Results today: NHPC, BEML, Tata Global Beverages, Redington India, NEPC India, Tata Sponge Iron, Indian Hotels, Seamec, NEPC Agro Foods, NEPC Textiles, Astra Microwave Products, Bharat Electronics, IFB Industries, Take Solutions
YES Bank increases savings deposit rate by 200 bps to 6% YES Bank increases base rate by 25 bps to 10.50% YES Bank hikes BPLR by 25 bps
Future Ventures-To buy 2.5 million convertible debentures of Capital Foods -To buy 2.5 million convertible debentures of Future Consumer
RBI Governor, D Subbarao says -QoQ seasonally adjusted inflation is coming down -Food inflation to account for MoM rise in inflation -Targeting inflation index has problems -Possible to accelerate growth in environment of low inflation -There are imbalances in agriculture sector -Food expenditure in total expenditure coming down -Need to tackle structural food inflation -Structural responses will take longer than crop cycle -Too premature to talk about rate cuts -Open market operations only if there is systemic liquidity problem -May consider other options to infuse liquidity -Rise in yields not a trigger for infusing liquidity -Pressures on govt w.r.t expenditure, resources -Slippages showing some declines -Expect some deterioration in asset quality -Regulatory forbearance not given to dress up numbers -Capitalisation of PSU banks a big challenge -PSU banks' capital to depend on basel III requirements -Credit requirement for economy to go up for number of reasons -Govt has appointed committee to assess capital requirement
RBI, Debuty Governor Subir Gokarn says -Food inflation a structural issue -'Not to hike rates is not a commitment, but a guidance' -RBI acting now as inflation will be high for next 2 months -RBI committing to keep rates stable to help investment decisions -Guidance on rates given on basis of some scenarios -Motivation for open market operations not be yield levels -Govt securities' yield levels will be market-determined -Open market operations only if liquidity dries up -RBI not targeting govt securities' yield levels -Trigger for open market operations will be pressure of liquidity -Inflation seen moving down from December -Falling inflation to continue beyond March 2012
Other stocks and sectors that are in news today: Moser Baer: Exclusion from F&O w.e.f. October 26th Listing today: Triveni Turbine pursuant to the scheme of arrangement F&O ban: Gitanjali Gems
