Gujarati Club News: Important Updates

Market Update

From www.investmentguruindia.com

Chrysler to file for bankruptcy - govt official - Chrysler LLC is expected to file for bankruptcy on Thursday after talks to restructure its debt with lenders broke down, a U.S. government official said. Despite intense negotiations over the past few weeks, Chrysler failed to gain the full support from its lenders that it needed to move forward with a restructuring and avoid the first-ever bankruptcy filing by a major U.S. automaker. The Chapter 11 filing, which sources said would be done in U.S. Bankruptcy Court in Manhattan, will send shock waves through the entire auto industry -- including Chrysler's rivals, suppliers, dealers and the many hundreds of thousands Read Report

Warren Buffett expects record crowd despite tough year - By one measure, Warren Buffett is coming off his worst year ever. But by another measure, the investor may be more popular than ever. Berkshire Hathaway Inc, Buffett's insurance and investment company, expects a record 35,000 people to attend its annual meeting on Saturday. That's up from 32,000 last year, a crowd that was already bursting the seams of the Qwest Center in downtown Omaha in what has become known as "Woodstock for Capitalists." The main event features five hours of questions and answers with Buffett, 78, and his longtime, rather less-inhibited number two, Vice Chairman Charlie Munger, 85. Read Report

Reliance Comm's Q4 net down 3.3%, beating forecast - Reliance Communications, India's second-biggest mobile cell phone operator, posted a narrower-than-expected 3.3 percent fall in quarterly profit on Thursday as the costs of expanding its GSM services weighed. Reliance, which added a record 11.3 million subscribers during the March quarter after it expanded its GSM mobile operations to all of India, said its net profit fell to 14.54 billion rupees ($292 million) in its fiscal fourth quarter ended March, from 15.03 billion in the same period last year. Revenue rose 15.3 percent to 61.24 billion rupees. Read Report

China, India drug firms say primed for swine flu - Pharmaceutical firms in China and India say they can quickly ramp up production of antiviral drugs if swine flu threatens the world's two most populous nations or if other countries need it. The virus could spread quickly in densely populated cities in China or India where healthcare systems are often inadequate and antibiotic resistance is common, health officials say. Read Report

Indian economy to grow 6.5-6.9 pct in FY10 - NCAER - Indian economy is expected to grow by 6.5-6.9 percent in the 2009/10 financial year with revival of investment and consumption demand but inflation may rise, an economic think-tank said on Wednesday. The National Council for Applied Economic Research (NCAER) said though external environment for the economy has deteriorated, continuing lower petroleum prices and revival of investment and consumption demand could boost economic growth. Read Report

Dena Bank sees 22 pct loan growth in FY10 - CMD - Dena Bank Ltd expects loans to rise 22 percent and deposit 20 percent in 2009/10, a top official said on Wednesday. It also hopes to maintain net interest margin at 2.75 percent in the current year, Chairman and Managing Director D.L.Rawal told reporters at a press meet. Read Report

India garment FY09 exports up 4.6 pct; misses target - India's garment exports rose 4.6 percent to $10.13 billion in the year ended March from $9.68 billion in the previous year, missing its 14 percent growth target, the Apparel Export Promotion Council said on Wednesday. Read Report

POLL - Market surge revives funds' appetite for stocks - Indian stock fund managers cut cash in March and a majority of them plan to trim it further to take advantage of an ongoing share market rally, according to a Reuters asset allocation poll of seven domestic fund houses. Read Report

India to grow at 4.6 pct in 2009 - Moody's Economy .com - The Indian economy is likely to expand at 4.6 percent in 2009 with the sharp slowdown in investment dragging down the growth rate, Moody's Economy.com said in a note on Wednesday. "India will continue to expand this year, although major economies around the world are contracting. However, the pace of growth is expected to decelerate considerably amid a moderation in both external and domestic demand," Sherman Chan, an economist with Moody's Economy.com said. Read Report

India's sensitive items imports up 30.5 pct in April-Feb 09 - India's import of sensitive commodities rose by 30.5 percent during April-February 2009 period to 430 billion rupees from 329.54 billion, a government statement said on Thursday. The share of sensitive items in total imports, however, marginally declined to 3.5 percent in the 11-month period of 2008/09 from 3.6 percent in the same period a year ago, it added. Read Report

Dow, S&P dip on Chrysler bankruptcy, MetLife off late - The Dow and S&P 500 fell on Thursday after Chrysler's bankruptcy filing undercut optimism about upbeat corporate profits and reassuring job market data. Even so, the S&P 500 closed out its best month in nine years despite the big U.S. automaker's bankruptcy after talks to restructure its debt broke down. Read Report

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