Headlines for the day

    Corporate News Headline
    • Bajaj Auto reported Q3’09 results, total revenue went down 16% yoy to Rs. 21.03 bn, and net profit declined 23% yoy to Rs. 1.64 bn. (ET)
    • Jindal Steel & Power’s subsidiary Jindal Petroleum has signed four production sharing contracts with the government of the Democratic Republic of Georgia for exploration and production of four blocks of oil and gas and will invest USD 150 mn in phases in these blocks. (ET)
    • Gail India may get exclusive marketing rights for the distribution of the natural gas produced by Reliance Industries from its D-6 block in the Krishna-Godavari basin. (ET)

    Economic and Political Headline
    • Prime Minister Manmohan Singh said that India´s woes due to the global meltdown will continue during the next fiscal, and predicted a lower growth of 6.5-7% for the country´s economy this year. (ET)
    • The US President-elect Barack Obama is likely to back a financial-rescue effort to provide capital to banks and deal with troubled assets clogging balance sheets. (Bloomberg)
    • According to Federal Reserve, the consumer prices and industrial production tumbled in the US with the cost of living falling 0.7%, Industrial output shrinking 2%, and the capacity-utilization rate sliding to 73.6% in December 2008. (Bloomberg)