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ETIG News
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June Home Sales – Preview |
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Sales data of existing and new homes during June will be published on July 24 and July 25, respectively. The market is looking for a 1.0% drop in sales of existing homes to annual rate of 4.94 million units and a 1.4% decline in sales of new homes to an annual rate of 505,000 homes in June.
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Europe Steps On Gas Pedal |
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EUROPEAN car makers Volkswagen, Peugeot Citroen and Fiat defied gloomy forecasts with better than expected results on Wednesday due to cost cuts, allowing them to keep their targets, lifting their shares. Volkswagen, Europe’s biggest and the world’s fourth-largest auto group, said secondquarter operating profit rose 22% to € 2.12 billion ($3.38 billion), easily surpassing market expectations.
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Mastek Net Up 10% As US, UK Operations Shine |
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MID-SIZE IT services and solutions provider Mastek has posted higher revenues and profit, partly helped by its two strategic US acquisitions. The company’s net profit increased 10% sequentially to Rs 39 crore for the fourth quarter ended June 30, 2008, on the back of a 5% rise in income at Rs 250 crore.
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Yields Fall To 3-Wk Low, Re At 2-Month High |
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BOND yields fell to their lowest in nearly three weeks on Wednesday after the government’s victory in a confidence vote raised hopes of more foreign investment, which could ease tight cash conditions. But dealers said worries over spiralling inflation and more bond supplies as well as caution before the Reserve Bank of India’s (RBI) policy review next week could curb further drop in yields. The benchmark 10-year bond yield ended at the day’s low of 9.02%, down 10 basis points from Tuesday’s close to its lowest since July 4.
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Bahrain’s TAIB Bank Shells Out Rs 216 Cr… |
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IN THE midst of a general slow down in the Indian real estate market, TAIB Bank, a leading private bank based in Bahrain, has picked up a 26% stake in Anant Raj Projects for Rs 216 crore. The deal, one of the first Shari’ah-compliant transactions in the Indian real estate industry, puts the valuation of the subsidiary of New Delhi-based Anant Raj Industries (ARIL) at Rs 831 crore.
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CPM Expels Somnath Chatterjee |
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THE CPM on Tuesday expelled Somnath Chatterjee from the party, ending his four-decade long association with the Left. The politburo that withdrew his membership card charged him with “seriously compromising” the party’s position by defiantly continuing in the post of Lok Sabha Speaker. Unfazed by the CPM’s writ, 79-year-old Chatterjee gave no indications of giving up his post.
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