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Thursday, March 12, 2009

Stock Market News, Financial News - Mar 12, 2009

Factory output drops in Jan, more falls seen

By Surojit Gupta and Rajkumar Ray

NEW DELHI (Reuters) - India's factory output fell for the third time in four months in January, and with government and Reserve Bank steps to lift a sagging economy likely to take months to kick in further falls are expected.

Industrial production fell 0.5 percent in January from a year earlier, a marginally better performance than the previous month's upwardly revised contraction of 0.6 percent.

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Tata Comm sees capex up to $500 mln next FY

NEW DELHI (Reuters) - Tata Communications has resources to fund ongoing capital expenditure and plans to spend about $400-$500 million during the fiscal year that begins April 1, a senior official said on Thursday.

Srinivasa Addepalli, senior vice president for corporate strategy, told reporters that did not include funds for a pending Wimax auction due later this year. (More ...)

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Bharti Airtel CEO says to continue as CEO, joint MD

NEW DELHI (Reuters) - Bharti Airtel chief executive Manoj Kohli said on Thursday he had sold his shares in the firm for personal reasons, but still had 180,000 options and would remain as CEO and joint managing director of India's top mobile operator.

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Nagarjuna Construction gets orders worth 2.63 billion rupees

MUMBAI (Reuters) - Nagarjuna Construction Co Ltd said on Thursday it received three new orders worth a total 2.63 billion rupees each of which has to be completed over a period of 24 months, it said in a statement to the exchange.

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Global economy to shrink 1-2 pct: World Bank

Financial Express

The global economy is on track for its worst recession since the 1930s with output likely to shrink by 1-2 per cent this year, World Bank President Robert Zoellick told the 'Daily Mail' newspaper.

Central and eastern European countries were particularly vulnerable, he said, urging rich nations to do more to fill the financing gap left by an exodus of capital from the developing world.

"My guess is that growth will probably fall about 1 to 2 per cent," he told the paper in its Thursday edition. (More ...)

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More private life insurers freeze branches

Hindustan Times

The list of private insurance firms freezing branch expansion is getting longer.
After ICICI Prudential and Bajaj Allianz, others such as Max New York Life, Kotak Life and Reliance Life are following suit, while Aviva Life Insurance has said that it will be selective in opening branches, depending on the market conditions.

Private life insurers are saying that their focus has now turned to managing rising expenses, and increasing the productivity of employees and agents, as capital runs scarce. (More ...)

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