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July 01, 2011 July 01, 2011 IN FOCUS S&P likely to cut US rating on default Weekly Indicators Standard & Poor’s would cut the US credit rating to its lowest level and Moody’s Indicators Current Last Week Investors Service said it will probably reduce its ranking if the government fails to Sensex 18,763 18,241 increase the debt limit, leading to a default. S&P would lower its sovereign top-level Nifty 5,627 5,471 AAA ranking to D, the last rung on its scale if the US can’t pay its debt, John Food Inflation 7.78% 9.13% Chambers, chairman of the company’s sovereign rating committee, said. Moody’s said Exchange Rates it would probably assign a position in the AA range, or within three steps of its highest Currency Current Last Week level. “If any government doesn’t pay its debt on time, the rating of that government US$1 Rs.44.5855 Rs. 44.94 goes to D,” Chambers said in an interview with Erik Schatzker on Bloomberg € 1 Rs. 64.8018 Rs. 64.09 Television’s “Inside Track”. “Having said that, we think the government will raise the JP¥ 100 Rs. 55.33 Rs. 55.86 debt ceiling. They’ve raised it 78 times more or less since 1960, often at the last moment, and we think that will be the case this time.” President Barack Obama, a £ 1 Rs. 71.7514 Rs. 71.8928 Democrat, is trying to reach a compromise with Republican lawmakers who are Global Economic and Corporate News seeking spending cuts before they agree to raise the nation’s borrowing limit, currently • World Bank Removes Wipro from List of Barred capped at $14.3 trillion. The Treasury has said it has until August 2 before its ability to Entities pay the US debt expires. One-year credit-default swaps are rising this year as The World Bank has removed Indian software investors seek insurance in case of a US default. exporter Wipro Ltd. from its list of entities barred Greek parliament approves 5-yr austerity plan; to vote again Thu from doing business with it The Greek Parliament approved a five-year austerity plan, bringing the country closer • Lloyds Banking to Cut 15,000 Jobs to securing financial assistance worth 12 bn euro from the International Monetary Lloyds Banking Group PLC's shares leapt more Fund and Eurozone, according to media reports. Eurozone officials had made it than 7% Thursday after Chief Executive Antonio Horta-Osorio said the bank will cut costs sharply mandatory for Greece to pass these austerity measures to secure financial aid, without and invest in its four key U.K. units as part of a which it faces the risk of a default. The 78-bn-euro austerity package comprising a cut keenly awaited strategy revamp. in expenditure, hike in taxes, and sale of state assets, was passed by a margin of 155 • Samsung Seeks Ban on Apple Products Sale in to 138 votes. U.S. India, Singapore sign protocol to amend double tax avoidance pact Samsung Electronics Co.'s countersuits against India and Singapore signed a protocol, amending the existing double tax avoidance Apple Inc.'s allegations of product copying have pact between the two countries for effective exchange of information on tax matters. expanded to six countries, the company said Thursday, and now include a complaint with the The protocol would pave the way for India to obtain banking information from International Trade Commission seeking to stop Singapore for tax administration purposes. Now, for tax purposes, both sides cannot the sale of popular Apple products in the U.S. deny or withhold information on the pretext of domestic tax interest requirement or • China Curbs Wealth Management Sales bank secrecy. The negotiations for entering into an amending protocol were completed China has moved to crack down on rampant sales in one round at Singapore. The protocol was signed by Mr Prakash Chandra, Chairman of wealth management products that promise high of the Central Board of Direct Taxes (CBDT), on behalf of the Indian Government, and yields by banks under pressure to accumulate Ms Karen Anne Tan Ping Ming, High Commissioner of Singapore to India, on behalf of deposits amid a negative real interest rate environment. Singapore. Through this protocol, both India and Singapore have now adopted • Nissan CEO Remains Japan's Top-Paid Foreign internationally agreed standard for exchange of information in tax matters. Executive Non-FII/NRI foreign entities can invest up to $10 b in equity MFs Nissan Motor Co. Chief Executive Carlos Ghosn The Centre has allowed foreign investors other than FIIs and NRIs to invest up to $10 held on to his place as the highest-paid foreign bn in equity schemes of Indian mutual funds. The $10-bn investment ceiling is meant executive at a listed Japanese company, with for a new category of qualified foreign investors or QFIs. These cover individuals, ¥982 million ($12.1 million) in total compensation companies and pension funds that are neither non-resident Indians (NRI) nor foreign in the latest fiscal year, a rise of 10% from the previous year. institutional investors (FIIs) and their sub-accounts registered with SEBI. The creation • Oracle Buys Ellison's Start-Up of a separate QFI category would basically help broaden the class of foreign investors who could participate in the Indian equity markets. Currently, foreign nationals, other • Buffett-Backed China Venture Falters than NRIs, are not permitted to invest directly in Indian markets. But now it is Warren Buffett-backed China car and battery maker BYD Co. said its first-quarter profit fell 84% proposed to enable them to do so, albeit through the mutual fund route. The DP from a year earlier, dragged lower by weaker concerned as well as the mutual fund would, in turn, have to ensure that the QFI sales and an increase in management and meets the KYC (know your customer) norms to be specified by SEBI, Mr Mathew financing expenses. added. • Toyota Planning Heavy Media Campaign to Rangarajan says fuel duty cut to make FY12 fiscal aim tough to meet Promote Camry The reduction in customs and excise duties on petroleum products will make it difficult Toyota Motor Corp. will launch a massive media for the government to meet its fiscal deficit target of 4.6% of the gross domestic campaign in the fall as its production returns to normal and it rolls out a fully redesigned version of product in the current financial year, C. Rangarajan, chairman of the Prime Minister's its Camry sedan, the automaker told dealers Economic Advisory Council, said. "Some revenue loss is resulting due to reduction in gathered in Las Vegas for a meeting. customs and excise duty of petroleum product," Rangarajan told reporters "...But this (fuel price hike and duty cuts) was found necessary in order to enable the oil marketing companies to reduce their under-recovery. This will make the task of containing fiscal deficit at the budgetary level more difficult. The cut in excise and Nishita Shah Parsekar customs duties will cause Rs.490 bn per year loss to the exchequer”. For the current [email protected] year, with a quarter having already elapsed, the loss will be at Rs.367 bn. Please refer to important disclosures at the end of the report For Private Circulation Only. Sushil Financial Services Private Limited Member : BSEL, SEBI Regn.No. INB/F010982338 | NSEIL, SEBI Regn.No.INB/F230607435. Office : 12, Homji Street, Fort, Mumbai 400 001. Phone: +91 22 40936000 Fax: +91 22 22665758 Email : [email protected] Info-Spectrum Bridging the Information Gap in Corporate Landscape INDEX 1. Economy 03-10 2. Infrastructure 11-19 3. Sectors 20-39 A. IT & ITeS 20-22 B. Pharma & Healthcare 23-24 C. Telecom 25-26 D. Banking & Financial Services 27-28 E. Steel, Metals & Minerals 29-30 F. Auto & Auto Ancillaries 31-32 G. Miscellaneous 33-39 4. Global Economy & Business 40-43 Weekly Newsletter 2 Info-Spectrum Bridging the Information Gap in Corporate Landscape ECONOMY ECONOMY SECTOR: • Planning Commission Deputy Chairman Montek Singh Ahluwalia has said fuel price hike would not affect inflation after three to four months. • Prime Minister Singh said his government is committed to annual economic growth rate of 9-10%. • CRISIL says household expenditure in India rose Rs.5.8 trln in three years to March. • India May CPI industrial workers inflation 8.72% against 9.41% in April. • India’s weekly WPI : Jun 18 primary article inflation down to 11.84% vs 12.62% • India May refining up 4.5% on yr, crude output up 9.6% GOVERNMENT: • India's ambassador to France Ranjan Mathai will be the next foreign secretary. • Prime Minister Singh will meet a group of five select print media editors. • Government has appointed current road, transport and highway secretary R.S. Gujral as secretary in the department of revenue. MONSOON: • India Meteorological Department has said Jun 27 rainfall 17% above normal; Jun 1-27 rainfall 9% above normal. PORT: • The Jawaharlal Nehru Port Trust will open request-for-proposal bids submitted by five companies to develop the fourth container terminal at the port today. SUGAR: • Agriculture Minister Sharad Pawar has sought Prime Minister Manmohan Singh's intervention to finalise ethanol pricing and ensure smooth supply in 2011-12 sugar season starting Oct. CORPORATE: • RBI reiterated an Indian company can transfer or sell its stake in an overseas joint venture to another Indian company without its approval. Jun 18 primary article inflation dn to 11.84% vs 12.62% India's primary articles inflation rate for the week ended Jun 18 fell to 11.84% from 12.62% in the previous week mainly due to a decline in food article prices.
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