MARKET EYE-BGR Energy falls to 1-year low on weak order backlog
* BGR Energy Systems Ltd shares decline as much as 2.9 percent to a one-year low after margins miss estimates and as high interest costs resulted in a 24.3 percent fall in December quarter net profit. * The energy equipment maker on Friday reported a sequential decline in backlog to 136 billion rupees versus 140 billion rupees as of end-Sep 2012, implying lack of any major order wins in the third quarter. * "We expect margins to remain under pressure as more competitively bid EPC and BTG orders start contributing to revenue over the next few quarters," Goldman Sachs said in a note. * At 0451 GMT shares are down 2.2 percent at 229.90 rupees. (firstname.lastname@example.org/ email@example.com)
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DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.
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U.S. President Barack Obama watched a dazzling parade of India's military might and cultural diversity on Monday, the second day of a visit trumpeted as a chance to establish a robust strategic partnership between the world's two largest democracies. Full Article | Slideshow