There are few news flows which would impact market CARE report on Bank NPAs to touch 3.5% by 2011 would give profit booking in these stock where very good rally in the last 18months was seen and rising deposit rate can hamper profit. Core sector Growth slows in July with Crude & refiner’s saving grace while STEEL & CEMENT drag which can show in IIP data to be released on September 12th.
Bank gross NPAs to touch 3.5% by March 2011: CARE, Reflecting the trend of sizable chunk of restructured assets turning into bad loans, rating agency CARE has pegged Indian banking sector’s gross non-performing assets (NPAs) at 3.5 per cent of gross advances by March 2011. http://www.business-standard.com/india/news/bank-gross-npas-to-touch-35-by-march-2011-care/405975/
Core sector output grows 3.9% in July Industrial output rose by 7.1 per cent, the slowest pace in last 13 months http://www.business-standard.com/india/news/core-sector-output-grows-39-in-july/406144/
Steel output-
Steel production slumped by 0.9% as against a growth of 4 per cent in the same month last year. The country only produced 4,657 thousand tonnes of steel this July (4697 thousand tonnes).
http://economictimes.indiatimes.com/Jobs//articleshow/6437580.cms High attrition rate hits IT companies' bottom lines
Facts taken please read careful: U.S. Federal Reserve Chairman Ben Bernanke has said economy is weak and he would support if needed. Note Raghuram Rajan accurately warned central bankers in 2005 of a potential financial crisis if banks lost confidence in each other. Interest rates near zero risk fanning asset bubbles or propping up inefficient companies, say Rajan and William White, former head of the Bank for International Settlements’ monetary and economic department.
U.S. Federal Reserve Chairman Ben Bernanke said on Friday the economic recovery has weakened more than expected and the Fed stands ready to act if needed to spur slowing growth. http://in.reuters.com/article/idINIndia-51116920100827
http://economictimes.indiatimes.com/news/international-business/Bernanke-must-raise-benchmark-rate-by-2-points-Raghuram-Rajan/articleshow/6423598.cms Bernanke must raise benchmark rate by 2 points: Raghuram Rajan
Tata Steel-owned Corus has tentatively agreed to sell the beleaguered Teesside Cast Products (TCP) plant to Thailand's Sahaviriya Steel Industries (SSI) for a price of £320 million (Rs 2,325 crore). http://www.business-standard.com/india/news/corus-inks-draft-teesside-sale/406134/
IDBI Bank has received the best public sector bank award for financing small and medium enterprises (SMEs) from global business information provider Dun and Bradstreet http://economictimes.indiatimes.com/Banking//articleshow/6445449.cms
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