Good Morning India - What's Happening, and Where, on May 31

[K.Karthik Raja]

Good Morning India - What's Happening, and Where, on May 31
- Main events scheduled today.
.
QUOTE OF THE DAY
"These inflation figures are suspect, inflation rate crossed 8.1%
in
mid-March. Provisional figures do not convey the real rate. The actual
inflation rate would be closed to 10%."
- Yashwant Sinha, BJP leader, former finance minister, after data
showed
headline inflation rate for week ended May 17 was at a 44-month-high
of 8.1%.
(The Economic Times)
.
SATURDAY'S LEADERS: * Cabinet meet. * Chidambaram speak. * Wine
seminar.
.
CABINET MEET
* Union Cabinet likely to meet to discuss the bailout package for
state-run
oil marketing companies. Proposals include hiking petrol, diesel
prices and a
cut in duties.
.
CHIDAMBARAM SPEAK
* Finance Minister Chidambaram to release code for micro and small
enterprises. 10:30AM, Mumbai.
* Chidambaram to inaugurate Vijaya Bank's ATM at Bangalore
International
Airport. 3:30PM, Bangalore.
.
CORPORATE EVENTS
* EARNINGS for quarter/year ended March to be detailed, among others,
by
+ BANK OF RAJASTHAN.
+ DALAL STREET INVESTMENTS.
+ EASUN REYROLLE.
+ HI-TECH GEARS.
+ INDIA FOILS.
+ JAMMU & KASHMIR BANK.
+ KAMAT HOTELS INDIA.
+ MACK TRADING CO.
+ PIONEER DISTILLERIES.
+ PRESSURE SENSITIVE SYSTEMS INDIA.
+ ROMAN TARMAT.
+ SAFARI INDUSTRIES INDIA.
+ SUPER SPINNING MILLS.
+ UNJHA FORMULATIONS.
* AGM of
+ NELCAST.
+ SURANA INDUSTRIES.
+ UNI LEGWEARS INDIA.
* BOARD MEETING of
+ BANK OF RAJASTHAN to mull bonus share issue.
+ DHAMPUR SUGAR KASHIPUR to consider issue of preference shares.
+ INDO AMINES to consider proposal to convert 3,75,000 warrants into
shares.
+ ORISSA SPONGE IRON & STEEL to mull mining JV with TSPL & Rabinsons
Holding.
+ PASSARI CELLULOSE to mull raising funds via pref allotment, rights
issue.
+ PLATINUM CORP to mull closure of trading of government securities
business.
+ SUPREME TEX MART to consider sanction of new credit facilities
from banks.
+ WEIZMANN FINCORP to consider dividend.
.
CONFERENCES
* WINE MEET: Conference on wine and spirits industry, organised by CII
in
association with various alcoholic beverages industry trade bodies.
Aviation
Minister Patel is the chief guest. UB Group head Mallya, Radico
Khaitan CMD
Khaitan, and All India Distillers' Association President Narang to
attend.
7PM, Mumbai.
.
MARKETS
Call : Seen up as banks increase demand to meet two-day reserves
need. CBLOs
in 6.75-7.25% band. 2-day call: 7.25-7.50% vs 7.00-7.25% 3-day
Fri.
.
Bonds : Not traded Sat. Seen down Mon in case the government hikes
domestic
oil prices over the weekend. 10-yr yld: 8.06-8.12% vs 8.10%
Fri.
.
Rupee: Not traded Sat. Seen up Mon on weekend inflows. Broader trend
to depend
on prevailing crude price, share indices.
.
Stocks: Not traded Sat. Seen range-bound Mon on uncertain market
direction.
Sensex range: 16200-16600; Fri end 16416, up 99 points.
.
MEDIA PICKS
==HOME FRONT==
* Gujjar protest: Two killed in Rajasthan (Var)
* Maywati offered me plum post in BSP, says SP leader Amar Singh (IE)
* Katara killers sentenced life in jail (Var)
* Six new IITs and 700 more seats from this year (ToI)
==FOREIGN AFFAIRS==
* President Musharraf may be planning to flee Pakistan (PTI)
* Nepal denies any exodus from Royal Palace (Var)
* McCain, Obama try to redraw political map in US poll campaign (Var)
==BUSINESS AND ECONOMY==
> INDIA-RELATED
* CPI(M)'s Karat says not consulted on fuel price hike proposal (NW18)
* Oil ministry moots 3 fuel price hike options; decision likely Sat
(NW18)
* Export duty of 15% on flat steel may be rolled back (IE)
* Chidambaram sees FY09 growth "not less than 8.5%", may even clock 9%
(NW18)
* Chidambaram says don't know if inflation peaked at current 8.1%
(NW18)
* Chidambaram hints at further relaxation in ECB norms (NW18)
* Chidambaram says interest rate moves to balance inflation, growth
* Top central PSU officials may get up to 300% pay hike (Var)
* Andhra Bank, Corporation Bk chiefs short-listed for IBA's CEO post
(NW18)
* RINL head says Coal Ventures needs 107.5 bln rupees for buyouts
(NW18)
* CEO Gopalakrishnan says Infosys pricing remains stable (NW18)
* At $6 bln, India ranks 2nd on deferred IPO list (ET)
* Emaar MGF Land plans to invest over $3 bln in south India projects
(NW18)
* Glenmark Pharma arm gets US OK to market 3 generic drugs (NW18)
* PNB to study IFCI stake sale plan closely; bid only in consortium
(NW18)
* Emami in pact to buy 12.7% stake in Zandu Pharma (NW18)
* Cadila Healthcare buys 100% stake in Spain's Laboratorios Combix
(NW18)
* Govt says to consider easing rice export ban after 3 months (NW18)
* CFO sees Lanco Infratech FY09 order book at 160 bln-190 bln rupees
(NW18)
* Sujana Metal to invest 8 bln rupees on expansion over 2 years (NW18)
* Wipro's Paranjpe says global slowdown fears have receded (NW18)
* Govt cuts central sales tax to 2% from 3% effective Jun 1 (NW18)
* Mumbai's Dharavi revamp financial bid deadline extended to Jul 30
(NW18)
* RBI Leeladhar says India needs small number of large banks (NW18)
* RBI tightens capital adequacy norms for banks' subsidiaries (NW18)
* Head sees Sun Pharmaceutical FY09 sales growth barring US 18-20%
(NW18)
> FROM OVERSEAS
* US oil probes focus on price manipulation (FE)
* Arcelor Mittal in talks with Russia's Inprom for pact (BL)
* Former EADS chief charged with insider trading (AFP)
* United, US Airways merger talks suspended (BL)
==SPORTS==
* Rajasthan Royals demolish Delhi Daredevils in PIL semis (Var)
* Serena Williams stunned by unseeded Srebotnik in French Open (Var)
==OF INTEREST==
* Study says 53% x-rays are of little use in diagnosis (Var)
* Actor Angelina Jolie gives birth to twins (Var)
.
Sources - Television, print, or Web editions of:
AA--The Asian Age; ABC--ABC News; AFP--Agence France-Presse; AJ--Aaj
Tak;
AP--Associated Press; APP--Associated Press of Pakistan; BS--Business
Standard; BL--The Hindu Business Line; NW18--NewsWire18; CNA--Channel
News
Asia; CNN--CNN.com/CNN TV channel; DD--Doordarshan; DT--Daily
Telegraph;
DNA--Daily News and Analysis; ET--The Economic Times; FT--Financial
Times;
FE--The Financial Express; GU--Guardian Unlimited; HT--Hindustan
Times;
IE--Indian Express; IHT--International Herald Tribune; IPS--Inter
Press
Service; LS--Loksatta; MWA--MarketWatch; NDTV--New Delhi Television;
NYT--New
York Times; PTI--Press Trust of India; STR--Star News; TEL--The
Telegraph,
Kolkata; TH--The Hindu; ToI--The Times of India; TT--The Times,
London;
var--various; VoA--Voice of America; WP--Washington Post; WSJ--The
Wall
Street Journal; ZEE--Zee News.
.
WEEK AHEAD
Jun wk 1: Core sector growth for March to be detailed by commerce and
industry
ministry.
Jun wk 1: Foreign tourist arrivals in May to be detailed by tourism
ministry.
Jun 1: Trade data for April to be detailed by commerce and industry
ministry.
Jun 2-3: Prime Minister Manmohan Singh to inaugurate ASSOCHAM's 2-day
annual
function. BJP leader Advani, SEBI Chairman Bhave to also
speak.
Jun 4: RBI's weekly auction for 30 bln rupees of 91-day T-bills, with
no
Market Stabilisation Scheme component. (Previous: cutoff
7.4769%, flat
vs a week ago.)
Jun 4: RBI's fortnightly auction of 10 bln rupees of 364 day T-bills,
with no
Market Stabilisation Scheme component. (Previous: cutoff
7.6636% vs
7.5476% a fortnight ago.)
Jun 5: European Central Bank's Governing Council to decide on interest
rates.
Jun 5: Bank of England's Monetary Policy Committee meeting.
Jun 6: RBI to auction 8.24%, 2018 paper for 60 bln rupees and 7.95%,
2032 gilt
for 40 bln rupees. Both bonds will be sold under multiple price
method.
Jun 6: WPI inflation for week to May 24 to be released by commerce
and
industry ministry. (Previous: Week to May 17: 8.10%, year ago:
5.30%).
Jun 6: RBI's Weekly Statistical Supplement to detail: FX reserves as
on
May 30 (previous: May 23: $316.171 bln, up $2.090 bln on week,
up $111.237 bln on year; RBI's ways and means advances to
central govt.
outstanding on May 30 (May 23: nil). RBI gilt purchases/sales
via OMO
in week to May 30 (prev: May 23 week: sold 50 mln rupees,
bought 300
mln). Bank deposits as on May 23 (May 9: up 286.07 bln rupees
on
fortnight); Bank credit as on May 23 (May 9: up 85.72 bln
rupees on
fortnight); Money supply growth as on May 23 (May 9: up 22% on
year).
.
ON THE HORIZON
Jun wk 2: GSM subscriber data for May to be detailed by COAI.
Jun wk 2: Automobile sales data for May to be detailed by SIAM.
Jun wk 2: Rail freight traffic in May to be detailed by railway
ministry.
Jun wk 2: Cement production and sales in May to be detailed by CMA.
Jun 12: Industrial growth in April to be detailed by CSO.
Jun 13-20: Govt to raise 60 bln rupees via sale of 15-19 year gilt.
Jun 13: Indian Banking Summit. RBI Deputy Governor Thorat, SBI head
Bhatt,
Axis Bank head Nayak, Citigroup India CEO Nayar, among others,
to speak
at the summit. 9AM, Hyderabad.
Jun 15: Companies to pay 15% of their total corporate tax liability
for FY09
as first instalment.
Jun 25: US Federal Open Market Committee meets to discuss economy,
rates.
Jun 30: Balance of payments data for Jan-Mar and outstanding external
debt
as on Mar-end to be detailed by RBI.
Jul 29: Telecom appellate body TDSAT to hear spectrum allocation case.
Aug 8: Opening ceremony of Beijing Olympic Games.
Aug 24: Closing ceremony of Beijing Olympic Games.
Aug 28: Two-day Bancon conference in Srinagar. RBI Governor Y.V. Reddy
and top
RBI officials and bankers to attend.
End
.