Asian market is trading down 1-2% on overnight US markets that closed down in a similar range as concerns that European crisis has further spread and concerns on rising China bad loans. SGX Nifty is trading down 28 points at 4890 at 9AM.
* Finance Minister Pranab Mukherjee raised the cap on foreign holdings of rupee bonds by 20 percent to $60 billion. The Reserve Bank of India, will resume purchases of federal debt after 10 months, offering to buy 100 billion rupees ($2 billion) of securities at an open- market auction on Nov. 24, according to a statement on Nov. 16.
* India may move a step closer next week to opening its $396 billion retail market to foreign companies including Wal-Mart Stores Inc. as it seeks to free a legislative process deadlocked for a year by corruption charges.
* Vijay Mallya spent three decades building a fortune promising Indians a taste of his lavish lifestyle. Now investors are counting the cost.
* Founders of Suzlon Energy Ltd. sold a 2 percent stake, raising 1 billion rupees ($19.6 million) to reinvest in the wind-turbine maker as India’s falling rupee raises the cost of paying off bond holders.
* 10 a.m. New Delhi. Milind Deora, minister of state for communications & IT, will inaugurate the 8th International Conference “Broadband Tech India 2011”. Speakers include R.K. Upadhyay, chairman of Bharat Sanchar Nigam Ltd., A.K. Bhargava, executive director of Mahanagar Telephone Nigam Ltd., and C.S. Rao of Reliance Communications Ltd.
* 12 a.m. New Delhi. Gurmeet Singh Anand, managing director of AMP Motors, and Rohit Suri, head - premier car division of Tata Motors & Jaguar Land Rover India, to hold a press conference to announce the launch of the Range Rover Evoque.
* 2:30 p.m. New Delhi. Sharad Pawar, minister for agriculture and food, will honor dairy farmers at a conference of State Ministers of Animal Husbandry and Dairy.
* 2:30 p.m. Chennai. Pashupathy Gopalan, managing director, South Asia, at SunEdison, and Rahul Sankhe, director of SunEdison India, to hold a press briefing on a ‘Landmark announcement that will impact its business in India’.
Team Microsec Research
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