Private Equity Investment Declines In India For First Time In 6 Years
Venture Capital (VC) deals fell 15.53 per cent in 2008 from a year earlier according to data compiled by Venture Intelligence a company which tracks VC and PE deals. Private Equity transactions fell by 23.8 per cent in 2008 compared to a year earlier largely because entrepreneurs were unwilling to accept lower valuations.
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Inflation in India Continues To Decline
Inflation in India continues to fall and during the last week of December came in at 5.91 per cent compared to 6.38 per cent from a week earlier, representing a 0.47 per cent decline.
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More Concealed Losses Yet To Be Revealed By Indian Companies Says Credit Suisse
Some investment banks have come to the conclusion that the fraud at Satyam is part of a larger issue in corporate India and that the event may serve as a catalyst for a lot of one of losses which will be reported in the upcoming earnings seasons.
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Indian Banks Combined Exposure to Sub Prime Over US$ 1 Billion
A report commissioned by the Reserve Bank of India (RBI) suggests that Indian banks have a combined exposure of over US$ 1 billion or Rs 4,800 crore to five troubled global financial institutions including Lehman Brothers and AIG.
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India Announces New Economic Stimulus Package
The Congress led Indian Government on Friday announced its second emergency monetary and fiscal stimulus package in just under a month, in an effort to support its previously fast growing economy in the face of a global economic slowdown, and counter a sharp fall in global demand.
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RBI Issues Report On Banking In India
The RBI, India’s Central Bank issued a report last Wednesday suggesting the country, with its strong drivers for economic growth, may escape the works of the global credit crisis. The report titled “Trend and Progress of Banking in India, 2007-08” suggests that once the global situation stabilises, India will return to the high growth rates it has been accustomed to over the last decade.
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RBI Sold US$ 20.63 Billion in October
India’s central bank, the Reserve Bank of India (RBI) sold US$ 20.63 billion or Rs 99,024 crore in foreign currency during the month of October to try and prevent the steep depreciation of the Rupee. The amount was a record sale of foreign exchange by the Indian central bank.
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Indian Government Announces Stimulus Package
The Congress led Central Government announced a Rs 20,000 crore or US$ 4 billion economic stimulus package on Sunday as it bolstered efforts to support an economy whose growth rate is suffering as a result of a global economic slowdown.
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RBI Cuts Key Interest Rates
India’s central bank, the Reserve Bank of India (RBI) cut benchmark interest rates on Saturday. The central bank cut its key short term interest rate, known as the Repo Rate by 100 basis points from 7.5 per cent to 6.5 per cent. The RBI also cut the rate at which it borrows from the countries commercial banks by 100 basis points and the Reverse Repo now stands at 5 per cent, down from 6 per cent.
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State Bank of India Chairman Urges RBI to Cut The CRR
The Chairman of India’s largest bank, State Bank of India, O.P. Bhatt said that cuts in India’s benchmark rates had very little impact on consumer interest rates, and called on the Reserve Bank of India (RBI) to reduce the Cash Reserve Ratio instead as a means of lowering interest rates.
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