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India’s inflation has fallen to the level of 9.11 percent in November from a year earlier, which is its lowest level in a year.

The commerce ministry said in a statement in New Delhi today that the inflation fell to 9.11 percent from 9.73 percent in October this year. The fall in inflation has prompted many to believe that the central bank would half its increase in interest rates and might even consider decreasing its key rates to boost growth in the Indian economy.

The analysts are expecting the RBI to keep the rates unchanged after industrial production in the Indian economy fell. The RBI will react to the slowing inflation and may now focus on improving growth in the economy.

The central bank ahs said that the objective is to slow inflation to 3 percent in the medium term in the country. The BSE India Sensitive Index (SENSEX) experienced its biggest fall since July 2009 after the government decided tog on back on its decision on allowing FDI in retail sector.

The Indian rupee has fallen 16 percent this year and has emerged as the worst performing currency in Asia

The Indian rupee has fallen 52 paise to Rs 53.75 per US dollar a day after a move above the Rs 53 per dollar-mark.

There was demand for the American currency from banks and importers and weak performance by domestic stocks. The US dollar rose against the euro and other currencies due to the continuing euro zone debt crisis, according to the forex dealers.

The international trends along with a weak performance of domestic share market amid a slowdown of the domestic economy. They added that the increased demand for the US currency increased pressure on the rupee.

Finance Minister Pranab Mukherjee has also expressed concern over the declining value of factory output and rising subsidies. The central bank, the Reserve Bank of India (RBI) is expected to intervene if the rupee declines further.

The Mid-Year Analysis 2011-12, which is presented to the parliament said about the currency valuations that the various currencies around the world show some tendency to ‘overshoot’ periodically.

It said that the fall in the value of rupee is due to global economic uncertainty and the flight of capital to the relative safety of the US treasury. “However, given that inflation has been high in India compared to the US, it is only to be expected that there will be some depreciation in the rupee vis-a-vis the US dollar,” it read.

South Korean electronics giant, Samsung has received an approval from the Austrian courts to start selling its new Galaxy tablets in the country after Apple’s appeal to block the sales of the company was not upheld.

Chief Justice Robert French in Australia said that Apple failed to persuade and thus it did not allow a hearing to the company. He reinstated an appeal court judgment and thus lifted a ban on the sale of Galaxy 10.1 tablets in the Australian market.

Apple claims that Samsung Galaxy tablets infringe patents related to touch-screen technology. The two companies are locked in a prolonged legal battle over patents across the world. The war began when Cupertino, California-based company accused the South Korean giant in April of “slavishly copying” its products. Apple and Samsung have filed at least 30 lawsuits against each other in different countries.

Apple’s lawyer, Stephen Burley said that the appeal court ha made a mistake by lifting a ban on sale of Samsung tablets in the country and that the company will hamr Apple bu selling the tablets in country.

Analysts say that as Samsung is winning appeals, the two companies might now move to a settlement soon.

The authorities in the United States have said that they do not wish to comment on an internal matter of India, but only said that the allowing Foreign Direct Investment (FDI) in the retail sector in the country would benefit farmers as well other citizens.

Robert D Hormats, the Under Secretary for Economic Growth, Energy, and the Environment said that, “I think they have to work through their domestic political process and I don’t want to comment on their internal affairs at this point.”

Those who favor the deal argue that it will address the issue of supply bottle necks, develop supply chain infrastructure, reduce wastage of food and improve efficiency, besides generating employment. They also say that it will benefit farmers, who will be able to negotiate better deals with large firms and ultimately, customers, who will get commodities at a cheaper price.

Opponents argue that the allowing big international players will affect small retailers, which dot the country’s streets. They cite the examples of Thailand and Malaysia, which allowing FDI in retail has resulted in problems for small retailers.

The union cabinet’s decision to allow FDI in single brand retail sector has been opposed severely by several sections political as well as social setup in the country. The central government has also said that individual states will be allowed to veto foreign retailers. The chief ministers of Uttar Pradesh, West Bengal, Tamil Nadu and Bihar have vowed not to allow FDI in their respective states.

The ruling congress party is concerned as the opposition to the FDI not only comes from its main rival BJP but also others like AIADMK chief J Jayalalithaa, Trinamool Congress chief Mamata Banerjee and BSP chief Mayawati. The tree women Chief Ministers will have toe power to veto the entry of foreign firms into their states.

Opposition leaders now say that the finance minister, Pranab Mukherjee has agreed to delay the decision to allow FDI in retail in the country.

It is believe that the prices of products such as cosmetics, soaps and detergents will increase in the Indian market due to the effects of the weakening rupee.

Satish Wagh, chairman, Basic Chemicals, Pharmaceuticals & Cosmetics Export Promotion Council said that the prices of these products will increase due to higher cost of raw materials due to a weaker rupee. He said that the imports have become more expensive for traders in the country.

Nadir Godrej, MD, Godrej Industries voiced similar concerns by saying that refineries in India are facing difficulty due to higher prices of the raw material. He also said that some independent refineries are also facing closure.

The home and personal care market in India has been seeing healthy growth in recent years. The demand for personal care products increased between 18-20% while the demand for laundry products rose 8% this year.

Wagh said that the Indian Home & Personal Care Industry Association and Oil Technologists Association of India, in association with Chemexcil, is organising an international summit here from December 10-13 for discussing issues like sustainability, markets, innovation and other issues of the industry.

According to a report, Reliance Industries might be planning to raise than $1 billion in foreign currency convertible bonds in the coming month.

The company has already appointed Citibank, Bank of America Corp and UBS AG as the merchant bankers for the proposed 10-year bond issue, according to the report that quoted sources in the banking sector. The banking officials have spoken on the condition of anonymity because the band issue has not been officially announced yet.

India’s largest company by market capitalization completed a $1.091 billion, five-year term loan from foreign investors in August this year. The repot said that the funds raised through the issue of bonds will be used to fund its shale gas ventures in the United States and also invest in the company’s refinery in Jamnagar in India.

The company had planned to issue bands earlier but had to delay it as some US companies said they would not participate. Now, Reliance is planning to start marketing the issue to investors from mid-December. Reliance is planning to raise the funds in the 2.25-2.50% range, which is about 125-150 basis points above Libor.

The company has not commented on the reports about the possible bands issue.

Maruti Suzuki, the country’s b
iggest automaker, reported a fall of 52.2 per cent in sales for the month of October following prolonged labor unrest in its plants.

The company’s production was 40,000 units lower due to labor strike and it was able to sell only 55,595 units in the month of October. However, the company expects the production at its plant in Manesar to reach the normal level of production sometime in December.

The plant was producing about 1,200 cars per day before the labour trouble began in June this year. The two week long strike came to an end after a tripartite agreement that reinstated 64 dismissed permanent workers and took back 1,200 casual workers. The management has not accepted 30 of the workers back into the premises.

The company has been offering heavy discounts to its customers in order to push sales higher in the last quarter. MSI Chief Financial Officer Ajay Seth said that the average discount during the July-September period increased to Rs 13,500 per car from Rs 9,500 per car.

Earlier, the company had posted a 59.81 per cent fall in net profit to Rs 240.44 crore for the quarter. The shares of the automaker were trading at Rs 1118.70, down 0.72% on the BSE.

RANK 1: MUKESH AMBANI
Net worth (2011): USD 22.6 billion
Net worth (2010): USD 27 billion
Source: Oil & Gas
Previous rank: No 1.

RANK 2: LAKSHMI MITTAL
Net worth (2011): USD 19.2 billion
Net worth (2010): USD 26.1 billion
Source: Steel
Previous rank: No 2.

RANK 3: AZIM PREMJI
Net worth (2011): USD 13 billion
Net worth (2010): USD 17.6 billion
Source: Information Technology
Previous Rank: No 3.

RANK 4: SHASHI & RAVI RUIA
Net worth (2011): USD 10.2 billion
Net worth (2010): USD 15 billion
Source: Steel, oil, power, construction
Previous Rank: No 4.

RANK 5: SAVITRI JINDAL (only woman in top 10)
Net worth (2011): USD 9.5 billion
Net worth (2010): USD 14.4 billion
Source: Steel, power
Previous rank: No 5.

RANK 6: SUNIL MITTAL
Net worth (2011): USD 8.8 billion
Net worth (2010): USD 8.6 billion
Source: Telecom
Previous rank: No 9.

RANK 7: GAUTAM ADANI
Net worth (2011): USD 8.2 billion
Net worth (2010): USD 10.7 billion
Source: Commodities, infrastructure
Previous rank: No 7.

RANK 8: KUMAR MANGALAM BIRLA
Net worth (2011): USD 7.7 billion
Net worth (2010): USD 8.5 billion
Source: Commodities, cement, Telecom
Previous rank: No 10.

RANK 9: PALLONJI MISTRY
Net worth (2011): USD 7.6 billion
Net worth (2010): USD 6.9 billion
Source: Diversified
Previous rank: No 12.

RANK 10: ADI GODREJ
Net worth (2011): USD 6.8 billion
Net worth (2010): USD 7.5 billion
Source: Consumer goods, real estate

Hindustan Petroleum (HPCL) has posted a net loss of Rs 3364 crore for the July-Sept quarter as against a net profit of Rs 2,090 crore which it posted in the year-ago period. Net sales however grew 21% at Rs 37,030 crore for the quarter under review. Meanwhile, shares of the company were down 1.5% at Rs 328.55 at 12.07 hours on the Bombay Stock Exchange.

Analysts attribute these losses to the falling rupee against the dollar and mounting under-recoveries incurred due to sale of petroleum products below the cost of production.

Oil companies like HPCL import nearly 70% of the crude oil requirements. A rupee which currently stands at Rs 49 against a dollar, has weakened over 12% against the greenback quarter-on-quarter.

Being the largest purchasers of dollars in the domestic currency market, oil companies like Bharat Petroleum (BPCL), Hindustan Petroleum (HPCL) and Indian Oil Corporation have collectively lost around Rs 2,000 crore in September alone due to rupee constantly depreciating against the dollar—as oil remains the biggest import item in India.

These companies import around 50,000 barrels of crude each day. Now with the rupee weakening over 12% Q-o-Q, oil companies had to pay Rs 4108 crore each day toward oil purchase instead of Rs 3,438 crore which they paid in the April-June quarter of the current financial year.

Simultaneously, HPCL is losing Rs 7.06 per litre on diesel, Rs 25.90 per litre on kerosene sold through the public distribution system (PDS) and Rs 270.50 per 14.2-kg LPG cylinder supplied to domestic households for cooking purposes.

“The oil marketing companies are currently incurring a daily under-recovery (revenue loss) of about Rs 272 crore on sales of diesel, PDS kerosene and domestic LPG,” a recent statement issued by the petroleum ministry said.

Courtesy : moneycontrol.com