The year 2012 seems to be bad for India as one by one, factor dealing with economy clean their hands for making any share in the Indian economy as modest progress scope.
Recently, Lakshmi Mittal, a successful international businessman especially known for progress of his steel company ArcelorMittal, is plan to invest its scarce capital towards other markets than his native land India, searching quicker returns.
The world’s biggest steel company’s owner disappointed from Indian paralysis policy that resulted much less scope for his planned Indian investments in steel sector where his company is the undisputed world leader, producing over 100 million tonnes a year with a staff of 2.6 lakh across 60 countries.
In the business sector, a JV between New York Life and Max India has exited in form of selling its 26 % shares by New York Life to Mitsui Shumitomo, non-life Insurance Corporation.
Max New York Life is an Insurance Company whose partner New York Life is a foreign shareholder that led to having 26% share of partnership.
Foreign shareholder has directly sold its shares to Japanese Company and now makes Max India, the owner of a large amount of 74% stake in the JV.
This time while Indian stock market seems to be at the trouble, each time blinking with a quick up and down change in form of value of rupees against dollar, there are at least three issues that are related with Indian equities and necessary for investor.
First most is linked with the implications of the new general anti-avoidance rules (GAAR) for foreign institutional investors (FIIs).
There is a big hurdle for brokers even for FII that what should be the procedure of financial transaction from April 1 onwards as during the Budget revised norms, the income tax authorities “looking through” the P-note supplier and testing the tax residence of the end investors.
As per latest business sector news, the Bombay Stock Exchange market fell 54 points at 16,122.38 and Sensex over 100 points in the early trade, disappointment with 8% crashed made by the Bangalore-based Infosys, India’s second-largest software company.
But Market forecast of a 33 per cent rise in quarterly profit of Infosys after the company reduced its revenue outlook in dollar terms for the entire year as a debt crisis in Europe which is its second-biggest market.
However such revenue reduction guidance intimates by macroeconomic headwinds in Europe and the US from where most IT companies earn a majority of their revenues, and does not augur well for Infy’s business. Due to debt crisis in Europe all India’s export-driven software services companies are bracing for a slower pace of outsourcing contracts as a weak rupee boosted margins.
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Having unclear outlook, the Indian software companies are facing a difficult situation for a slower pace of outsourcing contracts in 2012.
While the quarterly earnings this week has kicked off by the IT companies because of the lingering debt crisis in Europe, their biggest market after the United States, their outlook is hazing.
However the bigger rival of Tata Consultancy Services Ltd , Infosys Ltd, the country’s No.2 software services exporter and third-ranked Wipro Ltd , they get three-quarters of their revenue from the United States and Europe.
The research firms Gartner Inc revealed a statement, Global spending on IT will raise at the slowest pace around 3.7 percent against its earlier estimate of 4.6 percent in three years in 2012 as Europeans, worried about the region’s sovereign debt crisis are cutting back on investments.
The India’s Kingfisher Airlines is downed more than 11 percent in share market on Friday morning.
It has happened just a day after a report said the country’s aviation regulator had concerns about safety standards. State Bank of India, the company’s largest creditor, declared its exposure to the air-carrier a non-performing asset when Kingfisher Airlines has not paid lending funds of Rs 1,457.78 crore to Bank.
The Times of India said that an audit by the Directorate General of Civil Aviation (DGCA) suggested Kingfisher’s licence may be under threat as its financial predicament could impinge on safety.
However in turn back, Kingfisher strongly denied that safety was compromised and the DGCA later said, “There is no threat of cancellation, although it has asked for rectification measures.”
HDFC Bank, Bharti Airtel and M&M are the losers as the BSE Sensex slipped as much as 0.3 per cent early on Wednesday.
Rakesh Gandhi, Sr Technical Analyst of LKP Securities Ltd , reported ,”The 50-share Nifty index closed near its important support level of 4780 and if the index sustains above this level it will add further to the momentum.”
Indicating the current movement of Nifty, He further said, “From here, the current up move could once again weaken only if Nifty breaks below 4680 and from a trading perspective one can use declines to buy and exit if this level is broken on closing basis.”
According to the Sensex report, HDFC Bank Ltd by 1.3% down, Bharti Airtel with 1.8% and M&M by 1.7%, are leading losses at the time when the 30-share BSE index was trading 0.3% lower at 15,888.16 points.
As per the latest business news, the Indian currency further drops 36 paise against the UD dollar and reached the mark of Rs 53.06 per US dollar in early trade Monday.
Further, the fall is considered after the quick gains recorded by the American currency against other peers overseas among the fewer opening in the local equity market.
On the other hand, the Indian currency has recorded a sudden gain of 94 paise to close at Rs 52.70/71 as compared to the US dollar in the earlier session on fresh selling of the United States currency after the Reserve Bank of India (RBI) took steps to slowndown the fall of the Indian currency.
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