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Tuesday, March 10, 2009

Stock Market News, Financial News - Mar 10, 2009

IOC to raise Haldia refinery capacity by Dec '09

NEW DELHI (Reuters) - Indian Oil Corp will shut a crude unit at its 120,000 barrels per day (bpd) Haldia refinery for about two months from mid-October to raise the refinery's capacity by 25 percent, a company official said on Tuesday.

"We are raising the annual capacity of Haldia refinery to 7.5 million tonnes (150,000 bpd). Our target is to increase the capacity by the end of this year," director of refineries B.N. Bankapur told Reuters.  (More ...)

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Global economy to contract in "Great Recession" - IMF

DAR ES SALAAM (Reuters) - The world economy is likely to shrink to "below zero" this year, in what many are now referring to as the "Great Recession", the head of the International Monetary Fund said on Tuesday.

"The IMF expects global growth to slow below zero this year, the worst performance in most of our lifetimes," IMF Managing Director Dominique Strauss-Kahn told African political and financial leaders in the Tanzanian capital.  (More ...)

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'US economy set for 2nd half rebound'

Financial Express

The recession-hit US economy is proving weaker than economists expected just a month ago, but forecasters still think a recovery is in the cards for later this year, a survey released on Tuesday showed.

"Consumer spending and residential investment are expected to turn positive and begin boosting GDP growth in the third quarter of this year," the newsletter Blue Chip Economic Indicators said, summarizing its survey of private economists.  (More ...)

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Job market seen weak in June '09 quarter

Financial Express

The Indian job market will remain weak in the June '09 quarter with a record number of companies undecided on hiring due to economic concerns, but it will be better than in the March quarter, a survey showed.

Sixty-four per cent of employers were uncertain about their hiring plans for the coming quarter, the survey of 3,600 companies across seven industries by staffing services firm Manpower showed on Tuesday.

The net employment outlook was at a seasonally adjusted 25 per cent for April to June, above a 3- year low of 19 per cent in the March quarter but 17 percentage points below the figure in the year earlier period.  (More ...)

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Tower erection plans could dip 40%, valuations to take a hit

By Rachana Khanzode, Indian Express Finance

Valuations of tower companies are expected to take a hit, with almost a 40% cut in the projected tower erection plans of telecom companies. As many as 2,00,000 towers of the total 4,96,000 planned by 2011 are expected to be dropped, according to industry analysts. The projections for towers include those by independent tower operators, operators with tower companies and telecom operators.  (More ...)

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Two-wheeler market not hard-hit by slowdown

Indian Express Finance

Defying the downtrend blues, the two-wheeler market is still witnessing a positive growth in the consumer market, said S Srinivas, general manager, marketing, TVS Motor Company, at the launch of the latest edition of the Scooty series, 'Scooty Streak'. Speaking about TVS, he said since April 2008 up to February 2009, the company has maintained an average growth of 5%, coinciding with year-on-year growth of the same. Performance indicators like inventory cycle also remain healthy, at a span of seven to eight days, he noted.  (More ...)

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