Insecure Bond
On 7th July, a day after the Budget was presented, government bonds crashed by 5%-6%. The debt market was jittery about the fact that the Budget had proposed a massive increase in deficit spending which will have to be financed by a large increase in government borrowing. The bulk of the fiscal deficit for FY10, pegged at 6.8%, will be funded by huge government debt. The Reserve Bank...
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  • Life saving drugs, LCD TV cheaper; Set-top-box turns costlier
    Presenting the Union Budget for 2009-10, Finance Minister Pranab Mukherjee Monday proposed reduced customs duty on life saving drugs to 5% from existing 10%. Liquid crystal display (LCD) TVs would also attract the lower 5% customs duty, making the product cheaper.

    Mukherjee, however, has imposed 5% customs duty on set-top boxes used for Direct-To-Home television service.

    He also...

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  • L&T Q1 net jumps 218% at Rs16 billion on onetime gain
    India's largest engineering and construction company Larsen & Toubro Ltd (L&T) Thursday reported a three-fold jump in its first quarter net profit mainly due to onetime gain and higher revenues.

    In a filing to the Bombay Stock Exchange, the company said its net profit for the quarter to end-June zoomed 218% to Rs16 billion from Rs5 billion while revenues increased to Rs76.3 billion...

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