[Investors Please Listen] How deep does this rabbit hole go?

We foresee a turnaround in the second half of 2009

Covering the property sector makes us feel like Alice tumbling down the rabbit

hole, not really sure when, where and how it will end. More importantly, is there

really a 'wonderland' of multi-baggers at the bottom and is it time to start chipping

away? We think so. We believe the Indian real estate stocks will bottom out in 6–9

months' time. The key reasons for the sell-off in the property names were the

unprecedented tightness in liquidity and demand destruction. We expect to see

some capital flow back (selectively). We foresee physical market prices staging a

recovery in late 2010 but do not expect stocks to wait that long.

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Nano launches Monday, but wait not over yet

MUMBAI (Reuters) - Tata Motors will launch the much awaited Nano, slated to be the world's cheapest car at less than $2,000, on Monday but it may be the middle of the year before it is seen on Indian roads.

The formal launch comes 15 months after the tiny, snub-nosed car debuted at a glittering world autoshow in Delhi, and is seen as an effort by the leading Indian vehicle maker to meet a deadline it had set to launch in the first quarter of 2009.

Bookings will only be taken from the second week of April, with delivery some time after that.

"It would take at least until July for the cars to be actually on the roads," a sales manager at Mumbai dealership Fortune Cars said.

The car was initially set to go on sale last October, but the main production plant had to be moved to Gujarat on the west coast following land protests in the eastern state of West Bengal.

Only about 50,000 cars will be available in the first year, analysts say, until the 250,000-unit capacity in Gujarat comes on stream.

"We get a lot of enquiries, all wanting to know about the price, the variants available," said an official at Wasan Motors, another dealer.

Tata Motors has provided little details about the Nano to the dealers, but analysts say the cash-strapped company is likely to ask for a deposit of 70,000 rupees on booking.

"There has been a lot of hype created around the car," the manager at Fortune Cars said. "Some are genuine customers, others are just curious."

© Thomson Reuters 2009 All rights reserved

Sebi plans to extend trading hours

Press Trust of India / Mumbai March 19, 2009, 12:08 IST

Market regulator SEBI today proposed to extend trading hours in exchanges to align the domestic bourses with international markets and asked various stakeholders for their opinion.

"With the increased integration of the global markets, information originating from different countries has a bearing on Indian securities market," said the Securities and Exchange Board of India (SEBI) in a statement.

While trading on the Asian bourses commences little ahead of the Indian markets, the European and American markets open much later, SEBI said asking various stakeholders for their views on determining optimum market timing, before April 10.

"Some of the exchanges in these countries have adopted longer trading hours, sometimes even extending up to 23 hours. This has facilitated market participants in these countries to hedge their risk that might arise due to global information flow," SEBI said.

Among the advantages noted by the regulator are incorporating information flowing from different time zones, markets becoming efficient with quick assimilation of data, attracting global trading interest and enabling participants to take longer positions.

Fiscal deficit up 83% yoy as fertiliser subsidies shoot up

The fiscal deficit has shot up by 83% yoy or up to 132% of the budgeted estimates
for year till November 2008. The sharp increase in the fiscal deficit is likely driven by

(1) Rs310bn additional outlay on fertiliser subsidies;
(2) slow down in tax revenues as dipped by 15.5% yoy for November 2008 and
(3) likely faster spending by the ministries/departments with a view on probable general election in April 2008.


The tax revenues have declined by 15.5% yoy for the month driven by a sharp dip of
29.9% in the corporate tax revenues. While the budgeted estimates expect the fiscal
deficit at 2.5% of GDP, revenue deficit at 1.0% of GDP and primary surplus at.1.1%
of the GDP, under current scenario the revised estimates are likely to be deficit of
3.3%, 2.5% and 1.1% respectively. However, with inclusion of additional Rs310bn of
fertiliser subsidies in the budget provisions and sharp fall in crude prices the off
budget deficit is likely to be contained to 3.9% of the GDP.

Fiscal deficit up 83% yoy as fertiliser subsidies shoot up

The fiscal deficit has shot up by 83% yoy or up to 132% of the budgeted estimates
for year till November 2008. The sharp increase in the fiscal deficit is likely driven by

(1) Rs310bn additional outlay on fertiliser subsidies;
(2) slow down in tax revenues as dipped by 15.5% yoy for November 2008 and
(3) likely faster spending by the ministries/departments with a view on probable general election in April 2008.


The tax revenues have declined by 15.5% yoy for the month driven by a sharp dip of
29.9% in the corporate tax revenues. While the budgeted estimates expect the fiscal
deficit at 2.5% of GDP, revenue deficit at 1.0% of GDP and primary surplus at.1.1%
of the GDP, under current scenario the revised estimates are likely to be deficit of
3.3%, 2.5% and 1.1% respectively. However, with inclusion of additional Rs310bn of
fertiliser subsidies in the budget provisions and sharp fall in crude prices the off
budget deficit is likely to be contained to 3.9% of the GDP.