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Thursday, December 17, 2009

SAIL share sale plan goes to cabinet in 4 weeks

plan for a follow-on public offer in state-run Steel Authority of India Ltd will be send to the cabinet in three to four weeks, the steel secretary said on Thursday.

"We will take about 3-4 weeks...," Atul Chaturvedi told reporters at an industry conference. He declined to say when the share sale was likely but said the government did not want to crowd out the capital markets.

The government plans to sell 20 percent in SAIL, India's top domestic maker of the alloy, in two equal tranches. The first sale is likely to be completed by March, government officials have said.

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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
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