Macro

Barclay's Bank Plc has discontinued sales of its iPath MSCI India Exchange Traded Notes after SEBI banned the Bank from trading in Offshore Derivatives.

Raj Rajratnam's Galleon Group has exited its investments in India by selling its 7% stake in broking firm - Edelweiss Capital, through two bulk deals for $54.83 Mn.

Larsen & Toubro (L&T), the country’s largest engineering company, is likely to raise over Rs 300 crore by selling one-third of its stake in Mahindra Satyam.

Orbitech Ltd - an arm of Citibank Capital Venture sold 10.29 lakh shares of Chennai based Polaris Software Lab Ltd through open market transaction in a deal valued at Rs 17.35 crore.

The accompanying chart plots the y-o-y growth in money supply (M3) with the growth rate in quarterly GDP at current prices in India. The difference between them can be taken as a measure of “excess liquidity”.

Falling interest rates and thinning credit spreads could be a pointer to international markets gradually opening up for top-rated Indian companies.

Govt is negotiating $5 billion loan with World Bank to double the size of JNNURM- as it is close to exhausting its funds.

The government is planning to infuse Rs 16,000 crore in over a dozen public sector banks by subscribing to equity shares through right issues. The move is aimed at bolstering the banks’ capital base and help them meet the domestic financing requirements.

The new UPA government at the Centre plans to raise Rs 10,000 crore through stake sales in state-owned units over the next one year, more than what the previous UPA government achieved during its entire five-year tenure.