December 7: Pictures of the day
December 7: Pictures of the day
Employees work in an assembly line at Hero Honda's plant in Haridwar
Aberdeen Asset Management said on Tuesday it will hold on to its minority stake in Hero Honda despite reports that Honda is pulling out of the joint venture.
'We have decided to stay with the company because we know the company so well that we understand where the value is,' Aberdeen strategist Peter Elston told Reuters. 'If anything the company is perhaps more interesting.'
'We are very comfortable with the stock even once the ties with Honda are ended because we think that the value is in the distribution, not in the brand frankly.'
According to Thomson Reuters data, Aberdeen holds around 5 per cent in Hero Honda.
Honda will sell its entire stake in the motorcycle maker to the Hero Group's founding family and investment funds by as early as March, the report added.
An Indian worker pumps petrol into a car in New Delhi
Iran's OPEC governor believes the world faces great uncertainties in security of energy supply and that the price of crude is still undervalued and set to hit $100 in the short term, he was quoted as saying on Tuesday.
'The global markets are close to a crisis of uncertain oil supply,' Mohammad Ali Khatibi told the semi-official Mehr news agency in an interview.
Finance Minister Pranab Mukherjee attends a business meeting in New Delhi
India's economy could grow by nine per cent this fiscal year, the highest in three years, and average inflation will be nearly double the Reserve Bank end-year targets, according to a review of the economy by the finance ministry.
The data highlights how the Indian economy is recovering fast from the global downturn, as well as the difficulties in controlling high inflation that has seen the central bank raise key policy rates six times this year.
India's average headline inflation is seen at 8.98 per cent in the year ending March 2011 and the economy may grow by 9 per cent during the same period, the report said.
Average food inflation will be 19.95 per cent this fiscal year, a key worry for the Congress-led government as prices of basic foods become a major voter issue.
A woman is reflected on a mirror inside a gold jewellery shop in Ahmedabad
India gold futures on the Multi Commodity Exchange struck a record high of Rs 20,887 ($466) per 10 grams on Tuesday tracking overnight rise in international markets.
The contract breached the previous record of RS 20,874 struck on November 30.
International gold hit a record high in the previous session on worries over Europe's sovereign debt problems and speculation the US Fed will extend monetary easing.
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