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The Mint Report for 29 June 2011

The Mint Report for 29 June 2011
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First Published: Wed, Jun 29 2011. 11 16 PM IST
Updated: Wed, Jun 29 2011. 11 16 PM IST
Prime Minister Manmohan Singh indicated he’s confident about India’s economic prospects. In an interaction with a group of newspapers editors on Wednesday, he said he expected inflation to fall to about 6% by the end of the current fiscal. He also dismissed talk of him being a lame duck prime minister, and said there were no magical solutions for dealing with corruption. Singh’s interaction came after a long period in which he had little or no interaction with the media.
The government has spoken out on why it supported Christine Lagarde’s candidacy for the top job at the IMF. finance minister Pranab Mukherjee said India wanted to join the broad consensus building around her. But added that he wished the process were more transparent. Christine Lagarde was elected managing director of the IMF on Tuesday.
Apollo Global Management has announced the second biggest PE deal in India this year. It has decided to invest around $500 million in the Welspun Group. Out of that, some $300 million will go to group firm Welspun Corporation from a preferential allotment of convertible debentures as well as global depository receipts. The Welspun Group makes everything from sponge iron to steel pipes. And it’s counting on the deal to fund its expansion plans. The group plans to buy iron ore assets and also set up a captive power plant with a capacity of 330MW. News of the deal sent shares of Welspun Corporation surging 2.8% on the BSE to Rs173.90.
There’s no end to the rally in Indian markets. On Wednesday, they soared for a fifth straight trading session, helped along by positive sentiment in global equities. The Sensex shot up 201.41 points to finish at 18,694 and the Nifty climbed 55.15 points to 5,600.
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First Published: Wed, Jun 29 2011. 11 16 PM IST