Downgrade Warning

Construction workers work at a site as the sun sets in the northern Indian city of Chandigarh December 16, 2006. REUTERS/Ajay Verma/Files

S&P affirms negative outlook on India, says chances of downgrade remain

Ratings agency Standard & Poor's affirmed India's sovereign rating at "BBB-minus" with a "negative" outlook, reiterating there was a one-in-three chance of a ratings downgrade over the next 12 months, a statement said on Friday.  Full Article 

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MARKET EYE-Bank shares up on RBI's liquidity measures

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Wed Dec 26, 2012 1:46pm IST 

* Indian lenders, including ICICI Bank, are higher on
hopes of easing liquidity as the Reserve Bank of India continues
with cash injection measures and rate cut hopes in January.
* Advance tax outflows and an increase in the government's cash
balance with the RBI have temporarily exacerbated liquidity
tightness in the sector. 
* The central bank announced on Monday it would conduct open
market operations (purchase of government securities) for an
aggregate amount of 80 billion rupees ($1.5 billion) on Dec. 28.
* "We believe that the RBI will continue to announce open market
operations in an ad hoc manner to inject liquidity into the
banking system," Morgan Stanley said in a note.    
* Since Dec. 4, the RBI has added liquidity worth 311.6 billion
rupees ($5.7 billion) through three rounds of OMOs.
* ICICI Bank is up 2.12 percent while State Bank of India
 rises 1.6 percent.

 (manoj.dharra@thomsonreuters.com)
India Markets
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