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India Inc prefers other sources to bank funds
Bank credit fell sharply in the first half of the financial year, but the overall funds flow to the corporate sector was virtually the same as the corresponding period last year. generic levitra

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Taking no chances
Prime Minister Manmohan Singh was scheduled to meet President Barack Obama on November 24th and be in Washington for another day after that. Later, after the dates had been fixed, officials here realised the 27th was Thanksgiving and it was very possible officials would be in a holiday mood well before this. So, the dates for Singh’s departure have been advanced and he will meet Obama on the 23rd — even accounting for the holiday spirit, Washington will still be in working mode when Singh’s there.

News of the day

ONGC taps Citi for $3-bn Ghana deal
India"s leading oil producer Oil & Natural Gas Corporation (ONGC) has hired Citigroup to advise it on a bid for Kosmos Energy"s stake in an oil field in Ghana in a deal that could be worth between $3 billion and $5 billion, sources have said. Private equity-backed Kosmos, which has received a total of $800 million in financing from Blackstone and Warburg Pincus, has hired Standard Chartered and Barclays Plc to sell its stakes in the offshore Jubilee oil field.
International Business

Rupee drops before interest-rate decision

Bloomberg / October 27, 2009, 0:05 IST Rupee fell before the central bank’s decision tomorrow on interest rates while importers bought dollars to settle month-end bill payments. NTPC fixes FPO base price at Rs 201 a share Demand for the US currency probably rose from companies such as Indian Oil Corp, the nation’s largest refiner, after the price of crude oil climbed almost 14 per cent in October, the biggest monthly increase since May. Reserve Bank of India Governor Duvvuri Subbarao will leave the bank’s overnight lending rate, or repurchase rate, unchanged at 4.75 per cent. Bonds gain 10-year bonds gained for the first time in three days on speculation the central bank will keep its benchmark interest rates at record lows following a quarterly policy review tomorrow. The nation should maintain an “accommodative” monetary policy until an economic recovery gathers strength, to Prime Minister Manmohan Singh’s economic advisory council chairman C Rangarajan, said last week.


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