i Develop Stocks Advisory

Saturday, July 7, 2007

IFCI board undecided on investor

7 Jul 2007,

9:48:59

The board of directors of the Industrial Finance Corporation of India (IFCI) could not take a call today on induction of a strategic investor in the company, and have decided to further study the recommendations given in this regard by the consulting firm, Ernst & Young. "It is not deferred, but somewhat prolonged. The decision to induct a strategic investor stands. It was thought that the report should be studied further," an official source said.The board, which met twice today, discussed induction of a strategic investor in the company to revive its business. IFCI is likely to offer 26% stake to the strategic investor, for which many international investors like Citigroup and Barclays have expressed interest.Atul Kumar Rai, who recently joined IFCI as a wholetime director, is scheduled to take charge as its chief executive officer on July 11 from R M Malla. IFCI shares today closed at Rs 59.4 on BSE, compared to Thursday’s closing of Rs 62.1, a fall of 4.35%

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Economic Event Calendar

GMT+5:30	Event	Vol.	Actual	Consensus	Previous
Tuesday, Apr 15
18:00	NY Empire State Manufacturing Index	2	-8.1	-14.5	-20.0
18:25	Redbook Index (YoY)	1	6.6%		7.2%
n/a	GDT Price Index	1			1.1%
21:00	52-Week Bill Auction	1	3.820%		3.945%
Wednesday, Apr 16
02:00	API Weekly Crude Oil Stock	1	2.400M	-1.680M	-1.057M
04:40	Fed's Cook speech	2
06:30	Westpac Leading Index (MoM)	1			0.06%
11:30	Retail Price Index (MoM)	2		0.0%	0.6%
11:30	Retail Price Index (YoY)	2		3.2%	3.4%
11:30	Consumer Price Index (YoY)	3		2.7%	2.8%

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Saturday, July 7, 2007

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