Intel Capital invests $3 million in Althea Systems

Intel Capital, the corporate venture capital arm of chipmaker Intel Corporation, has invested a series A funding of $3 million in Bengaluru-based online video startup Althea Systems.

The funding will help the company expand its development team and marketing efforts for its online video products, Althea Systems said in a statement. 


Professional Forecasters survey puts growth at 8.5% in FY10-11

Mumbai: Professional forecasters have revised their projections for gross domestic product (GDP) growth in the current fiscal to 8.5% from the earlier estimate of 8.4%, reports PTI quoting a Reserve Bank of India (RBI) survey.

“Forecasters have revised their real GDP growth rate forecasts marginally upwards to 8.5% in 2010-11 from 8.4% in the last survey, driven mainly by increased agricultural growth and increased growth in services in the subsequent quarters,” according to the RBI’s 13th round of Professional Forecasters report.

Clarifying that the survey does not represent the views of the RBI, the central bank said the forecasters have also pegged inflation at 6%-6.9% by the end of this fiscal, as against the central bank's own projection of 5.5%.

The forecasters also expect economic growth to be 8.5% next fiscal, lower than the government's 9% estimate.

However, the 30 forecasters surveyed by the RBI did not all subscribe to the 8.5% growth projection, which was derived on the basis of their individual growth forecasts.

The forecasters assigned the highest probability to 8.5%-8.9% growth this fiscal and 8%-8.5% expansion next fiscal, but the maximum number pegged economic growth at 9.2% this fiscal and 9% in 2011-12.

The forecast for agriculture growth this fiscal has been revised upwards to 4.9% from 4.1% in the RBI's last survey of professional forecasters.

For industry, the growth forecast has been maintained at 9%, while for services, it has been revised from 9.1% to 9.2% for 2010-11.

Forecasters in the RBI survey pegged inflation in the range of 6% to 6.9% by the end of this fiscal, as against the central bank's projection of 5.5%.

“Forecasters have assigned the highest 34.3% chance that it (inflation) will fall in 6%-6.9% in end March of 2010-11,” the survey said.

Inflation fell to a nine-month of low 8.58% in October from 8.62% in September.

Economic growth slowed down to 6.7% during 2008-09 after the Indian economy came under the impact of the global financial crisis, which knocked the country off the 8.7% growth trajectory achieved in the previous five years.

After the government provided a stimulus, economic growth improved to 7.4% in 2009-10.

In the first quarter of this fiscal, the Indian economy expanded by 8.8%. The government has predicted that the economy will grow by 8.5% this fiscal and retained the target, despite industrial growth slowing down for the second consecutive month to a 16-month low of 4.4% in September.


Commexes turnover up over 54% at Rs9.89 lakh crore


New Delhi: The turnover of the 23 commodity exchanges in the country rose by 54.31% to Rs9.89 lakh crore in October, buoyed by a surge in bullion trade, reports PTI quoting the Forward Markets Commission (FMC).

The turnover of the commexes stood at Rs6.40 lakh crore in the same period last year, data collated by the commodity markets regulator showed.

Among the four national bourses, the MCX's turnover rose sharply by 57.46% to Rs8.47 lakh crore in October, which was almost 80% of the combined turnover of all 23 bourses. In October, 2009, MCX did business worth Rs5.38 lakh crore.

The turnover of the NCDEX, which mainly offers futures trading in agri-commodities, grew by 25% to Rs95,344 crore from Rs76,274 crore in the corresponding period last year.

But the turnover of the NMCE, the country's third largest national commodity bourse, fell by more than 50% to Rs8,757 crore last month from Rs19,635 crore in October, 2009.

New entrant ICEX did business worth Rs30,700 crore last month.

The FMC said gold and silver trading volumes were significant last month and as a result, turnover from bullion trade jumped by 93% to Rs4.73 lakh crore in October from Rs2.45 lakh crore in the year-ago period.

Similarly, business from energy trade rose by 28% to Rs1.87 lakh crore in October, 2010, from Rs1.46 lakh crore in October, 2009, while the turnover from trading of metals like copper rose marginally by 5.34% to Rs 2.21 lakh crore in the review period.

The turnover from agri-futures was Rs1,06,149 crore in October, 2010, as against Rs1,04,008 crore in the corresponding period last year, FMC data showed.


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