Bajaj Auto workers defer strike at Chakan plant – Positive in short term for Bajaj Auto
Bajaj Auto employees union has deferred the proposed strike from today by 2 weeks saying that workers have decided to give more time to the management to consider their charter of demands. We believe this development to be positive in short term for Bajaj Auto.
India’s FDI inflows up 12% at $2 billion in February
Foreign direct investment into India grew for the second consecutive month in February this year to $2.01 billion, up 12.29%. In February 2013, the FDI was at $1.79 billion according to the data by the Department of Industrial Policy and Promotion. However, for the April-February period of last fiscal, FDI inflows dipped 0.6% to $20.76 billion, from $20.89 billion during the first 11 months of 2012-13.
U.S. Consumer Sentiment Improves More Than Previously Estimated In April
Consumer sentiment in the U.S. improved by even more than previously estimated in the month of April. The consumer sentiment index reaching a nine-month high to 84.1 compared to the preliminary estimate of 82.6. The upwardly revised reading reflects a notable increase from the final March reading of 80.0 and is well above economist estimates for a reading of 83.0.
Russia Unexpectedly Hikes Key Rate On Higher Inflation Risks; S&P Cuts Rating
Russia’s central bank raised the interest rate to 7.5% in a surprise move, citing a substantial increase in inflation risks amid the escalating tensions over Ukraine that hurt the economy and attracted a rating downgrade. Economists had expected the bank to leave rates unchanged this month. Further, the bank asserted that it does not intend to lower the key rate in the coming months and expects the latest hike to ensure the decline in inflation to no more than 6% by the end of 2014. The central bank’s inflation target range is 5-6%.