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Current Affairs PDF June 2012 Page 36stock exchanges. However in case of the lesser margin being fixed by the stock exchange thebids cannot be changed.With regards to fulfilling public holding norms, the board decided that issuers will be requiredto disclose the floor price a day before the share auction. The floor price may or may not be apart of the notice given by companies on the offer. Investors were barred from modifying orcancelling bids during the last 60 minutes from the close of the bidding session in the auction.Exchanges are required to display the indicative price during the last 60 minutes of the close ofbidding session irrespective of the book being built.GLOBAL FINANCIAL SERVICES FIRM NOMURA SLASHED INDIA’S GDPPROJECTIONNomura, the global financial services firm, on 26 June 2012 slashed the country's growthforecast for the fiscal year 2012-13 to 5.8 per cent, from 6.7 per cent earlier. Nomura also cutdown India’s GDP forecast for 2013-14 to 6.6 per cent from the earlier 6.9 per cent.The government in its budgetary projection of GDP growth estimated the growth rate to bearound 7.6 per cent in the fiscal year 2012-13. India'seconomic growth rate slipped to 6.5 per cent in 2011-12,while it had registered 8.4 per cent growth in the previoustwo financial years.The global financial services firm also hiked fiscal deficitforecast for India to 5.8 per cent of GDP in the current fiscalfrom 5.2 per cent. Government in its budget projectionsaimed fiscal deficit to bring down to 5.1 per cent in 2012-13from 5.76 per cent in the previous fiscal.PETROLEUM & NATURAL GAS MINISTRY DISCARDED GAS ALLOCATIONOF DMICDCThe Petroleum and Natural Gas Ministry on 25 June 2012 discarded Gas allocation of Delhi-Mumbai Industrial Corridor Development Corporation (DMICDC). The gas allocation was of 8million metric standard cubic metres per day (mmscmd) gas from two of DMICDC powerprojects, to provide gas at reasonable rate.The request was neglected because as perPetroleum Ministry there is additionaldemand of fertilizer about 22 mmscmd andany allocation of gas to DMICDC projects wasnot possible. Delhi-Mumbai IndustrialDelhi-Mumbai Industrial CorridorDevelopment Corporation (DMICDC)Corridor Development Corporation (DMICDC) is a mega infra-structure project of 90 billiondollar. It has the financial & technical help of Japan. It is covering the length of 1483kmwww.jagranjosh.comPage36Current Affairs PDF June 2012
Current Affairs PDF June 2012 Page 37between Delhi and Mumbai. DMICDC strains on expanding the manufacturing and services baseand to develop DMIC as the Global Manufacturing and Trading Hub.MOODY'S INVESTORS SERVICE REINSTATED ‘STABLE’ CREDIT RATINGOUTLOOK FOR INDIAIn a big respite to the troubled Indian economy, Moody's Investors Service, the leading creditratings provider, on 25 June 2012 reinstated the STABLE credit rating outlook for India. TheMoody’s decision mirrors its view that theWhat does Sovereign rating B3 or BBBmeans?Sovereign ratings B3 are judged to bemedium-grade rating and subject tomoderate credit risk and possesscertain speculative characteristics.environment, which have characterized the economy for decades.prevailing economic slowdown in India is notgoing to last longer and the country will sooncome out of the gloomy economic state.Moody's in its latest report named FREQUENTLYASKED QUESTIONS ABOUT INDIA'S SOVEREIGNRATING pointed out that India's B3 or BBB ratingalready comprises challenges including a weakfiscal performance of the government, highinflation and an uncertain investment policyThe other credit rating agencies Standard & Poor’s and Fitch had earlier revised India’s creditoutlook to negative in their separate report on country’s sovereign credit rating. The Standard& Poor’s move came on 24 April 2012, followed by Fitch which had downgraded India’s ratingto negative on 18 June 2012. In its latest report the Standard & Poor’s had threatened to putIndia into the junk (speculative) category from investment category.RBI HIKED FOREIGN INVESTMENT LIMIT IN GOVT BONDS BY 5 BILLION $In a move aimed at arresting the unrelenting fall of Indian rupee, India’s central bank theReserve Bank of India on 25 June2012 hiked the limit of foreigninvestment in government bondsby 5 billion dollar to 20 billiondollar. The bank also raised limitof external commercial borrowing(ECB) to 10 bilion dollar.Currently, foreign institutionalinvestors (FIIs) are allowed toExternal Commercial Borrowings (ECB)External Commercial Borrowings (ECB) refer tocommercial loans *in the form of bank loans, buyers’credit, suppliers’ credit, securitised instrumentsavailed from non-resident lenders with minimumaverage maturity of 3 years.invest upto 20 billion dollar in Indian corporate bonds. While the limit in government bonds isat 15 billion dollar, FIIs are barred to invest in infrastructure bonds upto 25 billion dollar. Thecentral bank also cut down the time period for the maturity of government securities (g-secs) tothree years from earlier five years.www.jagranjosh.comPage37Current Affairs PDF June 2012
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