ICICI Bank that said investment losses caused by market turmoil could slice up to 9 percent off this year's profit.
Traders said more banks could face write-downs on their investments following the global markets rout in the wake of subprime crisis.
"There could be some more banks which may report losses from derivatives," said Neeraj Dewan, director at Quantum Securities in New Delhi.
"The amount ICICI is reporting may not be significant for its size, but smaller private banks would be hit hard to report such a figure," Dewan said.
Chidambaram said on Tuesday there is scope for stake sales in state-run firms.
"What is hidden is more important than what is revealed in budget," M. Govinda Rao, a member of the prime minister's Economic Advisory Council, told a meeting of economists this week. "Whichever government comes to power will have to face fiscal challenges," Rao said.
I've seen it in Europe a number of times over the years with very public policy disagreement between the finance ministry and the central bank, and it is good news for stock market investors that it is currently not happening here in India.PHIL SMITH
"We don't have any direct exposure to subprime. It's not technically a subprime loss," Joint Managing Director Chanda Kochhar said in a conference call with reporters.
The head of India's top explorer, Oil and Natural Gas (ONGC), said his firm's gas fields in the Krishna Godavari basin off the country's east coast are estimated to hold gas reserves of up to 6.76 trillion cubic feet."We have submitted the appraisal plan to the DGH (Directorate General of Hydrocarbons) and we are expecting an approval shortly," R.S. Sharma, chairman and managing director of ONGC, told reporters at an industry function.
OnMobile Global Ltd, a content provider for value-added services on mobile phones, expects a revenue rise of about 60 percent to 70 percent in FY08 and FY09, Chief Executive Officer Arvind Rao said on Tuesday.
India's state-run National Hydroelectric Power Corp (NHPC) will launch its initial public offer as planned sometime this year despite a volatile stock market, Power Secretary Anil Razdan said on Tuesday.
Traders said more banks could face write-downs on their investments following the global markets rout in the wake of subprime crisis.
"There could be some more banks which may report losses from derivatives," said Neeraj Dewan, director at Quantum Securities in New Delhi.
"The amount ICICI is reporting may not be significant for its size, but smaller private banks would be hit hard to report such a figure," Dewan said.
Chidambaram said on Tuesday there is scope for stake sales in state-run firms.
"What is hidden is more important than what is revealed in budget," M. Govinda Rao, a member of the prime minister's Economic Advisory Council, told a meeting of economists this week. "Whichever government comes to power will have to face fiscal challenges," Rao said.
I've seen it in Europe a number of times over the years with very public policy disagreement between the finance ministry and the central bank, and it is good news for stock market investors that it is currently not happening here in India.PHIL SMITH
"We don't have any direct exposure to subprime. It's not technically a subprime loss," Joint Managing Director Chanda Kochhar said in a conference call with reporters.
The head of India's top explorer, Oil and Natural Gas (ONGC), said his firm's gas fields in the Krishna Godavari basin off the country's east coast are estimated to hold gas reserves of up to 6.76 trillion cubic feet."We have submitted the appraisal plan to the DGH (Directorate General of Hydrocarbons) and we are expecting an approval shortly," R.S. Sharma, chairman and managing director of ONGC, told reporters at an industry function.
"About 10-12 years ago, Tata was clearly only a bus and truck maker, while today it is also about small cars, plus Jaguar and Land Rover," said Mohit Arora, managing director for India at J.D. Power Asia-Pacific.
"It's a bit like an elephant: whichever part you touch, you get a different impression. And there are fears that with so much bulk it can't run," he said.
"We are more confident about China and India than a few months ago. We are buying back shares of consumer and insurance companies," Maria Abbonizio, Investment Director of Fidelity International, told Reuters in an interview.OnMobile Global Ltd, a content provider for value-added services on mobile phones, expects a revenue rise of about 60 percent to 70 percent in FY08 and FY09, Chief Executive Officer Arvind Rao said on Tuesday.
India's state-run National Hydroelectric Power Corp (NHPC) will launch its initial public offer as planned sometime this year despite a volatile stock market, Power Secretary Anil Razdan said on Tuesday.
Comments