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India Headlines: Falling Rupee, Gold Still Popular, Record Monsoon and More

June 20th, 2013
in econ_news, syndication

Econintersect:  Some of the current headlines from India are summarized today (20 June 2013).  Even as gold prices plummet, Indians continue to buy gold and gold coins at a prodigious rate.  The government has advanced auctions for inflation indexed bonds in an attempt to slow the rush to the yellow metal.  The rupee hit a record low against the dollar today and a flood of water afflicted much of northern India as a record monsoon season continues. 

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India's rupee hits new low against dollar - http://news.yahoo.com

India's rupee hit a new record low against the dollar Thursday, on concerns the US Federal Reserve would scale back its stimulus programme that has pumped billions of dollars into global markets.

Gold coins still a major draw in India - http://www.mineweb.com

Public sector banks across the country that sold more than a tonne of gold last fiscal, are feeling the pinch of recent government curbs, though post offices have yet to catch up.

India advances bond auction to lure gold investors - http://www.mineweb.com

Another gold stifling measure was initiated by the RBI by advancing the inflation indexed bonds to June 25, instead of July, and holding auctions every fortnight instead of a monthly basis.

NTPC scraps bond sale: Sources - http://timesofindia.indiatimes.com/

NTPC Ltd, India's largest power producer, scrapped its bond sale scheduled for Thursday, after a sell-off in government bonds caused worries about the pricing of its debt.

Why Indians Ignore The Stock Market While Foreigners Invest - seekingalpha.com

By David Hunkar: The equity market in India, as represented by the benchmark Sensex, is up 1.40% YTD. In the past year, the index has had a strong run, going from over 16,000 to 20,443 this year before closing at 19,704 last Friday. The Sensex has more than doubled from the lows reached in early 2009, at the height of the global financial crisis as shown in the chart below:

Click to enlarge.  Source: Yahoo Financesensex-2013-june-20

Despite the solid performance of the equity market, most Indians seem to avoid the stock market and instead invest in other assets...

Monsoon rains could ease soon - http://news.yahoo.com

By Ratnajyoti Dutta

NEW DELHI (Reuters) - The monsoon rains could ease soon after hitting 89 percent over averages in the week to June 19, according to weather office sources, in a third straight week of downpours that have caused major flooding in north India. This year's monsoon has drenched the country in record time, almost a month ahead of schedule...

More than 1000 feared dead as monsoon flooding strikes India -   http://www.juneesoutherncross.com.au/

By Mahesh Pandey

Thousands of Indian soldiers battled on Thursday to reach villages and towns cut off by flash floods and landslides in the country's north as officials warned at least 1000 people may have been killed.  Helicopters and close to 10,000 soldiers have been deployed to reach tourists and pilgrims stranded after floods caused by torrential monsoon rains hit the Himalayan state of Uttarakhand at the weekend....

MakeMyTrip: The Journey Has Just Begun - seekingalpha.com

By Faisal Humayun: In this investment note, I will discuss MakeMyTrip (MMYT), which is an online travel company providing travel products and solutions primarily in India. The focus of the article will be on the long-term growth drivers for the company and the analysis of its past performance. The past performance is important to discuss for the company as it throws light on how MakeMyTrip is evolving as a company and as a good investment opportunity...

India pushes for energy security in Iraq meet - http://news.yahoo.com

Indian Foreign Minister Salman Khurshid held talks with senior Iraqi officials on Thursday as New Delhi, Baghdad's biggest buyer of oil, pushes for greater energy security as it looks to ensure sustained economic growth.

Air India may fly turboprop aircraft to tier-II,-III cities - http://timesofindia.indiatimes.com/

Air India would shortly issue tenders to lease turboprop aircraft to enhance connectivity to non-metro cities across the country, airline sources said on Thursday.

Steven Hansen and John Lounsbury









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