Tata Steel
-December sales up 73% at 6.63 lakh tonne (YoY)
-Q3 sales increase by 49% YoY
Ratan Tata Says:
-Reports of Tata Buying Fiat’s Sicily units untrue
-Cannot comment on Nano’s future price trend
Polaris update
-Orbitech sells further 0.71% stake in Polaris
-ALERT- Orbitech is arm of Citigroup; Citigroup stake down to 30.4%
Other stocks that are in news today:
-DB Corp to list today; issue price at Rs 212, for retail at Rs 210
-ABG Shipyard gets around 8 million shares in Great Offshore open offer, may end up with 21.5% stake – DNA
-Indian ADRs: MTNL up 10.6%, Tata Comm up 6%, Satyam up 4.8%
-GMR Infra board approves vesting of hotel division of GMR Hyderabad International Airport into its wholly owned subsidiary GMR hotels and Resorts
-Axis Bank launches new scheme; offers home loans at 8.25% fixed rate for first 2 years and floating rate post that
-Idea Cellular MD: Indus Towers’ IPO at least a year away
-FII limit in Maruti reaches trigger limit; FIIs need prior RBI approval for primary/secondary purchases
-RBI approves FII participation in Network18 up to 40% subject to composite limit of 49%
-RIL led Maha SEZ plan put on hold for indefinite period
US vs. Japanese discount fund rate
Forex July 1st, 2009
The spread amongst U.S. and Japanese interest rate anticipations remain to be on the side of US dollar at +68, as markets forecast no chance of tightening from the Asian side. Though, yield anticipation has usually had small significance in price decision. Even though, one can conjecture that an increase in U.S. interest rate anticipation would affect the exchange rate as the US dollar would weaken its position as the favored funding currency, going back to the throne to the yen. Following flows can substantiate a bullish USD/JPY circumstances.
Japanese officials lately allowed a 10 trillion yen deflation-fighting stimulus program intended to stabilize interest rates which could be an important part for the currency in the long run. In the meantime, risk trends keep on holding the position of a key driver for the pair and a bout of risk aversion could supply support as it would produce safe haven flows back into the Asian currency.
