The Mint Report for 08 June 2011

The Mint Report for 08 June 2011

Bharti Airtel is sounding an optimistic note about its African operations. On Wednesday, Manoj Kohli, the head for international operations, said the company is on its way to getting $5 billion in revenue in the fiscal ending in 2013. Bharti bought Zain’s Africa business for $9 billion last year. Investors reacted well to Kohli’s statement. Shares of the firm recovered after early losses to end just 0.44% on the BSE at 376.10.

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India’s faltering economic growth appears to be having an impact across sectors. On Wednesday the government indicated it’s unlikely to meet its targets for tax collection this year. Finance secretary Sunil Mitra said that while the economy would grow at 8.5% this year, indirect tax revenues would need to grow at 14.8% to meet budget estimates. Incidentally, the government’s other big problem is rising crude oil prices. That combined with the likely revenue shortfall, is set to keep the fiscal deficit high.

And Indian markets broke a two-day winning streak on Wednesday to end trade in the red. The Sensex plunged 101 points to 18,394. And the Nifty dropped 29 to 5,527.