world bank lending $4.3b to india

The World Bank has approved $4.3 b in loans for India to help finance infrastructure projects and support its economic incentive programme.'This is the critical time to sustain Indian economic recovery,' and this money will be directed especially towards four projects said World Bank country director for India Roberto Zagha. Of the total amount, World Bank said it would provide $2 b to India's banking sector designed to develop the quantity of credit available to firms.

World bank also approved $1.2 billion for the India Infrastructure Finance for financing public-private partnerships in infrastructure and to encourage the development of a long-term local currency debt financing market and $1 billion to address India's acute power shortages by assisting the PowerGrid, the national electricity distribution company, with its investment programme after a freeze up in overseas lending.The bank also provided $150 million to Andhra state to improve water supply and sanitation services for 2,600 villages across six districts.

DLF sold 1250 flats within 2 hours

DLF, the country's largest Builder, today launched the 2nd phase of its housing project in the heart of national capital and sold all 1,250 apartments within 2 hours. The company sold all the flats, offered at prices of up to Rs 1.86 cr, though it has raised the selling price of its units by up to 26 % compared to the 1st phase.

"Even with increased price, we have received wonderful response for our product. We initially planned to commence 650 units in the 2nd phase, but due to huge demand we decided to propose more," DLF Managing Director T C Goyal told Press. The company has launched the 2nd phase of the project — Capital Greens — at Rs 6,750 (2-BHK), Rs 7,500 (3-BHK) and Rs 8,000 (4-BHK) per sq ft. However, the valuable rate would come down to Rs 5,677, Rs 6,363 and Rs 6,820 per sq ft respectively as DLF would offer a discount of Rs 500 a sq ft for timely payment and 8.5 % rebate on down payments.

The total area of the apartments would be of 1,210 sq ft-2,720 sq ft and would carry effective price tags between Rs 68.69 lakh and Rs 1.86 cr respectively.

Tata TeleServices Limited(TTSL) became No 1 Telecom operator

Tata TeleServices Limited(TTSL), India’s fastest-growing pan-India dual-technology (CDMA&GSM) telecom service provider, emerged as the Number One telecom operator in the country in terms of new subscriber additions in a month, by adding more than 34 lakh new subscribers in Aug 2009. The achievement is all the more noteworthy in that the nearest competitor in terms of new subscriber additions managed to add just over 28 lakh subscribers in the same period, a gap of 6 lakh subscribers.

Nifty toched 5000 after 16 months

The National Stock Exchange(NSE) Nifty closed above the 5,000 mark for the 1^st time in 16 months on Thursday after 2nd-quarter advance corporation and personal income tax collections registered positive growth.

Advance corporation tax and personal income tax collections grew 14.7 % and 1.7 %, respectively, in the quarter ended Sep 15, as against the fall of 3.7 % and 44 %, respectively, in the 1st quarter. The Securities and Exchange Board of India’s (SEBI) plan to simplify norms for foreign portfolio investments improved the sentiment. The Bombay Stock Exchange (BSE) Sensitive Index, or Sensex, touched an intra-day high of 16,943.49, up 202.19 points. It closed at 16,886.43, up 145.13 points.

The Nifty closed above the psychological mark of 5,000 for the first time since May 22, 2008. The index rose 44.15 points on Thursday and closed at 5,020.20.

Financial sector stocks gained after Finance Minister Pranab Mukherjee hinted that the Reserve Bank of India (RBI) would keep policy rates low. Mukherjee had said in Bangalore on Saturday that India’s equity index was moving “steadily” and the authorities would avoid disturbing the pattern. The country’s biggest housing loan provider, HDFC, surged 5.30 per cent, SBI (1.41 %), HDFC Bank (1.50 %) and ICICI Bank (0.96 %).