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The Mint Report for 24 January 2011

The Mint Report for 24 January 2011
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First Published: Mon, Jan 24 2011. 09 18 PM IST
Updated: Mon, Jan 24 2011. 09 18 PM IST
New Delhi: The RBI’s macroeconomic review has sounded a warning on inflation. Its report released on Monday says inflation could remain high for longer than expected. The review also cites two main culprits. One is the local supply disruptions that have caused a spike in food prices in recent weeks. The other a rise in commodity prices globally. The report adds that since low inflation is crucial to sustainable growth, containing it is the main objective. Monday’s review came a day before the RBI’s monetary policy review in which it’s expected to hike some key rates. It has already increased rates six times since march.
And switching to corporate news, Larsen and Toubro has announced a restructuring plan that will result in a complete overhaul. It will create a holding company with nine separate business units. It will also have five other subsidiaries. L & T claims the restructuring will give it the potential to grow four times over during the next ten years. And it expects most of the new growth to come from the power sector including nuclear energy.
And in earnings, ICICI Bank has beaten expectations for the third quarter. Its net profit climbed 31% to Rs 1,437 crore. Net interest income meanwhile, went up 12% to Rs2,312 crore. Indian banks have seen an increase in demand for loans over the period. But they’re also expected to see some margin pressure in the coming months.
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First Published: Mon, Jan 24 2011. 09 18 PM IST