Mart Stores Inc has deferred the launch of its first cash-and-carry store in India, after riots in the northern Punjab state following an attack on a Sikh temple in the Austrian capital Vienna on Sunday.
Punjab, where the first store was scheduled to open on Tuesday, is a predominantly Sikh state.
An official at Bharti Wal-Mart, the joint venture of the American retailer and India’s Bharti Enterprises, said she could not say when the launch would now happen.
“It’s too early to say when. We just have to wait and watch,” Arti Singh, vice president for corporate affairs, said.
“Hopefully the situation will settle down quickly and we’ll launch soon.”
The Bharti Wal-Mart centre, named Best Price Modern Wholesale, will be the first of between 10 and 15 planned wholesale facilities in India, measuring about 50,000-100,000 sq ft each, and employing about 5,000 people over the next seven years.
India’s fragmented and tightly controlled $500-billion retail industry is seen rising to more than $800 billion by 2013 but less than 5% of the market is in the hands of modern retailers.   
   
                        

[AljonGuzman]

             So what will you suggest to improve this stock market.


_________________
Programmable Thermostats

[<--Jack-->]

Bring Indian Black money of Swiss banks...................

[immi22_80]

[[News No A.]]Indian shares fell 1.35% on Monday, with profit-taking on an 80% rally since early March picking up pace after European markets started lower.
The 30-share BSE index ended down 195.67 points at 14,326.22, with 23 stocks declining.
The 50-share NSE index closed down 78.35 points at 4,235.25.    [[News No B.]]Tech Mahindra Ltd, the new owner of Satyam Computer Services Ltd, has renamed the firm Mahindra Satyam, and unveiled a new business plan with a thrust on good corporate governance and citizenship and recovery of its business through joint branding and go-to-market strategies. The firm will also adopt the logo of the Mahindra Group and leverage the parent’s brand with customers.
Fresh start: Mahindra Group managing director Anand Mahindra. Rajkumar / Mint
Fresh start: Mahindra Group managing director Anand Mahindra. Rajkumar / Mint
“Customer centricity, high standards of corporate governance, unimpeachable ethics form the cornerstones of the Mahindra Group,” said Anand Mahindra, vice-chairman and managing director, Mahindra Group. “This rebranding exercise symbolizes an amalgamation of Mahindra Group’s values with Satyam’s fabled expertise, even as it retains that part of Satyam’s identity which signifies commitment, purpose and proficiency of the organization and its people.”   [[News No D.]]Air India is working on plans to reduce its expenditure on employees by Rs500 crore per annum, with a newly formed committee re-examining wage and other agreements in consultation with the Unions.
The cash-strapped airline’s employee cost currently is over Rs3,000 crore annually, a company spokesperson said, adding that the airline was now targetting a reduction in employee cost to the tune of Rs500 crore per annum.
At present, the merged carrier has around 31,000 employees.
One of the six panels set up recently is the cost rationalisation committee, comprising officials of human resource and finance departments.
The committee has been directed to discuss cost rationalisation and reduction of wasteful expenditure with employees’ unions and submit its report by 15 July.
The spokesperson said that the committee would examine the wage agreements, including those relating to flying allowances and productivity-linked incentives.
The five other committees that have been formed are the committee on integration, committee on green initiatives, committee on safety, committee on customer feedback and route rationalisation committee.
The management has held at least two rounds of talks with various Air India employees unions in this regard, with the union leaders coming up with several suggestions to cut costs.
The spokesperson said the company was looking at improving productivity of employees, eliminating restrictive work practices and reducing wasteful expenditure.
He said the airline would maintain its normal schedule of flights and appealed to passengers to continue to book for their travel “as usual”.
The unions are, however, sticking to their agitation plan that began today with employees on duty wearing black badges to protest the decision to delay the payment of this month’s salary by a fortnight. The management has also asked the airline top brass not to take their July salary.
At his meeting with them here yesterday, AI CMD Arvind Jadhav sought the employees’ cooperation in reviving the airline which was reeling under a loss of about Rs5,000 crore.
Assuring their cooperation with the management to cut costs, leaders of Air Corporation Employees’ Union (ACEU), Aviation Industry Employees’ Guild (AIEG) and Indian Aviation Technicians Association (IATA) suggested that many staffers wanted to be transferred to the ow-cost subsidiary, Air India Express, with lower salaries, while others were ready to accept leave without pay for two years.
The national carrier has approached the government for infusion of funds by way of equity, soft loans and a grant. The airline has started making payments on aircraft deliveries which are part of its orders for 111 planes worth about Rs50,000 crore.   [[News No E.]]Embattled American International Group Inc., or AIG, plans to sell its two retail finance units in India as it raises funds by selling assets worldwide to repay a US government bailout of $182.5 billion (Rs8.8 trillion), according to two persons familiar with the plan.
The New York-based insurance firm has given the mandate to find buyers for Weizmann Homes Ltd and Vivek Hire Purchase and Leasing Ltd to Germany-based Deutsche Bank AG, the persons said on condition of anonymity.
“In May, Deutsche Bank had enquired about our interest to purchase these two companies,” said an official from one of the largest industrial houses in India. “Since we were not interested, we did not go ahead.” He wanted neither his nor his firm’s name to be identified because he is not authorized to speak to the media.
AIG India country head and chief executive Sunil Mehta declined comment.
The insurer needed the US-funded bailout to avoid bankruptcy amid the financial turmoil that peaked in mid-September with the collapse of investment bank Lehman Brothers Holdings Inc.   [[News No C.]]Neyveli Lignite Corporation on Monday reported a consolidated net profit of Rs821.09 crore for the year ended 31 March 2009.
The company registered a total income of Rs4,019.89 crore in FY09, while it had a total income of Rs3,638.07 crore in the previous fiscal, Neyveli Lignite said in a filing to the Bombay Stock Exchange.
The company for the first time reported its consolidated net profit, hence the comparable figures for the year-ago period were not available.
Besides, it has recommended a dividend of Rs2 per share for the FY09, subject to approval of board members.
On the standalone basis, Neyveli Lignite posted a 25% decline in its net profit at Rs821.09 crore for the year ended 31 March 2009, as against Rs1,101.57 last fiscal.
Shares of Neyveli Lignite were quoting at Rs122.95, up 1.24% in the morning trade on the BSE.
   
   
                        

[immi22_80]

[[News No A.]]The benchmark index wavered in the noon trade, with gains by infrastructure stocks offsetting losses by banking and metal stocks. Asian stock markets recovered modestly today as investors awaited the outcome of the US Fed meeting later in the day.

The Sensex was trading at 14,277, down 46 points, while Nifty was little changed at 4,243.

“The overall trend remains weak and we may see intermittent rallies,” said Pankay Pandey of ICICI Sec. He remains positive on IDFC and HPCL in the near term.

Sun Pharma was higher 2.6 per cent to be the highest gainer among the Sensex stocks. Tata Power was up over 2.5 per cent while RCom had advanced 1.6 per cent. Capital goods stocks were mostly higher, led by 1.1 per cent of L&T. Gammon India and Punj Lloyd were up over 4 per cent. Among the losers, ICICI Bank, Sterlite Ind and HDFC were down 0.9 per cent to 2.9 per cent.

Global sugar prices have touched the highest level in three years and the delayed monsoon raises concern on sugar output for next year. Sugar stocks were mostly higher.

Among other benchmarks, the CNX midcap index was up 0.9 per cent while BSE smallcap index was up 1 per cent.

Asian stock markets recovered modestly Wednesday as investors awaited the outcome of the U.S. Federal Reserve meeting later in the day.

Elsewhere, Asian markets fluctuated in early trade before turning mostly green after tumbling Tuesday amid a World Bank forecast for a deeper recession this year. Crude oil prices weakened, while the dollar rose against the yen.

The Fed is widely expected to keep its key interest rate near zero, but investors will be watching closely the central banks assessment of the economy for clues about any recovery and whether interest rates might be raised to head off inflation.   [[News No B.]]Education software solutions provider Educomp has entered into a 50:50 joint venture (JV) with the UK-based publishing house Pearson,

said a person with direct knowledge of the development. The JV will offer vocational education business leveraging Educomp’s learning network and Pearson’s education content. An announcement is likely on Wednesday.

Pearson would be pumping in $17.5 million in the JV and an agreement has been signed in Singapore on Tuesday, a person familiar with the development told ET. He added both the companies are likely to invest an additional $20 million in the next five years in the new business. When contacted, Educomp’s spokesperson declined to comment.

The JV will provide Educomp access to Pearson’s content on vocational education. For instance, Pearson’s content on Spoken English alone has 3.5 million users globally. Besides, Educomp would be able to use Pearson’s content on vocational training in sectors such construction, automobiles and hospitality. "The JV will benefit both the companies tremendously," said a senior executive of Educomp, who asked not to be named.

Pearson will be able to tap the vocational education market through Educomp’s network. Pearson, an international media company, with businesses in publishing, education and business information, plans to aggressively expand its footprint in the Indian market. Recently, it reportedly picked up a strategic stake in TutorVista, a Bangalore-based e-learning firm for about $15 million.

In May 2008, Educomp had set up two JVs with Raffles Education Corp, a $2.78-billion private education group in the Asia Pacific region, covering India and China. The Indian JV offers study content for professional courses, while the Chinese JV was for K-12 business initiatives.   [[News No C.]]Plans by South African mobile giant MTN and Indias Bharti Airtel to form a huge network straddling Asia, Africa and the Middle

East could be affected by Irans blockage of mobile network signals in the wake of the ongoing strife there.

Analysts estimate that MTN stood to lose at least a months revenue in Iran, the companys third largest market, but the telecom giant declined to comment on its operations in that country.

MTN has no comment regarding its operations in Iran at this stage, group Nozipho January-Bardill told the daily Times here.

MTN has a 49 per cent stake in MTN Irancell, serving about 16 million Iranian subscribers on a network covering more than 60 percent of the country.

In the wake of large-scale protests against the re-election of President Mahmoud Ahmadinejad, the Iranian government has clamped down on electronic media disseminating information on the protests to international recipients.

This includes the popular social networking sites Facebook and Twitter as well as cellular networks.

Analysts told Times that MTN was expected to continue its silent approach, as it had done in other politically unstable economies such as Sudan.    [[News No D.]]State-run Oil & Natural Gas Corp reported a 16 percent fall in quarterly profit, missing forecasts for a rise, mainly due to

unexpected subsidy-sharing burden and lower crude prices. The oil and gas explorer said net profit fell to Rs 22.07 billion ($455 million) in its fiscal fourth-quarter ended March from Rs 26.27 billion reported a year ago.

Chairman and Managing Director R.S. Sharma had said in January ONGC had been assured by the government there would be no subsidy burden in the March quarter. But in late May the company said it would have to bear a subsidy bill of Rs 8.52 billion for the March quarter.

A Reuters poll in April had expected ONGC to report a 31.2 percent rise in net profit to Rs 34.5 billion, assuming it would not be liable to share the subsidies of the state-run oil marketing companies. Shares in ONGC rose 16.8 percent in the March quarter, outperforming a small gain in the benchmark index and in line with the energy sectors 16.6 percent rise. Ahead of the results, shares in ONGC closed 2.4 percent higher at Rs 1,051, in a Mumbai market that rose 0.7 percent.   
   
                        

[immi22_80]

[[News No 1.]]he market plummeted in the last hour of trade as traders scrambled to unwind positions. Traders turned cautious after the benchmark

Sensex was nearing the psychological level of 16000. Automobile stocks, followed by metals, were the worst hit after a sharp run-up in the recent rally.

National Stock Exchange’s Nifty settled at 4585.75, down 2.31 per cent or 108.4 points from the previous close. The index slipped to a low of 4559.20 from a high of 4718.15.

Bombay Stock Exchange’s Sensex declined 2.41 per cent or 382.59 points to 15,521.24. The index crashed to a low of 15,443.22 from a high of 15,969.81.

The broader market ended on a weak note as well. The BSE Midcap Index was down 2.37 per cent while BSE Smallcap Index climbed 1.24 per cent.

Among frontline stocks, Tata Motors (-7.44%), Jaiprakash Associates (-6.24%), Maruti Suzuki (-5.96%), Hindalco Industries (-5.95%) and Mahindra & Mahindra (-5.87%) were under severe pressure.

Sun Pharmaceuticals, up 1.16 per cent was the lone gainer in the 30-share index.

Market breadth on BSE worsened with 1603 declines outnumbering 1088 advances.

(All figures provisional)   [[News No 2.]]Engineering firm Punj Lloyd on Thursday said that it will raise Rs 670.18 crore by private placement of shares with qualified

institutional buyers.

The company will issue 2.79 crore equity shares at Rs 240.20 a piece, aggregating to Rs 670.18 crore, Punj Lloyd said in a filing to the Bombay Stock Exchange.

The issue price includes a premium of Rs 238.20 per equity share, the filing added.

Shares of Punj Lloyd were trading at Rs 237 on the BSE, down 1.13 per cent from the previous close.   [[News No 4.]]lstom Projects India Ltd informs that ICRA has reaffirmed the rating of "LAA" for Rs 47.50 crore fund based limits and Rs 1942.21 crore long

term non fund based limits. The assigned rating indicates high-credit-quality rating.

ICRA has also reaffirmed a "A1+" rating to Rs 1942.21 crore short term non fund based limits indicating the lowest credit risk in the short term.

This is highest-credit-quality rating assigned by ICRA to short-term debt instruments.   [[News No 5.]]The government on Thursday said that the textile industry will get Rs2,546 crore under the Technology Upgradation Fund Scheme (TUFS) within three working days, which is seen as a stimulus to the sector impacted by slump in global commerce.

“Rs2,546 crore (under TUFS) will reach the beneficiaries in 72-hours,” textile minister Dayanidhi Maran said. He said: “During the slowdown this will help the industry and bring lot of comfort to the industry.“

He said that by releasing the amount, the dues to the industry under the scheme till 30 June, 2009 stand cleared.

The fund would be transferred electronically through more than 121 financial institutions and banks to the accounts of 12,514 beneficiaries.

Maran also said that the ministry would approach Prime Minister Manmohan Singh and finance minister Pranab Mukherjee for more funds for the textile sector.

Under the TUFS the government provides subsidies to the industry so that it can modernise by installing new machinery.

The government also announced the constitution of a 41 member working group under the textile secretary Rita Menon to form a National Fibre Policy, aimed at making India self- sufficient in fibre consumption and export requirements.   [[News No 3.]]India’s wholesale price index fell in the year to 25 July for the eighth week in a row, but the central bank is seen keeping to an easy monetary stance as rising food prices provide a reminder of a revival in inflation.

Most analysts see the decline in the WPI as a temporary aberration resulting from the annual comparison to high year-earlier prices. In addition, the central bank has said price pressures are building, suggesting it sees no scope to cut interest rates again.

The widely watched wholesale price index fell to -1.58% in the 12 months to 25 July eighth successive drop. It compared with a -1.54% decline in the prior week and a market forecast of a -1.5% fall.

The WPI fell -1.61% in the year to 6 June, the first and steepest fall on record.

In stark contrast, a food sub-index jumped 9.7%from a year earlier. On an unadjusted basis, it rose 0.8% in the latest week alone.

“The fact that food and commodity prices remain firm on a de-facto basis means inflation as a whole is a risk and will only become severe as months go by,” Jyotinder Kaur, economist at HDFC Bank, said.

The 10-year benchmark bond yield was little changed after the data, while the stock market turned positive and was up 0.3%.

Even though the WPI shows falling prices, the central bank is focused on the longer-term inflation potential.

At a policy review last week, it revised up its inflation forecast for the year to the end of March 2010 to 5% from 4%.   
   
                        

[yoyohh]

Everytime a person turns around there is another wow power leveling rental car company that is trying to get you to

rent from them.  So wow power leveling a person is faced with the question as to how they can find the

best car rental deals, in the rental car jungle? I will help you clear out the mess of trying to find the best car rentals deals that are around, and

hopefully will put your mind at ease that your are getting the best deals.
Thankfully, there world of warcraft gold are a number of things you can do to avoid falling victim to acne.