Trade deficit data, Infy Q2 surprise positively



Infy Q2 surprise positively
The week that was
Trade data, Infosys, FIIs lift Sensex, Nifty 3% in week
Lower-than-expected trade deficit for September, and better-than-expected secod quarter earnings from Infosys laid the base for a 3 percent rise in equity benchmarks during the week. The Sensex advanced 612.64 points to close at 20528.59 and the Nifty jumped 188.90 points to close a tad below 6100.
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Growth to be focus, not margins: Infosys CEO Shibulal
Infosys CEO and Managing Director S D Shibulal said margins would not be the first priority of the company at least for the next couple of quarters. It will now focus on investing in the business to take it to the next orbit of growth.

August IIP comes in at paltry 0.6% Vs 2.8% in July
Industrial output for August grew by a lower-than-expected 0.6 percent versus 2.8 percent in July. PMEAC chairman C Rangarajan said the data is certainly disappointing. However, he expects the number to improve the year progresses.

RBI eases liquidity, cuts MSF rate by 50 bps to 9%
The Reserve Bank of India (RBI) surprised the street by further reducing the marginal standing facility (MSF) rate by 50 bps to 9 percent from 9.5 percent with immediate effect. In its mid-quarter review of September 2013, the apex bank had cut MSF by 75 basis points from 10.25 percent to 9.5 percent.

Cabinet decision on Coal India FPO likely by Dec: Jaiswal
Coal India (CIL) divestment is likely to be finalised in the next one-two months and the government is hopeful of selling 5 percent in the world’s largest coal producer, Coal Minister Shri Prakash Jaiswal said. Government currently holds 90 percent stake in CIL and intends to sell 31.6 lakh shares through a follow-on public offering.

Bharti-Walmart split, to independently operate retail biz
Walmart, the world's largest retailer has decided to terminate its joint venture with Bharti retail after almost six years. Sources say there was a growing discomfort within Walmart to face the consequences for any possible violations in parts of the business that it didn't control.

India suffers steep growth downgrade by IMF
The International Monetary Fund (IMF) downgraded India's growth forecast for both 2013 and 2014. The economy is now projected to grow by 3.8 percent this year and 5.1 percent next. IMF sliced its growth expectations for emerging countries, but maintained its forecast for advanced economies.

Indian business activity falls to 4-year low: HSBC
Indian manufacturing and service sector activity fell for a third successive month in September, posting the steepest decline since March 2009. According to a HSBC report, India's Purchasing Mangers' Index (PMI) was 46.1 in September, down from 47.6 in the previous month.

India's trade deficit dips to $6.76bn in Sept
India's trade deficit for September fell to USD 6.76 billion from USD 17.15 billion a year ago. Exports grew 11.15 percent in September and imports declined 18.1 percent. With this improvement, PMEAC chairman Dr C Rangarajan sees FY14 CAD even lower than projected USD 70 billion.

New govt to inherit worse eco situations than 1991 & 1998: Yashwant Sinha
Projects worth Rs 15 lakh crore are held up due to delayed decision making, says former FM and senior BJP leader Yashwant Sinha. BJP is likely to release its manifesto for 2014 elections soon. If voted to power, its first priority would be to end policy paralysis, he said.

Sebi rejigs MCX-SX board; Shah, Massey step down
In the latest development in the NSEL saga, Jignesh Shah, Vice-Chairman and Shareholder Director, and Joseph Massey, managing director and CEO,MCX-SX, resigned from board of MCX-SX. Market regulator Sebi had earlier warned MCX-SX that its conditional recognition could be revoked if any of its directors were to get an adverse finding from any regulator.

Healthcare
The cruel economics of cancer care

 

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