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Inflation a risk to recovery: World Bank
Asian economies must handle their monetary and currency policies carefully to avoid unleashing a wave of potentially destabilising inflation, World Bank President Robert Zoellick said today. The US and European economies, which are barely starting to recover from the global meltdown, are less at risk, but in Asia, the massive liquidity flowing into regional markets could push asset prices up dangerously high, Zoellick said.

Govt decision on IHFL sale likely in 3 months: Official
Public sector lender IDBI Bank expects government"s decision on the sale of its Pune-based home loan subsidiary -- IDBI Home Finance (IHFL) -- in the next three months, a top official said.

News of the day

F&O OUTLOOK: Nifty to find stiff resistance above 5,300
The Nifty futures moved in a narrow band and closed higher at 5,239 on poor volumes in both cash and derivates segments. The trading volume in Nifty January futures declined to 11.86 million shares from around 42 million shares on the first day of the December series. It is difficult to predict the market movement in the near future due to extremely poor volumes. However, the intra-day trading pattern in Nifty futures and options suggested that traders booked profits while bears built short positions at higher levels.
Management

Viceroy Hotels to raise Rs 70cr via QIP

Viceroy Hotels Limited, a city-based hospitality player, is planning to raise an amount of up to $15 million (approximately Rs 70 crore) through a qualified institutional placement (QIP) of equity shares not exceeding 10 million of Rs 10 each at a premium. - Viceroy Hotels hits 5% upper circuit - Viceroy Hotels to raise Rs 70 cr via QIP - United Spirits mulls bond issue to refinance Rs 3,000-crore debt - "One should not expect a blockbuster year" - "We will use Zandu"s land bank within a year" - "Monetary tightening will cause some pullback" A proposal to this effect was approved by the board of directors of the company at its meeting held on Thursday. The board also okayed the additional term loan sanctions of Rs 113 crore from Canara Bank, IDBI Bank, Allahabad Bank, Syndicate Bank and Lakshmi vilas Bank to part finance its Bangalore hotel project, the company said in a filing to the BSE. Further, the board approved the proposal of the management to restructure the Bangalore hotel assets under construction into a wholly-owned subsidiary – Viceroy Bangalore Hotels Private Limited – besides giving a nod to the letter of intent signed with JP Morgan India Property Mauritius Company. The terms are that the investor should take 49 per cent equity stake for an amount of Rs 70 crore in the Bangalore hotel subsidiary, the company added. Viceroy Hotels’ scrip was up 0.09 per cent to end the trade at Rs 52.80 on the BSE on Thursday, over the previous close of Rs 52.75.


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