Manmohan Singh News
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Updated 1 hour, 13 minutes ago
Investors in the biggest state- controlled companies are being punished with the lowest valuations in six years by emerging-market leaders putting public services ahead of shareholder profits as economies slow.
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India’s economy grew at the slowest pace in more than two years last quarter as domestic demand weakened and the global recovery faltered, adding pressure on the central bank to lower interest rates.
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Overseas investors bought a net 8.57 billion rupees ($174.3 million) of Indian stocks yesterday, raising their investment in the equities this year to 355.7 billion rupees, according to the nation’s market regulator.
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Banks closed and bus services were canceled as millions of Indian government employees joined a nationwide strike to protest the cost of living and plans to sell stakes in state companies.
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Indian companies are paying the highest borrowing costs in 11 months as the government’s record debt sales drain cash from the banking system.
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India is awarding highway- construction contracts at a record pace, and saving taxpayers money, as builders stop asking for subsidies and instead offer fees to lay and operate new toll roads.
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India, the Wall Street Journal claimed recently, is the Iranian mullahs’ “last best friend” for continuing to buy oil from, and trade with, Iran. Questioning why Prime Minister Manmohan Singh “hasn’t already curtailed dealings with the Islamic Republic,” the Journal wondered if it has to do with the Indian fear of “pushy Westerners.” Accusing India of carrying some “mental baggage from the days of the Non- Aligned Movement,” the paper castigated the country for having failed to grow out of its “adolescent neurosis.”
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Overseas investors bought a net 3.77 billion rupees ($76.5 million) of Indian equities yesterday, increasing total investment in the stocks this year to 276.6 billion rupees, according to the nation’s market regulator.
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Foreign funds bought a net 9.67 billion rupees ($196.4 million) of Indian stocks yesterday, taking their investments in equities this year to 272.8 billion rupees, according to the nation’s market regulator.
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Indian utility executives, including Reliance Power Ltd. Chairman Anil Ambani, asked the government for faster environmental approvals for coal mines to help increase electricity generation and ease costs.
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