Month: October 2009

Mumbai, October 02: September proved to be fruitful for investors as they grew wealthier by Rs 4.33 lakh crore in the period, with the benchmark index gaining over 10 percent.

The investor wealth, measured in terms of combined market capitalisation of all listed companies on the Bombay Stock Exchange, rose by Rs 4,33,651.31 crore in September to Rs 57,08,337.29 crore.

The cumulative market valuation was Rs 52,74,685.98 crore at the beginning of the month.

Detroit, October 02: US auto sales tumbled by 23 percent in September as showrooms emptied after the government-funded boom from the “cash for clunkers” program, with General Motors Co and Chrysler hardest-hit.

Sales for General Motors Co and Chrysler — the two US automakers struggling to regain momentum after emerging from bankruptcy — dropped by 45 percent and 42 percent, respectively.

Ford — the only US automaker to have avoided bankruptcy — managed to hold its sales decline to 5 percent from a year earlier despite low inventories and reduced incentives for car shoppers.

New Delhi, October 02: The signs of revival in the global economy should not be confused with the financial crisis being over and the countries should be ready with policies to sustain the recovery, multilateral lending agency IMF has said.

“The current numbers should not fool governments into thinking that the crisis is over,” IMF Chief Economist Olivier Blanchard said while releasing the World Economic Outlook.

He also asked countries around the world to coordinate policies to achieve a global rebalancing and sustain the recovery.

Tokyo, October 02: Japan’s jobless rate fell unexpectedly for the first time in seven months in August while consumer spending rose, data showed on Friday, boosting hopes the economy is healing after its worst slump in decades.

Massive stimulus spending and rebounding exports are nursing the world’s number two economy back to health, but there is a risk that the recovery may stall at some point as the impact of pump-priming measures fade, analysts said.

New Delhi, October 02: Indian and Chinese stocks turned under performers in the third quarter of this year, compared with their BRIC counterparts, Brazil and Russia, which gave investors an average return of as much as 26 percent in the period.

According to an analysis of MSCI Barra indices, a measure of returns from various stock markets across the world for foreign investors, although performing better than China, Indian stocks have lagged behind Brazil and Russia in terms of quarterly returns.

New Delhi, October 02: Trade union representatives on Friday said they will strongly oppose the proposal allowing EPFO to park part of its fund in the capital market when the issue comes up for final decision at key advisory body Finance and Investment Committee next week.

“Investment in stock markets can be beneficial and at the same time involves risk of heavy losses also. This is a retirement fund. Who will compensate the subscribers for losses?” Indian National Trade Union Congress (INTUC) President G Sanjeeva Reddy said.

New Delhi, October 02: India owed USD 82.5 billion to foreigners as on June-end this year, 39 percent higher than USD 59.4 billion three months back, in terms of the country’s assets and liabilities to the international community.

“Net claim of non-residents on India as reflected by the net IIP (international assets minus international liabilities) as at June-end 2009, increased by USD 23.1 billion to USD 82.5 billion from USD 59.4 billion as at March-end 2009,” RBI said.

New Delhi, October 02: Wipro GE Healthcare, a joint venture between Wipro and global conglomerate GE’s healthcare business, today announced that all the stand-alone units and plants of GE Healthcare in India would be integrated into a single entity.

The integration would simplify the structure through consolidation of GE Healthcare’s life sciences and medical diagnostics business units and X-Ray manufacturing plants, the two companies said.