Some small bits of interesting tidbits make any India inc business paper an end to end read today for the fiesty impact it has on India Inc. Even otherwise a flat market means that a 6200 mark is now a target and if indeed there is an overrun of optimism, bear revenge wwill be deep and swift as october IIP is unlikely to translate into anything other than a rate cut opportunity for policy makers which would from all other commentators seem like inopportune for the RBI. Not that we diverge from the RBI many a time, but then it was a bountiful October for all the same reasons year after year, inflation barely under 10% in CPI and a shift from October to November to October an annual phenomenon , almost.
I almost missed the Westlife Developments ‘transformation’ as it gets ready for a public innings in the footsteps of the Jubilant Foods success story and one assumes after Varun Beverages ( Pepsi distributor among others) makes a clean break on the exchanges too. NMDC was a mega success and the TechM Satyam deal went through with the Satyam merger happening subject to another Saatyam audit. Credit stock in India Inc according to the RBI Data for November 30, i s a lready INR49.56 T crossing an additional INR1.5Tln in the period since October 02, 2012 though some of the fortnightly dataon credit stock was below par even during the period. RBI has also tightened Tier I Capital requirements for NBFCs to 12% T1 for Gold lending cos, 10% for others a rise of 25% and 12% for Captives but then 2 out of 3 captives are rather breathlessly awaiting the Banking Law amendments incl Religare, Bajaj and L&T.
Among other small items of news, L&T MD sold his personal holding in the behemoth and this could be significant too, higher discounts in December on Cars follow the carnage in Sales data in November which is half the reason we are not very buoyed after a 8.2% hit on IIP in Oct ’12 and India’s Pharma companies have finally picked up exports rising 23% even as the Trade Deficit at $19 B is no joke but Exports at $22.5B seem to be rather a pick me up for the India story
On the seamier side, even as the CAG doubles down on the land grab scam instituted by denotification in Bangalore including all the ex CMs, the Attorney General is still able to posit that his office cannot be subject to RTI. That would indeed be another travesty of paper and Gujarat is going to be under new government if Keshubhai’s GPP pulss the rug from under him in Saurashtra leaving him running around trying to keep the Samrajya intact after delimitation
On the wierd side, good old London renounced more Christianity but the victor in the data unlike all other surveys as not the Asian and other immigrant communities but Atheists finallythe protestants having given up on Church altogether. Service Tax and ATF dues surround kingfisher even as Etihad engages multiple opportunities in India while another small corner of the business properties seeems stuck with a new CCI investigation as Aircraft Cargo companies try to pin a cartelisation charge on the PSU Oilcos instead hitting airlines for increasing the fuel surcharge by the same amount. I thought that was rather linear. (Maybe they should get cash subsidies too) GMR airports are trying to eget $800 m in compensation after the new government throughout the foreign hand from the nation’s map.