Govt may infuse $3.3bn into SBI via rights issue

SBI has asked for capital infusion of 250 billion rupees for the next two fiscal years from the government, a source added.



Comments

Post a Comment

Popular posts from this blog

Ethanol prices to be lower than interim price?

New Delhi: The party time seems suddenly over. Not only did food minister Sharad Pawar rule out implementing sugar sector decontrol anytime soon, but persistently nosediving prices over the last month have sharpened apprehensions within the sugar industry over Saturday's meeting oft the expert panel on ethanol headed by Plan panel member Dr Saumtira Chaudhury. The panel is authorised to come up with a long term formula for fixing the price of ethanol and to periodically review the formula but indications are that the price for ethanol will be lower than the interim price of Rs 27/litre fixed by the government. Current indications from officials are that ethanol price could be lower by upto Rs 2/litre comapred to the interim price. Panel head Dr Chaudhury is expected to circulate the final draft of his report to the stakeholders, including OMCs, the sugar, alcohol and chemcial industries, farmers groups and represent...
Keep reading

Slice of History: Rupee devaluation of 1966

Mid-sixties was a period of severe economic and political stress. The monsoon had failed in 1965 and 1966 but revived well in 1967. Food grains production declined from 89 million tonnes in 196465 to 72 million tonnes in 196566. Industrial production was also down. Money supply was increasing at unprecedented rates. The budget deficit was high and the current account deficit was higher still. All these weak macro-economic indicators led to the devaluation of the rupee in 1966. The rupee was devalued by 36.5%. IG Patel, then economic advisor to the government, has an interesting narration of certain developments in relation to this major policy decision in his book Glimpses of Indian Economic Policy: An Insiders View , excerpts of which are reproduced in one of the volumes of RBIs history. He says how the war of 1965 with Pakistan had somewhat forced policy m...
Keep reading

Gold surge no deterrent for Indian consumers

MUMBAI: The price-conscious Indian consumer did not shy away from splurging on gold jewellery despite a 24% increase in the metals price in 2010 from a year ago, tipping the country to exhibit the strongest consumption recovery from the low levels of 2009, an industry body has said. At the country level, India, the largest gold market, is poised to exhibit the strongest recovery during 2010, said the World Gold Council in its Gold Investment Demand digest for 2010. During the first nine months of 2010, gold jewellery consumption in India rose to 513.5 tonne, 73% higher than the same period during 2009, as consumers benefited from continued economic growth and periods of rupee appreciation against the US dollar. The price of gold at the end of December was around Rs 1,960 a gm, up 23.9% from a year ago, while annualised volatility based on daily returns was 15.5%. The average ...
Keep reading