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Overseas funds are raising holdings in India’s state-controlled companies to a two-year high as Prime Minister Manmohan Singh’s government sells stakes and attracts investments to revive the weakest economy in a decade.
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Indian inflation slowed to a 43- month low in May, a moderation that may fail to spur another interest-rate cut by the central bank as a plunge in the rupee threatens to fan price pressures.
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India’s economy probably expanded less than 5 percent for a second quarter as political gridlock that threatens Prime Minister Manmohan Singh’s growth agenda tempered gains from farm output and lower interest rates.
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Following is a table showing certificate of deposits dealt by Indian companies. The data has been provided by NVS Brokerage Ltd.,SPA Securities Ltd. & Trust Financial Consultancy Services.
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The debut of electronic trading in India’s corporate bonds seeks to expand volumes now 20 percent of those in South Korea and improve transparency amid global probes into manipulation of interbank markets.
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Prashant Jain, chief investment officer at India’s biggest money manager, said he sees value in some of the nation’s biggest lenders amid prospects of a reduction in bad loans that have made them Asia’s worst- performing banking stocks in the past year.
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The Reserve Bank of India faces pressure to cut lenders’ reserve requirements as banks struggle to woo deposits and resist passing on interest-rate reductions.
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Indian companies face rising costs to refinance record redemptions of U.S. dollar-denominated debt as yields on their securities surge and the rupee declines to an all-time low.
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India cut interest rates for a third straight meeting to revive growth, extending the only reduction in borrowing costs among major emerging nations this year.
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India’s stocks rose. Bank of Baroda and Tata Teleservices (Maharashtra) Ltd. advanced after reporting quarterly earnings.
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