Small Opening In The Maps July Industrial Production Data For Development

The contract can be opened with a weak note, following Asian stocks lower. Futures trading in S & P Nifty Stock Exchange of Singapore CNX shows a drop 82 points in the opening of the market. The government announces the data of industrial production in July 2011 Today, September 12, 2011. Growth of industrial production is up 6.2% in July 2011 increased 8.8% in June 2011, according to the median estimate of 15 economists surveyed by the capital market NRI demat account.

The new company, Reliance Industries (RIL) fell by cost inflation in its D6 gas field in Krishna-Godavari (KG) basin. RIL said that audits of three independent experts found that the costs in the area of ​​KG-D6 are not inflated and the company had joined the PSC (Production Sharing Contract). With regard to the Comptroller and Auditor General of India (CAG) observation that the operator has an incentive to keep costs high, independent auditor Ernst & Young (E & Y), said any increase in capital spending is detrimental to the contractor and the government. Consultant Daniel Johnston noted that the assessment activities that RIL has in relation to the various discoveries in the KG-D6 block are in line with the oil of good practices (GIPIP).

RIL, said independent reports E & Y, IPA and Daniel Johnston & Co. Inc. RIL stand fully validate their responses to the ACG. The independence of the studies conducted by renowned consultants in the world recognized the commendable work flow RIL carrying India’s first production of hydrocarbons in deep water in record time, RIL said. The fact that the major BP Energy has entered into a strategic alliance with EFI on the block, still justifies the position of RIL, RIL said. With its new partnership with BP, RIL hopes to release the full potential of KG-D6 block and the other, bringing more benefit to the nation, RIL said.

RIL issued the statement after trading hours, Friday, September 9, 2011, after the CAG said in its final report to parliament Thursday, September 8, 2011 that RIL originally estimated capex of D 1 and D-3 gas discoveries $ 2.4 billion, which later revised to 8.8 billion crowns. CAG report also indicates that the EFI has begun to implement plans for capital expenditures revised before they were approved by the government. The report also found that the EFI does not give up certain areas of lower priority in the KG D6 block, which the government could give to other companies for further exploration NRI Pan Card.

Banking metals stocks and index heavyweight Reliance Industries (RIL) led a decline in national scholarships, Friday, September 9, 2011, that caution prevailed before a lot of micro and macro data. BSE Sensex shed 298.57 points or 1.74% to 16,866.97, its lowest closing level since September 6, 2011. Foreign institutional investors (IIE) has sold shares worth Rs 427.67 crore Friday, September 9, 2011, according to preliminary data scholarships. FII inflows amounted to Rs 1572.04 crore in the first days of this week, until September 9, 2011, according to data from stock exchanges.

Investors will be eager to see the data for the second quarter of September 2011 companies withholding tax payment due on September 15, 2011, which can give signals of Q2 September 2011 results.

Prolonged rain in the last part of the season helped ease concerns that the monsoon this year could fall below its long-term average after a brief pause in July, when the country usually receives one third of the monsoon rains. The monsoon was 3% higher than the average for September 7, 2011, the latest data from the India Meteorological Department (IMD). Most parts of the country received an average of above average rainfall this year, but the season was marked by two lulls and periods of heavy rain in western and eastern parts.

Although it rained a key element in determining the status output, the timing and distribution of rainfall is also important to ensure a good harvest. Unusually this year, rains can delay the harvest, affect the Enter key to the summer-sown crops such as rice, oilseeds, sugarcane and cotton. Area of ​​rice that the September 2, 2011, up 12% from last year to 35.75 million hectares.

A good monsoon season can generally raise farm incomes in rural areas and has an influence on the overall economy through higher spending on consumer goods and reduced prices of food. But food prices are not necessarily decrease if delayed, and too much rain in some areas affecting crop yields.

Annual food inflation Articles group declined by 9.55% in the week ended August 27, 2011 from 10.05% the previous week, the latest data showed. It ‘was 14.76% in the corresponding period last year. However, inflation in primary articles group rose from 13.34% a week during the period from 12.93% in the week ended August 20, 2011. It ‘was 15.24% in the period a year earlier. Food inflation and Power Group was 12.55% in the week ended Aug. 27, the same as the previous week, the latest data showed. It ‘was 12.61% in week last year.

Reserve Bank of India (RBI) said that a change in anti-inflationary monetary policy will be motivated by evidence of a sustained decline in inflation. Industrial production data for July 2011 announced today, and data on global inflation September 14, 2011-August 2011 will give signals of the most probable position of the central bank in the mid-quarter, Monetary Policy September 16, 2011. Reserve Bank of India raised its key rate 11 times over the last 18 months to keep inflation high.

Inflation based on wholesale prices is expected to top 9.6% reading in August 2011 of 9.22% in July 2011, according to the median estimate of 13 economists that responded to the capital market. The data is due on Wednesday, September 14, 2011. Eleven of the twelve economists who responded to the capital market to expect 25 points (bps) increase in the repo rate, the key short-term interest policy, the Reserve Bank of India with its mid-quarter review of the policy on September 16 2011.

Moody’s Investors Service confirmed the Baa3 rating for the debt of India’s foreign currency government and its debt rating to Ba1 local currency annual credit analysis published last week. The company marks a positive attitude of bonds denominated in India rupees, and said it will consider a Baa3 stop shop for all obligations that India improves its financial position and its commitment to strengthen the domestic market. The outlook for foreign currency debt is stable.

The report was optimistic about India’s ability to withstand a global economic slowdown. Although it is not immune to a slowdown in international growth, strong domestic demand and economic diversity provides protection against a downturn in the areas of overall risk, the report said. He noted that India’s foreign exchange reserves equal to four times its external debt.

A debt to GDP ratio of 71% is a concern that the interest on this debt eats 25% of revenues from India every year. But Moody expects continued growth of GDP and further fiscal consolidation efforts will continue to reduce the public debt / GDP, the report said.

Merchandise exports from India grew by 44.2% in August 2011 over the previous year, totaling $ 24.3 billion, net slowdown in the pace of the previous month, the Commerce Secretary Rahul Khullar said, Friday, September September 2011. Imports in the month just ended up 41.8% year on year to 38.4 million, which increased the trade deficit of $ 14.1 billion from 11.1 billion in July.

Asian stocks fell Monday, September 12, 2011, with some successful actions of several years of low, after renewed fears of a Europe of sovereign debt crisis led to the sale of U.S. brand and European markets late last week. The key benchmark indices in Hong Kong, Indonesia, Japan and Singapore were down 0.03% to 3.32%. South Korea, Taiwan and mainland China markets were closed for holidays.

China’s trade surplus fell sharply in August, exports to the back of a record and imports increased, indicating the world’s second largest economy is feeling the effects of slower global growth, while domestic demand remains strong.

The heavy losses in Asian stocks Monday, September 12, 2011, came after the Dow Jones Industrial and S & P 500 fell 2.7% each Friday, September 9 and Stoxx Europe 600 index fell 2 by 6%. Among the most important events on Friday in Western markets has been the resignation of the European Central Bank (ECB), Juergen Stark, a board member, a promoter of higher interest rates, whose departure was seen by some as signs of a political dispute with the ECB.

Group of Seven finance ministers pledged on Friday to a coordinated response to a slowing global economy, but offers few differences with emphasis on debt crisis in Europe.

Federal Open Market Committee (FOMC) is scheduled to conduct a policy review of US two-day yields of 20 and 21 September 2011.


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