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Friday, December 4, 2009

The Cabinet cleared the (SBI) Amendment Bill yesterday paving the way for the government to lower its stake in to 51%. India's largest public bank can

The Cabinet cleared the (SBI) Amendment Bill yesterday paving the way for the government to lower its stake in to 51%. India's largest public bank can now go in for a follow-on or rights issue. The government currently holds 59.41% stake and can raise Rs 12,549 crore via the 8% stake sale. The bill may now be introduced in this session of Parliament. The stock is buzzing today.State Bank of India.

Commenting on the same, Ashvin Parekh, Partner and National Leader - Global Financial Services, Ernst & Young, says the bill was long awaited. "It gives the bank leeway to raise further capital. It also allows it to go in for a bonus issue or offer employee stock options."

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Economic Event Calendar

GMT+5:30 Event Vol. Actual Consensus Previous
Wednesday, Jun 25
19:30 New Home Sales Change (MoM) 2 -13.7% 9.6% Revised from 10.9%
19:30 New Home Sales (MoM) 1 0.623M 0.690M 0.722M Revised from 0.743M
19:30 Fed's Chair Powell testifies 3
20:00 EIA Crude Oil Stocks Change 1 -5.836M -0.600M -11.473M
22:30 5-Year Note Auction 1 3.879% 4.071%
Thursday, Jun 26
14:00 BoE's Breeden speech 2
15:15 BoE's Greene speech 2
16:30 BoE's Governor Bailey speech 3
18:00 Chicago Fed National Activity Index 1 -0.25
18:00 Initial Jobless Claims 2 245K 245K
Economic Calendar >> Add to your site

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